Singapore Property | With a prime District 10 location and freehold tenure, Roxy-Pacific Holdings’ 120 Grange sold 37 units during its June 1 and 2 opening days. 120 Grange features compact units with one-bedroom lofts at 420 square feet, two-bedrooms at 570 square feet with its dual key versions at 678 square feet 120 Grange price was listed averagely at about $3,148 psf.
“We’re not seeking premium prices,” as Roxy-Pacific Holdings executive chairman and CEO, Teo Hong Lim puts it. Unlike the Core Central Region, Outside Central Region units are not bounded by the rule of units having to be at least 70 sq. meters thus making the prices and the compact designs possible. With this, 120 Grange appeals to those who are in for a prime District 10 spot but with a relatively lower price tag and budget of $2 Million. Furthermore, the CEO also states that majority of the buyers are locals.
True enough, PropNex Realty’s luxury tem head an 120 Grange marketing agent Dominic Lee states that the buyers’ profiles for these units differ from the other luxury condominiums such as Nouvel Ardmore, New Futura and The Nassim. These properties, according to Lee attract foreign homebuyers and investors with higher net worth.
Just recently, the luxury condominium La Nouvel Ardmore in Ardmore Park sold a 3,907 sq. ft. unit for $16.8 Million. The condominium also sold a 4,133 sq. ft. on its 20th floor for $16.04 Million. On the other hand, the neighboring New Futura’s four bedroom units were sold from $3,765 to $3,772 psf which is roughly $8.5 to $10.15 million.
Meanwhile, Nassim Hill premium The Nassim recently sold two three-bedroom apartments for more than $7 million each.
As Lee puts it, these buyers of units from New Futura, The Nassim, and Le Nouvel Ardmore are a different pedigree whereas buyers of the nearby 120 Grange are relatively bachelors and young couples who do not mind living in a smaller space in a prime district.