ST : 48 units sold at preview for d'Leedon condo

Nov 29, 2010

48 units sold at preview for d'Leedon condo

By Cheryl Lim
SALES of CapitaLand's latest development d'Leedon got off to a modest start over the weekend, with 48 units sold at a preview launch for a select group of buyers.

This was 24 per cent of the 200 units that were available at the preview, which was open exclusively to former owners of Farrer Court units. D'Leedon sits on the site of the former Farrer Court, which was sold en bloc in 2007.

The units that were on offer ranged from one- to three-bedroom apartments. They were priced at an average of $1,680 per sq ft (psf).

That makes the cheapest apartments - 635 sq ft units with a bedroom and study - less than $1 million each. A typical two-bedder of 1,055 sq ft would set a buyer back $1.5 million.

CapitaLand yesterday said owners from 266 Farrer Court units visited the show gallery over the weekend. The developer will begin public sales of the condominium on Thursday.

A former resident of Farrer Court, who declined to be named, felt the sale prices of d'Leedon were 'a little on the high side' for a 99-year leasehold project.

He said that units at nearby Waterfall Gardens, a new freehold development, were being sold at a comparative price. Still, he bought a $1.9 million three-bedroom unit at the d'Leedon.

'Two of my neighbours also felt (prices were a bit high),' he told The Straits Times.

'But we bought (units in) this place for sentimental reasons; we've lived in the area for so many years... You can't find other developments with these kinds of views.'

Another former resident, who gave her name only as Mrs Wong, purchased a studio apartment for slightly more than $1 million and said she felt prices were reasonable. 'It's not cheap but it's not expensive. Considering that the development looks quite nice and there is generous space offered, as well as the location and facilities, it's kind of a fair price to pay,' she said.

D'Leedon sits on a huge site of more than 840,000 sq ft, with 22 per cent of the land area being taken up by the 1,715 homes in the project.

The rest is slated for gardens, facilities such as two swimming pools and a gym, and retail outlets which could include restaurants, a laundromat and a clinic.

Buyers The Straits Times spoke to said they are confident the prices for units at d'Leedon will appreciate in the coming months.

Separately, property developer UOL Group said it has sold 252 of the 320 units released to date at its Spottiswoode Residences near Tanjong Pagar. A UOL spokesman said sales of the three-bedroom units were good and almost all of the development's seven penthouses have been sold.

Another developer, MCC Land, said nearly half of all the units at its executive condominium project The Canopy have been sold. Since its launch last month, the development located in Yishun Avenue 11 has sold 188 of the 406 units available.