IT TOOK just two hours for buyers to snap up half of the units for sale in a condominium in Upper Thomson Road.
The sole marketing agent for the development Three 11, Knight Frank, said that 33 units out of 65 for sale were sold within two hours to eager buyers on Saturday at a preview launch. By Sunday, a total of 48 units, or 74 per cent of the development, were sold.
The 65-unit freehold development has an average price of $1,615 per sq ft, with units ranging from $844,000 for a 460 sq ft one-bedder to $2.3 million for a 1,500 sq ft penthouse.
Buyers were mostly Singaporeans, making up about 80 per cent of the crowd, while the rest were permanent residents and foreigners.
"About 70 per cent of the buyers have bought for owner-occupation," said Knight Frank's executive director for residential Wendy Teng.
Developed by property developer Woh Hup's unit, Aurum Land, the development has a total of nine one-bedders, 26 two-bedders, 16 three-bedders and 14 penthouses.
The condominium sits on the former site of Jasmine Court, which was acquired by Aurum Land for $43 million - or $833 psf - in a collective sale in 2011.
The keen interest in the condominium is going against warnings that the property market could be hit hard by the tightening of easy liquidity and threat of higher interest rates.
But SLP International head of research and consultancy Nicholas Mak noted part of the attraction for Three 11 was that the total selling price of some units is still below the $1 million mark.
The condo's proximity to the upcoming Upper Thomson MRT station is another draw, he said.
"Investors are still interested to acquire property located near MRT stations, or have good accessibility to public transportation."
Other upcoming developments in the area include a condo on a plot in Bright Hill Drive bought by UOL Group and SingLand in a state tender last August for $291.5 million or $720 psf per plot ratio. This could yield 445 homes.
Three 11 is expected to obtain its Temporary Occupation Permit (TOP) in 2016.
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