Amber Residences Condo A Hit

Source : The Business Times, November 20, 2007

70 units snapped up within hours during private preview at $1,650 psf average.

MORE than 70 of the 114 units at Voda Land’s Amber Residences in Amber Road were snapped up within hours during a private preview on Sunday at an average price of $1,650 per square foot (psf), the agency marketing the project said yesterday.

Sui Generis: The 40-unit condo in the Balmoral area is a joint project of UE and Kajima. 17 of the 23 units released have been sold at an average price of $2,500 psf

And elsewhere, about 70 per cent of units released at Sui Generis - a condominium in the Balmoral area being jointly developed by Singapore-listed United Engineers (UE) and Japan-based Kajima Corporation - have been sold at an average price of $2,500 per square foot (psf), UE said yesterday.

At the 40-unit Sui Generis, 17 units of the 23 released were sold through overseas previews during the past two months, UE said.

Prices fetched ranged from $2,300 psf to $2,580 psf. About 90 per cent of the units were bought by foreigners during roadshows in Indonesia and Hong Kong, UE said.

‘Given the continued foreign interest in Singapore properties, Sui Generis will tour various cities including Jakarta and Hong Kong,’ said Joseph Tan, executive director of residential at CB Richard Ellis (CBRE), which is marketing the project. Sui Generis will be launched in Singapore early next year.

CBRE said the average price of $2,500 psf is a benchmark for the Balmoral area.

‘Buyers are drawn by the good unit layout and quality of finishes, which explains why the project has achieved a benchmark sale price,’ Mr Tan said.

Sui Generis comprises mostly three and four-bedroom apartments. There are also four penthouses. The project’s name is a Latin expression that means ‘a person or thing that is unique and in a class of its own’.

At Amber Residences, the average price per unit came to $1,650 psf, with choice high-floor units being sold for more than $1,800 psf, said Savills Singapore, which is marketing the project.

‘Following the overwhelming success and strong demand for this unique development, we plan to release a few more units for this coming Sunday’s preview,’ said Phylicia Ang, senior associate director of Savills’ residential division. ‘It will then be followed by an official launch for the remaining units - including choice units - from Dec 1.’

The sales were done by private invitation only and most of the buyers were locals, Savills said.

Amber Residences is made up of a single 21-storey block with mostly two, three and four-bedroom apartments. There are also six penthouses.

The project is possibly the first on the East Coast where all units have a premium finish and fittings usually associated with high-end condominiums, Ms Ang said.