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Oxley's 1953 moves a third of its units; Sustained Land's One Meyer 14% sold

11 March 19 | The Business Times


AMID more muted home-buying sentiment, residential property developers appear to be more easily contented with lower sales rates.

Over the weekend, Oxley moved about a third of its residential and commercial units at 1953, a six-storey mixed development at the corner of Balestier and Tessensohn roads - a result that marketing and sales director Eugene Lim said was "encouraging in these current market conditions".

Of the 58 residential units, Oxley sold 19 at an average price of S$1,875 per square foot (psf), and of the 14 commercial units, it sold three at an average price of S$3,185 psf.

Among the residential units, the most popular ones were the three-bedroom apartments and one-plus-study-room configurations.

Over in the Meyer Road locale, on the former Albracca site, Sustained Land, which is leading a consortium to develop One Meyer, sold nine of 66 units over the weekend.

Its sales were evenly split between the two-bedroom and three-bedroom apartments that comprise the project. The company could not provide the average selling prices of the units.

A spokesman said this was a positive result, considering that this was the opening weekend and the company did not do much advertising for the project.

"It's very credible, taking into account the minimal publicity that we put in, and the fact that the sentiment is a bit quiet in the residential property market now. Last weekend's opening was also just to allow VVIPs first priority to place their bookings, so we are happy with our results."

Asked why the consortium did not do more publicity, the spokesman said: "Because we believe it's a good product, so we are not in a hurry to offload, and we believe that people who know the area and like the product will come."

The third project that launched for exclusive private viewings by appointment was the Boulevard 88 project at Orchard Boulevard, developed by a consortium led by City Developments (CDL) together with Hong Leong Holdings and Lea Investments.

CDL said it will only provide a sales update on Monday. This is the luxury residential component of a project that will also include The Singapore EDITION Hotel and six basement levels.

Boulevard 88 will have 154 luxury residences in two towers of 28 storeys each perched above the eight-storey hotel. The Business Times understands that indicative prices are expected to start from S$3,300-plus psf.