Developers CapitaLand and City Developments Limited (CDL) have sold 216 or about 77 per cent of the 280 apartments launched for sale at the 680 unit-Sengkang Grand Residences over the weekend.

The units were booked at an average selling price of about $1,700 per square foot for the 99-year leasehold development next to Buangkok MRT Station, said the listed companies in a media release yesterday (sun).

About 93 per cent of the buyers were Singaporeans, while the remaining 7 per cent were permanent residents and foreigners mainly from China, Malaysia, India and Philippines.

Sengkang Grand Residences Price ranged from $798,000 for a one-bedroom plus study unit to $998,000 for a two-bedroom, $1.498 million for a three-bedroom and $2.1 million for a four-bedroom “premium plus flexi” apartment. Unit sizes began at 474 sq ft for the one-bedroom plus study to 1,324 sq ft for the four-bedroom premium plus flexi unit.

Said CDL Group general manager, Chia Ngiang Hong: “The robust take-up reflects a healthy demand for attractively priced homes that are well-designed, well located and well-connected to a comprehensive array of amenities.

“We are confident that the project will continue to attract interest from prospective homebuyers and investors.”

Situated in Sengkang Central in district 19, the development forms part of the first integrated community and lifestyle hub in the North-East region. The residential component comprises 680 residential units that are spread across nine blocks.

Complementing this, the integrated development also features a retail mall, hawker centre, community club, childcare centre, community plaza and a bus interchange. The three-storey Sengkang Grand Mall has a gross floor area of 160,000 sq ft.

Ronald Tay, chief executive officer of CapitaLand Singapore, Malaysia & Indonesia (residential & retail), added: “We are very encouraged by the strong response at the weekend launch of Sengkang Grand Residences. This points to the continued market demand for residences set within an integrated development.

“Homebuyers are drawn to the property’s convenient location atop a transport hub and direct access to an exciting line-up of retail offerings at Sengkang Grand Mall, amongst other facilities and amenities.”

The 3.7 hectare property is a joint venture between CapitaLand and CDL which clinched the government land sale site for $777.78 million in August 2018. It is the largest commercial and residential site awarded since 2015.

The bid was submitted on a two-envelope concept and price revenue tender system, with emphasis on an integrated design concept. Another upcoming development with similar two-envelope bidding concept is the Pasir Ris Central condo at Pasir Ris MRT.

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Source: Straits Times
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