Since its preview on October 22 and 23, Queens Peak has been attracting crowds in its sales gallery and show flats. In its November 5 launch, 242 units were sold by 5 pm. Over its weekend launch of 5 and 6 November, 250 of its 736 units were sold, representing 34% of total units. Queens Peak Price – The units were sold at an average price of $1,632 psf. The price of 1 bedroom units measuring 431 sq ft starts from $680,000.
Queens Peak developer Hao Yuan Investment purchased the site in June 2015 for $871 psf ppr or $483.2m. The site on a 99-year leasehold is adjacent to Queenstown MRT station.
Property agents are of the opinion that Queens Peak launch has created interest in the unsold units of the neighboring projects. This is especially in the neighborhood of Commonwealth-Alexandra between Redhill and Queenstown MRT stations.
Commonwealth Towers which is close to Queens Peak sold 13 units in October as per the lodged caveats in comparison to the 2 units sold in September. The development is a twin tower of 43 storeys and 845 units. Developed by Hong Leong Holdings, the private condo on a 99-year leasehold sold 175 units on its first day of its May 2014 launch at between $1,635 and $1,690 psf. 428 units, equivalent of 50.7% had been sold by the end of September.
Principal Garden, jointly developed by Kheng Leong Co and UOL Group on Prince Charles Crescent also benefited. Based on the lodged caveats, it sold 14 units in October, just like in September, at an average price of $1,651 psf. By 1 November, 326 of the project’s 663 units or 49% had been sold.
Ascentia Sky, across Principal Garden, also recorded a transaction of a 3 bedroom unit of 1,475 sq ft sold for $2.15 m based on caveat lodged on 27 October. The condo on a 99-year leasehold by Wing Tai Holdings was completed in 2013. It has 373 units in one tower of 45 storeys.
Near Ascentia Sky and Principal Garden is Echelon. The 508 unit project was recently completed.
Alex Residences is near Echelon. The project by SingLand Homes has 429 units, with more than 65% being sold. It is scheduled for completion in 2017.
The Crest @ Prince Charles, which is near Principal Garden, is scheduled for completion in 2017. The private condo by Wing Tai Holdings with 469 units has leasehold of 99 years. So far, 145 units have been sold.