70% of residential units in Katong Regency booked

70% of residential units in Katong Regency booked

Property giant UOL Group has put out its first mixed-use development for sale in 2012.

Some 70 per cent of residential units in Katong Regency were booked on its launch. Of these, the sale of about 130 units have been confirmed.

Kam Tin Seah, Senior General Manager (Investment & Strategic Development) at UOL, said: “It is a very well associated kind of Tanjong Katong address. So you would expect the core demand to still come from this immediate neighbourhood.”

Located at the junction of Tanjong Katong Road, the site used to house the former Lion City Hotel and Hollywood Theatre. It is a mixed development which consist of 244 residential units and commercial space.

Prices for the residential units range between S$950,000 for a 550 square feet one bedroom unit, and S$2.52 million for a three bedroom pent house unit of 1,970 square feet. That works out to about S$1,475 to S$1,727 per square foot.

Analysts said the pricing is at the steep end, compared to units at nearby developments, which are about five to 10 per cent cheaper.

Still, buyers response are expected to be healthy. Analysts said this is because the government is planning to rejuvenate the area.

The apartments will sit above the upcoming ONE KM mall. To be managed by UOL, the retail development will have a total net lettable area of 210,000 square feet with some 150 retail tenants. Some of the buyers have said that they like the retail mall as there is a lack of malls in the Katong area.

Source : Channel NewsAsia – 19 Apr 2012