Half Of Scotts Square Condo Sold In One week

Source : The Straits Times, Aug 2, 2007

In just one week, Wheelock Properties has already sold half of its highly anticipated Scotts Square, a new condominium being built on the former Scotts Shopping Centre site.

The developer said on Thursday 169 units have been sold at an average price of $4,008 per sq ft (psf).

That makes Scotts Square second only to The Marq on Paterson Hill in terms of median value. Units at The Marq were reported to have fetched an average price of $4,044 psf in June.

The highest price achieved at Scotts Square was $4,430 psf for a one-bedroom apartment on the 41st floor, Wheelock said. A Singaporean bought the unit for $2.67 million.

Only two other condos are known to have commanded higher prices on a psf basis: The Marq, which had a unit sold for $5,100 psf; and, The Orchard Residences at Orchard Turn, where a penthouse unit was recently snapped up for $5,500 psf.

The units sold at Scotts Square so far were offered by invitation to past buyers of Wheelock projects.

The rest of the apartments will be officially launched to the public late next month, together with the show flat.

About 63 per cent of the units sold were taken up by Singaporeans or permanent residents, Wheelock said.

The remaining buyers were predominantly Indonesians.