Developer Hong Leong Holdings saw a take-up rate of nearly 50 per cent for the launch weekend of its 564-unit Midwood condominium, with 24 units sold out of 50 released.
Hong Leong Holdings’ head of sales and marketing Betsy Chng said the developer is “very pleased” with the sales.
“While our attractive pricing might be one of the reasons for the strong turnout, we believe that Midwood’s location and unique condo facilities such as the childcare centre are part of its mass market appeal,” she said.
“A majority of our buyers are Singaporeans while others see this as a good investment due to its close proximity to the MRT station.”
The project is jointly developed by Hong Leong Holdings and Hong Realty, with apartment sizes ranging from 484 square feet (sq ft) for one-bedroom units to 1,259 sq ft for four-bedroom units.
Selling prices averaged S$1,560 to S$1,750 per sq ft for the sales on Oct 26 and 27.
Ismail Gafoor, executive chairman and CEO of PropNex Limited, said that Midwood’s pricing presents a “real value proposition”.
“The fact that it’s next to Hillview MRT station and surrounding lifestyle amenities such as the HillV2 shopping mall, living at Midwood is almost akin to living in an integrated development,” Mr Ismail said. “With nature enclaves like Bukit Timah Nature Reserve nearby, this is value for money and will make a good home.”
Located at Hillview Rise, Midwood comprises two 29-storey residential blocks that are built 120 metres apart from each other. In between is a six-storey block that has a 569-lot carpark, a covered link bridge connecting the residential towers, and a clubhouse.
The condo will have a 50-metre rooftop infinity pool and an on-site childcare centre.
It is the first condo to be launched on a Government Land Sales site by a two-envelope system – the Concept and Price Revenue tender approach – where the winner is selected based on concept and innovation construction first, and then price in the second envelope.
Hong Leong Holdings and Hong Realty beat eight other bidders to secure the 99-year lease, 153,882 sq ft site last year.