Property developers UOL Group and Singapore Land have witnessed strong take-up at their joint condo development, Archipelago. The consortium sold slightly more than 100 of the 190 units released for preview sales, which began last Friday.
With an average price of S$1,000 psf, the five-storey 99-year leasehold project is located within 500 metres from the upcoming Bedok Town Park MRT station.
According to The Business Times, about eight to 10 of Archipelago’s 24 strata semi-D homes have been snapped up. Priced from S$3.1 million to S$3.5 million, these units have a strata area of approximately 4,400 sq ft.
The cheapest three-bedroom units cost S$1.18 million, while the 527-sq-ft one-bedroom units are priced from S$590,000. The 1,650-sq-ft four-bedroom units are available from S$1.7 million.
More than 20 percent of Archipelago’s buyers are foreigners (including PRs), comprising mainland Chinese, Taiwanese, Indonesians, Malaysians and Australians.
The development does not require foreigners to secure permission from the Land Dealings (Approval) Unit to purchase strata landed homes that are within a development with condominium status, which makes the project popular among foreign buyers.
Source : PropertyGuru – 7 Dec 2011