Urban Vista 43% sold after launch weekend

Developers of the 582-unit Urban Vista condominium project sold 250 apartments, or 43 per cent of the total, over the weekend, according to a representative for the developers Fragrance Group and Aspial Corp subsidiary World Class Land.

The bulk of the 99-year leasehold units that sold between Friday, in which 180 units were sold at a preview, and Sunday were one- to three-bedroom units, the representative said. The developers released 230 units at the preview and an additional 80 units over the weekend.

The apartments were priced at an average of $1,350 per square foot (psf), which included a 7 per cent discount for homeowners in light of recent property cooling measures. Prices for units released at the Friday preview started from $588,000 for a one-bedroom unit at an average area of 450 sq ft; $768,000 for a two-bedroom at an average 600 sq ft; $1.1 million for a three-bedroom at an average 900 sq ft; and $1.5 million for a four-bedroom at an average 1,050 sq ft.

Overall, Urban Vista comprised 135 one-bedroom apartments, 249 two-bedders, 160 three-bed-rooms and 37 four-bedroom units.

The developers bought the land at the junction of New UpperChangi Road and Tanah Merah Kechil Link in August 2012 for $285.2 million, and estimates at that time put break-even cost at about $1,000 psf.

Also on Friday, City Developments' 912-unit 99-year leasehold D'Nest project at Pasir Ris Grove sold more than 350 units after a one-day preview at a discounted early-bird price of about $920 psf.

Source: Business Times –18 March 2013