The Three Balmoral condominium has been performing well owing to it great sales since it was launched. In December 2016, the condo had 4 units sold. Three of them were bought by a Malaysian for his children at an estimated price of $2,119 psf or $1.3 million, based on the caveats lodged.
According to financial records available, a similar unit was sold at a price of $2,398 psf or $1.47 million on December 2.
According to Tong Eng Group spokesperson, the project is a joint venture by between Teo Family of Tong Eng Group and Clarus Corp. The 12-storey building is a mix of both 1-bedder-plus study units and 3 bedroom units.
(An artist impression of Three Balmoral)
Nearby is Goodwood Grand, a 72 unit residential complex that is set to be completed and launched within the 2nd quarter of 2017. It is a joint project by Tong Eng Group, Clarus Corp and Tiong Seng Holdings. It is a 12-storey building comprising of 8 strata bungalows and a total of 65 condo units.
To date 44% of Goodwood Grand has been sold with 5 units being sold last year at an estimated price range of $1.89 million to $2.8 million on units on the ninth floor and third floor respectively.
There was a massive boom in sales in the month of February last year with four units been successfully sold. According to the records, of the two 2-bedroom units sold, one fetched $1.93m and another $1.89m. The other two units had 3 bedrooms each with one selling at $2.59m and the other $2.54 m.
The buyers of Three Balmoral and Goodwood Grand all of which are located at the prestigious District 10 are both locals and foreigners. Some of them have opted to buy for purpose of investing while some have bought them for their own purpose.
The One Balmoral is located near the Three Balmoral and is a development undertaken by Hong Leong Holdings. After a 13% discount by the developer, nine units were sold in November last year and another 9 in December, bringing the total number of units sold to 18. The one bedroom units were sold for $ 1.34 million, while the four bedroom units were sold at $3.87 as per the caveats lodged.
]“With this kinds of purchases, it goes on to show that foreign investors alongside local investors are starting to see the value that is in the prime districts”, said Tong Eng Spokesperson.
As developers of both the two projects, they still reserve the rights of the asking price as they are not affected by the conditions of the qualifying certificate that compels them to sell all the units with the stipulated timeframe of two years.