Property developer Bukit Sembawang Estates Limited 999-year leasehold landed development Luxus Hills has released 32 out of 78 units for sale. Public preview will begin this Friday.
Having sold seven units to date, the four-storey landed homes of Luxus Hills start from around S$3.058 million to S$4.2 million and has a starting per square foot (psf) price of around S$1,894.
Located within Seletar Hills Estate, the development comprises of 58 intermediate terraces, 10 corner terraces and 10 semi-detached homes.
Sizes of intermediate terraces range from 3,757 to 3,810 square feet (sq ft), corner terraces from 3,541 to 3,671 sq ft and semi-detached houses from 3,541 to 3,671 sq ft.
“Landed homes are becoming increasingly rare in land-scarce Singapore, accounting for just 5 per cent of Singapore’s housing stock,” said Jenny Ho, marketing general manager of Bukit Sembawang Estates in a media statement.
“We expect this phase of sales to be very well-received by potential home buyers looking to invest in a timeless, high-quality landed property for themselves and their future generations,” she said.
While Bukit Sembawang Estates expects majority of buyers to be purchasing for their own occupancy, they do not discount the fact that there will be investors due to their range of flexible deferred payment schemes, according to Ms Ho.
Currently, Luxus Hills offers several payment schemes. The Stay & Pay Scheme allows buyers to move in right away with a 20 per cent down payment and the Reservation Scheme takes in reservations with a 10 per cent deposit, with the rest of the payments to be made in 2021.
These schemes aim to benefit home buyers who are awaiting the proceeds from the sale of properties, or owners of properties undergoing en bloc sales, a spokesperson from Bukit Sembawang Estates told The Business Times.
Lee Nai Jia, head of research at Knight Frank Singapore, said that there is demand for such property because there is no lease expiry. He also noted that while sales would not be as brisk as other properties like condos, it can expect to sales to be “consistent”.
ERA Realty’s head of research and consultancy, Nicholas Mak shares similar sentiments.
“Launches for landed homes are few compared to condos so it is a rare opportunity for those looking to buy brand new landed homes,” said Mr Mak.