61% of Q Bay Residences sold so far

Q Bay Residences at Tampines has sold 312 out of its 510 launched units as of Monday, after its launch last weekend.

The project is jointly developed by Fraser and Neave (F&N), Far East Organization and Sekisui House.

It is the first private residential project to be launched since the latest round of property cooling measures introduced by the government.

According to a statement released by F&N on Tuesday, the units were sold at an average price of S$1,007 per square foot.

Q Bay Residences was launched at an average selling price of S$985 per square foot from an originally planned price of S$1,050 per square foot.

Excluding Q Bay Residences, F&N said it has a total unsold inventory of 299 units, or about 5 per cent of projects currently under development.

The unsold inventory is primarily from the eCo, Palm Isles, Seastrand and Flamingo Valley private residential projects.

F&N said it plans to launch its remaining site in Woodlands by the second quarter of 2013.

The conglomerate acquired the site in October 2012 at S$302 per square foot per plot ratio.

This will be jointly developed with Lum Chang Binjai Holdings and is expected to yield around 500 units.

F&N has a 70 per cent effective interest in this site.

Source : Channel NewsAsia – 22 Jan 2013

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