New project selling well; 3rd en bloc site sold
By Joyce Teo
THE private homes market remains buoyant, with more than 200 units sold at a new launch and the year's third collective sale site sealed.
UOL Group said it has sold more than 200 units of Waterbank at Dakota in Dakota Crescent at a preview that started on Wednesday. Prices ranged from $1,000 per sq ft (psf) to $1,300 psf.
With 616 units, it is the first project here without bay windows and planter boxes. Industry sources said there was stronger take-up for the smaller, more affordable units. Units range from a 484 sq ft one-bedder to a 2,820 sq ft penthouse.
Meanwhile, Culford Garden in Siglap has been sold en bloc to Fragrance Properties for $39 million, making it the third collective sale to be sealed this year.
Marketer Credo Real Estate said the land rate is about $632 psf per plot ratio, or $574 psf ppr, based on a gross plot ratio of 1.54, which includes balcony space. The tender, which closed on Thursday, attracted four offers, all of which were within the asking range of $37 million to $40 million.
The owners of the 24 units stand to reap an average of $1.625 million each.
The year's first collective sale was a Balestier industrial site that can be converted to residential use. The second was a cluster of 16 terraces in Fort Road.
An artist's impression of Waterbank at Dakota, a 99-year leasehold condominium which has sold more than 200 units since its preview started on Wednesday. -- PHOTO: UOL GROUP
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