BTO: Far East sells 97 units of Mi Casa over past week

Business Times - 31 Mar 2009

Far East sells 97 units of Mi Casa over past week

By KALPANA RASHIWALA

 

(SINGAPORE) Here's yet more evidence that there's still demand for attractively priced condos in the mass-market segment. Property tycoon Ng Teng Fong's Far East Organization has sold 97 units at its Mi Casa condo near Choa Chu Kang MRT Station since it began sales last week.

 

The 99-year leasehold condo has an average price of $625 per square foot. Buyers who wish to opt for an interest absorption scheme will have to pay 3 per cent more.

 

The 457-unit condo is being developed on a plot along Choa Chu Kang Drive which is diagonally opposite Lot One mall.

 

In a news release last night, Far East said Mi Casa is the first new private condo project in the Choa Chu Kang town centre in eight years and offers an 'attractive value proposition' to HDB upgraders and private home owners in the area.

 

Upgraders accounted for 80 per cent of Mi Casa's buyers. A number of buyers also own landed homes in the area and bought units at Mi Casa for investment and for their children, according to Far East. Mi Casa also drew some foreign buyers (such as China nationals and Malaysians).

 

Far East Organization unit Tian Hock Properties bought the Mi Casa site at a state tender in May last year for $116.01 million or $203 per square foot per plot ratio.

 

Over at the Balestier Road area, City Developments is understood to have sold another 30 units between Friday and Sunday at The Arte at Thomson freehold condo.

 

This brings total sales in the project to nearly 90 units. The 336-unit project, which will comprise two 36-storey blocks, is being offered at an average sellling price of about $880-890 psf.

 

At Somerville Road, boutique developer HLH Group has sold eight of the total 25 units at its D'Almira condo since it began previews three weeks ago.

 

The average price of the five-storey freehold apartment development is about $750 psf, says ERA divisional director Andrew Soh, who is marketing the project.

 

HLH is not offering any interest absorption scheme; buyers will have to make normal progress payments on their units when they are billed by the developer, in accordance with the stage of construction.

 

In the River Valley area, Fortune group sold another five units last week at The Mercury in Shanghai Road. The average price for the freehold project is '$1,200 psf plus', according to Fortune Development general manager Victor Soh.

 

Interest absorption scheme is available to buyers in exchange for a 3 per cent premium. To date, 64 of the total 67 units in the project have been sold.