Business Times - 27 Mar 2009
CDL sells 60 units in The Arte at Thomson
By UMA SHANKARI
CITY Developments Ltd (CDL) sold about 60 apartments at its 336-unit project The Arte at Thomson last weekend.
The developer said yesterday that the average selling price was $880 per sq foot (psf). It released 100 units during the 'private preview' and will release more this weekend.
The freehold project comprises two-, three- and four-bedroom apartments, as well as penthouses. Most of the units sold last weekend were smaller two- and three-bedders.
Unlike other recently launched projects, units at The Arte are large, which means buyers have to fork out more.
For example, two-bedders are 1,055 sq ft and three-bedders range from 1,399 sq ft to 1,625 sq ft. Assuming $880 psf for a two-bedder, the price of the smallest unit would be $928,400.
But according to CDL general manager Chia Ngiang Hong: 'The Arte offers superb value for a prime freehold property in the Thomson area. Buyers get a luxurious condo without paying a premium price.'
CDL is offering an interest absorption scheme.
Analysts expect more projects to be launched in coming weeks as developers try to capitalise on a recent surge in buying interest. They sold 1,323 new private homes last month - eleven times more than in January. Numbers are expected to be strong for March as well, on the back of sales at The Arte, and at UOL Group and Kheng Leong's Simei condominium Double Bay Residences, where more than 200 units were sold this month.
Amid the buying surge, BT understands that Far East Organization is set to launch its mass market project Mi Casa. The 457-unit development near Choa Chu Kang MRT is expected to be popular with HDB upgraders in neighbouring estates.
Separately, Tee International and Hup Soon Global said that they are teaming up with a Bangkok-based company for the Singapore launch of a freehold luxury condominium located in the Thai capital. The Surawong will be launched this weekend at the Grand Hyatt Hotel here.