THE weak property market has forced developer Hong Fok Corp to shun the traditional glitzy condo launch in favour of a 'soft' release of some flats for its new Beach Road project.
The firm is initially releasing 90 flats in the 360-unit Concourse Skyline. An additional 30 units may be sold if demand is strong enough.'If we can sell 120 units, we'll call it a day,' said Hong Fok director S.E. Cheong. 'We would hold back the rest until the market improves.'
Prices for the one- to four-bedroom apartments will be between $1,500 and $1,800 per sq ft (psf) - or from just below $1 million to around $4.2 million. Sea-facing units will cost $300 psf more than those facing the city, said Mr Cheong.
The 99-year leasehold project near Kampong Glam, next to Parkroyal Hotel, has two tower blocks - one with 40 storeys, the other, 28. About 60 per cent of the flats are one-bedders of about 800 sq ft and two-bedders of around 1,000 sq ft. There are also some penthouses.
There will be a podium block with shops on the first storey and 18 units that Hong Fok will keep for rental. Hong Fok will spend about $200 million to build the Concourse Skyline.
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