By Kalpana Rashiwala
FAR East Organization is said to have sold 76 units at The Lanai, a 999-year leasehold condo in the Hillview area, at a preview that started last Saturday. The units sold include a bulk deal.
Prices at the 10-storey project start at $1,290 psf.
The bulk purchaser would probably have obtained a discount.
The development comprises 214 units in six towers. Apartments include a mix of two-, three-, and four-bedders. Sizes start from 947 sq ft for a two-bedder.
For the weekend preview, the property giant released three towers totalling 110 units. The official launch, marked by the start of an advertising campaign, is expected next weekend.
Far East is developing the project on a 123,494 sq ft site at Hillview Avenue which it bought from a unit of Cerebos Pacific back in 1996 for $88 million.
The land price at the time worked out to about $371 per sq ft per plot ratio, based on media reports back then. Cerebos previously used the site for manufacturing.
In the Sengkang area, Frasers Centrepoint has sold another 20 units at Esparina Residences executive condo (EC) during the weekend, taking total sales to 364 units. Sales began last Friday. The average selling price is $740 psf. Esparina comprises 573 units.
Another EC project, The Canopy in Yishun, goes on sale this weekend. The average price is expected to be about $650 psf. ECs are a hybrid of public and private housing.
This article was first published in The Business Times.