The Alexandra-commonwealth neighborhood has recorded a rise in sales activity. This is ahead of the Artra preview that took place on April 15 and 16 weekend. Artra comprises a tower of 44-storeys with 400 units, a supermarket and 16 retail units. The 99-year lease development has a direct link to Redhill MRT with an expected completion date of 2021. The units are 2 to 5 bedrooms that measure from 786 – 2,583 sq ft.
Next to Artra is Alex Residences, a 429-unit development on Alexandra view. United Industrial Corp, its developer, sold 16 units in March. This is similar to the total units sold between September 2016 and February 2017. A 1 bedroom unit measuring 474 sq ft fetched $952,000 ($2,010) while a 3 bedrooms unit measuring 1,044 sq ft fetched $1.91m ($1,828). Alex Residences is expected for completion by December 2017. Above 70% of the units have been sold.
(Artist's impression of Alex Residences)
The Metropolitan Condominium, also near Artra, is a project with 99-year leasehold on Alexandra View. It is a joint development by Lippo Group and CapitaLand. The condo which was completed in 2009 comprises of 382 units on 2 blocks of 45 storeys each. Based on March 29 caveats, a 2 bedder of 1,066 fetched $1.35m ($1,267 psf).
On the opposite side of Alexandra Road is Principal Garden. The project on Prince Charles Crescent had the largest surge in sales. The project, which is a joint development by Kheng Leong Co and UOL Group, sold 27 units in February and 44 units in March.
Commonwealth Towers is another project that recorded a surge in sales. The development, which is next to Queenstown MRT sold 43 units in March, the highest sales in a month since its launch in May 2014. The project with 845 units is a joint development by Hong Realty, City Developments and Hong Leong Holdings.
Next to Commonwealth Towers is Queens Peak a 736-unit condo on a leasehold of 99 years by Hao Yuan Investment. Based on caveats lodged, 44% of the units are sold with 20 units being sold in March.
Also, land-hungry developers are being drawn to the area surrounding Queenstown MRT. A Stirling Road residential site is set to be launched for tender in approximately 2 weeks. The site was triggered for sale by a developer who committed to a minimum bid of $685.25m ($718 psf ppr).
The site is larger than Queens Peak and Commonwealth Towers sites with an estimated yield of about 1,110 units.
In December 2016, a residential site at Margaret Drive, off Alexandra road received 14 bids. The tender was won by MCL Land who paid $988 psf ppr ($238.39m). It can yield about 300 units with the launch to be expected late 2017 or early 2018.
The Alexandra-Queenstown area is definitely receiving a lot of interest from developers and buyers.