Buyers have set new benchmark prices at the preview of Thomson Grand in Upper Thomson, with apartments topping $1,600psf.
All 50 units released at the 99-year leasehold project were snapped up at prices between $1,100and $1,600psf for the two- to four-bedroom apartments, with average values at $1,400psf.
That priced the most expensive apartment sold at about $3.6 million.
The units sold included 11 strata terrace units, with one going for $4.1 million, the highest transacted quantum price, said Hong Kong-based developer Cheung Kong.
It is hard to compare benchmark prices as there have been no new high-rise projects in the area for more than a decade.
But Thomson Grand’s pricing is significantly above the highest price of $1,273psf achieved in 2009 for a freehold unit at Meadows @Pierce – which is about 2km away – according to caveats lodged with the URA.
Bishan Park Condominium, an adjacent 99-year leasehold project completed in 1994, transacted at an average of just $748psf, according to the five caveats lodged with the URA this year.
Cheung Kong said 30% of the buyers were investors from Singapore, Malaysia, China, Indonesia and Taiwan while the rest were local upgraders.
A further 20 units will be released this weekend on a first-come-first-served basis, it added.
Source: The Straits Times
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