Jurong condo sales better than expected

Jurong condo sales better than expected

Buyers flocked to get a piece of the action at a new Jurong condominium while an upcoming project in Commonwealth Avenue was unveiled on a busy day for property yesterday.

Much of the buzz was at the preview of MCL Land's Lakeville condominium in Jurong West Street 41, but Hong Leong Holdings grabbed some of the spotlight as well with its announcement.

The balloting tent for the 695-unit Lakeville, which comprises six 16-storey blocks, was filled with more than 150 buyers and 50 agents yesterday.

MCL Land chief executive Koh Teck Chuan said the firm had initially released 150 units but released a further 50 as sales were better than expected.

In all, 180 units were sold at $1,300 per sq ft (psf), with most of the buyers Singaporean. About two-thirds of the units sold were one- and two-bedders.

Prices range from $736,000 for a 560 sq ft one-bedder, to $2.67 million for a 2,271 sq ft four-bedroom penthouse.

Mr Koh noted that 400 cheques were balloted yesterday, adding: "Considering the market, we are very happy with the turnout."

The last condominium launch in the area was J Gateway last July, also developed by MCL Land. Most of its 738 units sold in one day at an average of $1,480 psf.

The low number of residential projects in the area compared with Sengkang and Punggol has led to much pent-up demand, said Mr Donald Han, managing director of Chesterton Singapore.

He added that Lakeville's $1,300 psf price tag reflected weak market sentiment.

The Urban Redevelopment Authority said on Tuesday that private home prices dipped 1.3 per cent in the first quarter from the fourth quarter last year.

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