Park Place Residences received an overwhelming response to its launch on 25 March. Lendlease, its Australian based developer managed to sell 215 units or 50% of the 429 available units. Park Place Residences is part of the Paya Lebar Quarter, which is an integrated development comprising of offices, retail mall and residential units.
The units sold represented more than 100% of the sales planned in the first phase. This made it one of the most successful launches of private condos in Singapore in the latest years.
The developer had planned to release only 40% of the units during the launch but the released an additional 10% of units due to buyers overwhelming response.
The average price of the units ranged between $1600 psf to more than $2,000 psf. A 1-bedroom unit went for $800,000 and a 3-bedroom premium unit fetched $2.1 million.
“The strong sales is an indication of the confidence that buyers have in Lendlease and in project’s quality,” said Lendlease CEO for Asia, Tony Lombardo.
The main attributes associated with the project is its nearness to Paya Lebar MRT, proximity to CBD, near a double MRT interchange, near Changi Airport, it is in the midst of the transformation of Paya Lebar and it’s a mixed development.
(An artist's impression of Park Place Residences)
The sales at Park Place Residences will result to high sales in March and may hit a record high when combined with Grandeur Park Residences sales.
Aljunied area has 2 other projects, TRE Residences and Sims Urban Oasis with high sales. TRE Residences is ideal for owner-occupiers who intend to occupy the units soon. The units are favorably priced even though the project is close to the CBD.
However, the remaining units at Park Place Residences will likely have a higher price when details of developments coming up nearby are announced.
After the successful launch, Lendlease will close the showflat temporarily. The developer is expected to release the details of the sales next phase later in the year. The TOP is in early 2019.