A consortium comprising Heeton Holdings, KSH Holdings and TEE International have sold 39 units at its latest luxury residential development, The Boutiq, located at 143 / 145 Killiney Road.
“Our collaboration with KSH Holdings and TEE International has resulted at the development that is set to revitalise the Killiney neighbourhood, and raise the bar in luxury urban living standards,” said Mr. Danny Low, Executive Director and Chief Operating Officer of Heeton.
Of the 52 units released in the first phase of sales, 75 percent have been sold in a soft launch. The freehold District 9 project near Somerset MRT station has a total of 130 units.
Mr. Low said that the developers are now offering home buyers around 10 percent discount off the list price. The prices will increase when subsequent phases are launched, as the discount is scaled back and more choice units are released.
“With its prime location, five-star hotel facilities such as porte-cochere (coach gate), concierge, welcome lounge, and well-designed lifestyle spaces, The Boutiq will be a compelling proposition for young professionals and cosmopolitan globe-trotters – anyone who appreciates the finest things in life,” he said.
Designed by Broadway Malyan Asia, The Boutiq’s architecture is based on the concept of chic boutique hotels around the world. It has a total area of 39,972 sq ft and occupies the historic Mitre Hotel site.
Units in The Boutiq, most of which are one- and two-bedroom units, range from 506 sq ft to 2,853 sq ft in size.
“Understanding the lifestyle needs of new-generation professionals, we have tailored The Boutiq to be an inner-city sanctuary that offers both the conveniences of city-living and the serenity of a private haven,” said Mr. Choo Chee Onn, Executive Chairman and Managing Director of KSH Holdings.
“We believe that this would appeal to the young and successful professional who would enjoy a bustling social life as well as desire a home where they can recharge after a long day’s work.”
KSH, Heeton and TEE hold stakes of 35 percent, 45 percent and 20 percent, respectively in the development. The three partners acquired the site of the former Mitre Hotel in 2009 for S$121 million to S$122 million, or approximately S$1,100 psf of potential gross floor area (GFA), plus a development charge.
Source : PropertyGuru – 21 Apr 2011