SPH's Thomson condo sells out in just 30 hours - Jan 30, 2007 (ST)

BackJan 30, 2007

The Straits Times / The Business Times News On SPH

SPH's Thomson condo sells out in just 30 hours

All Sky@eleven's 273 units taken up at an average price of $975 psf.

By Joyce Teo, Property Correspondent
Jan 30, 2007
The Straits Times

ALL 273 units of Singapore Press Holdings' (SPH) high-end condominium at Thomson Road have been sold, barely 30 hours after they were released at a special preview on Sunday evening.

The public launch, due to be held this weekend, has been cancelled.

STRONG SHOWING: SPH is extremely happy with the response, says Dr Tan (centre), seen here at the ribbon-cutting ceremony on Sunday with SPH chief executive Alan Chan (left) and Mr Sum. Photo/ JOYCE FANG

'Out of every two who walked into the show-flat, one bought,' said Mr Peter Ow, executive director of marketing agent Knight Frank.

'We sold out in a much shorter time than Marina Bay Residences and One Shenton, which are in hotter areas. We also managed to achieve benchmark prices of $1,200 psf for the Thomson area.'

Condominiums in the area sell for about $850 per sq ft.

'If a development of such quality were in the Newton area, it is likely to fetch at least $1,800 psf,' said Knight Frank research and consultancy director Nicholas Mak.

Mr Ow said buyers were bowled over by the spacious layout and view. 'Every apartment offers views of MacRitchie Reservoir and the city.

'The demand is so strong that we have to apologise to our other guests. We had invited 300 guests for the preview which would have lasted until Wednesday. But we will still keep the show-flat open for a few days for those who are interested to view it,' he added.

The freehold Sky@eleven, launched in the midst of a hot property market, achieved an average price of $975 psf, with the highest price recorded at $1,200 psf, said SPH in a statement last night.

The group said buyers were attracted to the pricing and the unit size, with most ranging from 1,851 sq ft to 2,820 sq ft.

Sky@eleven has eight duplex penthouses - from 3,757 sq ft to nearly 5,600 sq ft - which went for up to $5.8 million each.

'The condo is like the luxurious Ardmore Park condo of Thomson Road,' said Mr Mak. The robust demand was also partly due to the strong sentiment in the property market, he said.

'Some of the demand came from those who have recently sold properties in a collective sale,' he said. 'It's one of the few brand-new condos that offer large units with luxurious fittings.'

Located off Thomson Road, the 43-storey high Sky@eleven is the tallest project in the area and is due for completion by late 2009.

'The attraction is the spacious and double frontage layouts providing cross ventilation. It's also an exclusive location as there are few condos nearby,' said a buyer who snapped up his high-floor unit at an early bird price of $985 psf yesterday morning.

While some SPH staff did buy, the number of deals was 'insignificant' when compared with the number of buyers from the public, the group said. There were also no discounts offered to SPH staff and board members.

SPH chairman Tony Tan said: 'We are extremely happy with the overwhelming response and at the same time very grateful to the buyers for their support for our exclusive development.'

The condominium is developed by Times Development, a wholly owned unit of SPH.

Mr Sum Soon Lim, chairman of Times Development, said: 'Sky@eleven truly offers value for money given the luxury lifestyle concepts it offers. It can surely claim to be one of the most beautiful, prestigious and iconic residential properties in District 11.'