Loft @Holland sold out within 2 hours of private preview

You may already have read from the ST today that Loft @Holland, a project by small-format homes specialist Oxley Holdings, saw all 41 apartment units taken up within 2 hours of a private preview yesterday.

As there were more buyers than homes on offer, balloting was conducted for all but two units. On average, there were about three buyers for each units.

Price ranged from $1,630psf to $2,166psf. Buyers were mainly Singaporean.

Located at 151 Holland Road, the five storey development comprises 37 one-bedroom units, ranging from 323sqft to 484sqft.

There are also four two-bedroom penthouses with private Jacuzzis, ranging from 980sqft to 1,141sqft.

Communal Facilities include a basement carpark, a swimming pool and a gym.

Loft @Holland’s successful sale underscored the developer’s belief in strong demand from buyers for small-format apartments.

Mr Ching Chiat Kwong, executive chairman and chief executive of Oxley Holdings had said earlier he was confident that these units, popularly known as shoebox apartments, would be well received as quantum prices will be affordable.

The group has launched five other projects so far: Suites @Katong, Parc Somme, Loft @Rangoon, Viva Vista and RV Point.

Shoebox flats tend to have low overall values – often under $1 million – but high prices on a psf basis.

Sales of these flats – they are under 500sqft – have been steadily increasing since they hit the market in 2006.

According to figures from property consultancy CB Richard Ellis, a total of 1,436 caveats were lodged for new shoebox units by mid-December last year, compared with 725 in 2009 and only 274 in 2008.

The wife and I cannot help but wonder if the response to Loft @Holland will be as fantastic if the private preview was held after yesterday’s announcement of new property cooling measures – we understand that the preview started yesterday morning while the Government announcement was made only after the stock market closed.

It will also be interesting to see if there will be a disproportionate number of buyers who ultimately choose to forfeit their 1% option money…

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