New project sales update: Disappointing take-up at Pollen & Bleu

By The Folks @PropTalk - May 22, 2015 23 Comments

According to a BT report today, the initial take-up at Pollen & Bleu, a high-end boutique condominium project by Singapore Land located in the Farrer Road area, was rather disappointing after fewer than 10 units were sold. The developer had released about 30 units for its previews and subsequent soft-launch held earlier this month.

Singapore Land is offering a 15% discount across all launched units. This translates to average prices of $1,900 - $2,000psf, which means the 549sqft one-bedders are starting from $1.05 million; 872sqft two-bedders from $1.58 million and 1,184sqft three-bedders from $2.18 million. Four-bedroom units and penthouses are also available with prices on request only.

The project sits on a 99-year leasehold plot that Singapore Land won in 2012 for $113 million, which translates to $1,049psf ppr.

The wife and I had known about Pollen & Bleu back in August of last year, when we did our review on Mon Jervois. Both projects were developed by Singapore Land and shared the same sales gallery located at Ganges Road. The showflats for Pollen & Bleu seemed all ready back then, so the developer had certainly taken their time to launch this project.

Our first impression of Pollen & Bleu was the project's location being a tad too far from the main road for our liking. And to rub salt to injury, the walk is almost totally unsheltered. So it would either be a "hot and sweaty" or "warm and wet" journey by foot to the bus-stops, MRT station or amenities along Farrer Road. But we reckoned that those who could afford a unit in this project would likely own a car (or two) and probably preferred the exclusivity over convenience.

Another issue we had was the smallish, irregular-shaped plot of land that Pollen & Bleu resided on. Everything seemed "squashed" together, with many of the facilities being built on the condominium blocks themselves - probably due to lack of real estate. Feelings of claustrophobia aside, the wife was especially concerned by the fact that the lap-pool was resting on top of several apartment stacks, which might become a problem should leakages occur.

And even at the discounted prices of $1,900 - $2,000psf, the project does come across as somewhat steep for a 99-year leasehold development, District 10 notwithstanding. This is especially given the current market sentiments.

But that's just us average-Joes speaking, of course...

23 comments to ''New project sales update: Disappointing take-up at Pollen & Bleu"

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