BT : Almost all 120 released Cube 8 units sold

Business Times - 23 Jan 2010
Almost all 120 released Cube 8 units sold

CDL intends to release additional units in the 177-unit freehold condo over the weekend

By KALPANA RASHIWALA

CITY Developments Ltd (CDL) has sold almost all of the 120 units it had released as of yesterday evening at its Cube 8 condo at Thomson Road during a two-day preview. Most of the units were sold yesterday .

CDL released an initial 80 units at an average price of $1,250 psf but due to strong demand, offered a further 40 units. Prices of the latter batch are understood to have been increased slightly, probably in the order of 2-3 per cent.

The company said yesterday evening that it intends to release additional units in the 177-unit freehold condo over the weekend. 'The strong sales-to-date for Cube 8 reflects the positive sentiment in the property market and attests to our ability to market the appropriate products at the right time,' said CDL's group general manager Chia Ngiang Hong

One- and two-bedrooms were the first to be snapped; for three bedders, higher floor units were in greater demand, BT understands. The 36-storey condo is being built on the site of the former The Albany and Thomson Mansions in District 11. The 39 one-bedders have been sold out and a substantial number of the 58 two-bedroom apartments have also found takers.

The one bedders, with an area of 560 sq ft, were priced from $740,000 upwards, BT understands. Prices of two-bedders start from $1.1 million while three-bedroom apartments, ranging from 1,335-1,475 sq ft, cost anywhere from nearly $1.6-1.8 million. Four bedders are priced at about $2.5 million each, while sky villas or penthouses cost at least $3.5 million apiece.

BT understands that Singaporeans had bought the majority of units as of yesterday. Foreigners (including permanent residents) picked up about 20-25 per cent. Indonesians, Indians and Koreans were among those said to have bought.

CDL opened the showflat to former owners of The Albany and Thomson Mansions on Thursday. After they had made their selections, directors and staff were invited. The 'public preview' began yesterday.

CB Richard Ellis and Huttons are the marketing agents for Cube 8.