VACANZA @EAST: Close to 90 units sold!

Hoi Hup and Sunway sold nearly 90 units at their Vacanza @East condo by the end of Tuesday, when the project previewed to those who had registered interest with the appointed marketing agents DTZ and Huttons. This is according to a BT report today.

A VVIP preview was held on Monday for staff/directors of Hoi Hup and Sunway as well as their special guests.

The average price for the 12-storey freehold project is about $1,090psf.

Buyers were mostly Singaporeans and the most popular units were two- and three-bedroom units.

In absolute price terms, units sold range from nearly $550,000 for a 484sqft one-bedder to slightly above $2 million for a three-bedder penthouse of over 1,900sqft.

Initially two blocks comprising 141 units were released but as potential buyers started requesting for apartments in other stacks in the 473-unit project, the developers began releasing more units.

Vacanza comprises one- to four-bedroom units as well as penthouses. It will have a clubhouse, gymnasium, a tennis court, a lap pool, fitness station and lawn.

Market watchers point out that the project, located at Lengkong Tujoh, is next to the Pan Island Expressway, near Singatronics Building and Bedok Industrial Estate. It is about a kilometre away from Kembangan MRT Station.

Hoi Hup and Sunway are developing Vacanza on a 207,000sqft site which they bought in October last year for $158 million, or about $445 per square foot of potential gross floor area, including an estimated development charge of about $36 million at the time.

The site, which was vacant at the time, was sold by Lee Tat Development. The residential site has a 2.1 plot ratio (ratio of maximum potential gross floor area to land area) and a 12-storey maximum height under Master Plan 2008.

Vacanza’s appeal is supposedly due to it being a freehold project in a quiet estate amidst a landed housing enclave. However, the wife and I wonder how much of the “PIE noise effect” will Vacanza be subjected to, especially when the site is located along this busy expressway…

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