The ST today reported that Far East has sold 80 out of the 96 units released at the 319-unit THE GREENWICH at its special preview on Monday. The showflat was opened till 2am the following morning in order to cope with the demand from buyers.
Price ranged from $650,000 to $1.25 million, with the psf at $980 on average. The psf price is supposedly a record for the area.
Singaporean accounted for almost all of the buyers at the preview. Most are from the Seletar estate area.
More than 80% of the 1- and 2-bedroom units were snapped up and all 10 of the 3-bedroom units released were sold.
THE GREENWICH, at the junction of Seletar and Yio Chu Kang roads, has residential units and retail shops. Of the 319 residential units, 160 are one-bedroom units that Far East describes as Soho-type (small office, home office) units.
Ranging in size from 603sqft to 721sqft, they offer users the flexibility to combine an efficient work environment with the comfort and privacy of a home. It has since sold 32 out of 40 such units released in the preview. The 2- to 3-bedroom units go up to 1485sqft in size.
The retail shops will be in a 45,000sqft two-storey mall called Greenwich V, which is close to 60% committed.
The wife and I understand that Greenwich V will have 35 retail units and will likely open by end of next year. Tenants secured so far include Cold Storage, which will operate a supermarket of about 10,000sqft, 7-Eleven, Guardian and food court operator Kopitiam, which will occupy 6,300sqft. About half of the mall’s net lettable area will be leased to F&B outlets such as cafes and restaurants. Other tenants are likely to include hair salons, wine shops and providers of educational and medical services.
Far East is developing THE GREENWICH/Greenwich V project on a site it clinched in an URA tender that closed in September last year. Its wining bid of $119.08 million reflected a unit land cost of $376psf of potential gross floor area. Far East’s bid was 35% above the second highest offer.
The area around THE GREENWICH and Greenwich V is slated to become the next “Holland Village” of the North. The wife and I are hoping that it will fare much better than the other “Dempsey Hill” of Northern Singapore…
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