Leedon Residence is now 86% sold after GuocoLand sold 42 of the 95 units remaining in Q1 in 2017. So far, 328 units of the 381-unit freehold luxury condo located in prime District 10 has been sold.
According to caveats lodged, 32 of the 42 units sold were 2 to 4 bedrooms units measuring from 1,044 sq ft to 2,659 sq ft. Leedon Residence prices ranged from $2.43 m ($2,327 psf) to $6.4 m ($2,410 psf). The other 10 units were a mix of garden suits, 5 bedrooms units and penthouses of sizes from 3,789 sq ft to 8,051 sq ft. Their prices were from $5.7 m ($1,504 psf) to $12.5 m ($1,553 psf).
Buyers comprised of 69% permanent residents and Singaporeans, 24% foreigners and 7% corporate entities.
GuocoLand remains with about 2 months to sell the unsold units at Leedon Residence. Reason being, it was issued with its TOP on June 15, 2015 and according to Qualifying Certificate conditions, a foreign developer (even listed companies with a foreign shareholder or director) must sell all units within 2 years of getting TOP. If it fails, the project incurs extension charges based on the cost of land and pro-rated on the proportion of units unsold. The first extension year attracts 8% QC charges, the second year 16% and the third year 24%.
Of the remaining 53 unsold units at Leedon Residence, first year extension charges are estimated at $9.3 million, equal to the price of the 5 bedrooms unit measuring 4,704 sq ft sold in March.
To improve sales, GuocoLand has offered buyers a deferred payment scheme option introduced October 2016. Under the scheme, buyers pay a down payment of 5%, 15% two weeks later after exercising the option and the remaining balance 2 years later. Buyers who opt for the scheme can occupy the unit or lease it out.
Under the normal payment scheme, buyers pay a down payment 5%, another 5% two weeks after exercising the option and the balance 8 weeks later.
Sources indicated that about 24 percent of the 42 buyers chose the DPS option.
Bruce Lye, SRI managing partner considered Leedon Residences strong take-up rate in quarter one 2017 not surprising.
Lye facilitated the sale of 2 of its largest units in February. He attributes the encouraging sales to the project’s quality and pent-up demand.
Chan Soo Khian designed Leedon Residence. He is from SCDA Architects and has designed other luxury condos such as TwentyOne Angullia Park, Nassim Park Residences and The Marq on Paterson Hill.
If you are interested in more luxury development, you may read on Gramercy Park, located along Grange Road or Victoria Park Villas, located at Victoria Park Road / Coronation Road, Singapore. GuocoLand will be launching their next residential development, Martin Modern, this year.