www.shaproperty.com

UOL Group and Low Keng Huat have sold more than 120 apartments at their Southbank development since the middle of last week, when they officially launched the project which sits on the former Eng Cheong Tower site.

This means that about 150 apartments, or 76 per cent of Southbank's total 197 apartments, have been sold since UOL and LKH previewed the 99-year leasehold development on June 17.

The developers have also found buyers for five of the 24 small office, home office (Soho) units released in the 99-year leasehold project.

The North Bridge Road/Crawford Street project comprises a 40-storey block with the 197 apartments and a 20-storey tower with 60 Soho units.

On average, the apartments cost $600 per square foot, while the Soho units are priced at $750 psf.

Knight Frank executive director Peter Ow, whose company is marketing the development, says that buyers of the apartments are mostly young Singaporeans comprising singles, couples and families.

'The attraction is the view of Kallang Basin and the location next to Lavender MRT Station,' he added.

Of the remaining apartments, a mid-floor, two-bedroom unit of 958 sq ft costs $630,000.

UOL and LKH bought Eng Cheong Tower early last year in what was celebrated in property circles as the first collective sale of a 99-year leasehold property.

What facilitated the $47.5 million deal was an unprecedented decision by the Singapore Land Authority to grant in-principle approval to top up the lease of the site from the remaining 65 years to the original 99 years.

In the past, SLA had processed requests for lease upgrading only on formal application, which required more detailed submissions and took a longer time.

Since then, other 99-year sites requiring lease upgrades have also been sold via collective sales including Evian Condominium at Holland Road, and Waterfront View, a privatised former HUDC estate in Bedok.