Developer BS Capital is launching a new “shoebox” residential project off Balestier.
Called The Interweave, the 169-unit freehold development located at Kim Keat Road sits on a 32,500 sq ft site and houses one 21-storey block of apartments.
It offers 110 shoebox units between 344 sq ft and 431 sq ft, 57 two-bedrooms units at between 689 sq ft and 764 sq ft, and two three-bedroom units at up to 1,141 sq ft. The project has a car park, outdoor pool deck and other recreational facilities.
Apartments at The Interweave are priced at an average of S$1,380 per sq ft, or from S$535,000.
BS Capital said its pricing was close to the break-even cost of the recently-transacted sites in the vicinity. It added that the pricing was “substantially lower” than recent projects launched in the area.
Another recent shoebox project in Balestier is Okio Residences by SDB Asia.
The 18-storey freehold development offers 104 shoebox units that are less than 500 sq ft each, as well as two-bedroom units and penthouses at 1,098 sq ft and below.
Mr Colin Tan, head of Research and Consultancy at Chesterton Suntec International, said the lower pricing for The Interweave could be due to its less accessible location compared to Okio Residences, which is in the heart of Balestier. But Mr Tan pointed out that on a per unit area basis, The Interweave is actually priced on the “high side”.
Source : Today – 10 Jun 2011