NV RESIDENCES: 160 of the 200 units released sold during preview!

By The Folks @PropTalk - September 9, 2010 No Comments

Both the ST and BT today reported that developers sold 160 of the 200 units released at the preview of NV RESIDENCES by 6pm yesterday. The average price was $830psf.

nv residences

NV RESIDENCES is a 642-unit, 99-year leasehold project in Pasir Ris, developed jointly by City Developments and Hong Leong Group. It is next to Livia, which was re-launched at $620psf early last year.

The preview was widely watched as this is the first project to be released since Aug 30, when measures to cool the property market were announced. That’s why observers are keenly studying NV RESIDENCES for signs of impact.

Although the number of units sold at the NV RESIDENCES’ preview is not deemed a bad outcome, market watchers could not help comparing the result with the 300 units sold on the first day of preview of the Tree House condo in Chestnut Avenue in April. That 99-year leasehold project was priced at about $800psf on average and is also jointly developed by CDL and Hong Leong.

Market watchers say NV RESIDENCES had been pre-marketed, ahead of yesterday’s preview, for about a month. The average pricing indication given earlier was in the mid-$800psf range, according to some sources, although one agent said he had seen emails pitching the project at an even higher average price of $875psf.

About 75% of the NV RESIDENCES’ buyers were Singaporeans, with foreigners (including permanent residents) making up the rest.

CDL said the 200 units released yesterday were priced between $557,000 for a 506sqft one-bedder on the second floor (working out to $1,100psf) to $1.9 million ($761psf) for a 2497sqft penthouse.

More units will be released over the rest of this week.

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