www.shaproperty.com

THE latest high-end residential project - The Oceanfront @ Sentosa Cove - is selling like hot cakes.

Warm reception: The developers began selling units in the 99-year leasehold project on Thursday at an "early-bird" average price of $1,300 psf

By 6.30pm yesterday City Developments Ltd (CDL) and TID Pte Ltd had sold about 200 units at the 264-unit Oceanfront @ Sentosa Cove project, according to sources close to some buyers.

The developers began selling units in the 99-year leasehold project on Thursday at an 'early-bird' average price of $1,300 per square foot - a new high for a condominium in the upmarket waterfront housing district.

CDL said yesterday evening that the price has since been adjusted upwards by about 2 to 3 per cent.

The adjustment is said to have taken place sometime yesterday.

CapitaLand is said to have begun previewing the Scotts HighPark condo at an average price of about $1,700 psf.

The listed property group said 40 per cent of the 180 units it reported sold as of 5pm yesterday were bought by foreigners from the United Kingdom, Japan, Hong Kong, Malaysia and Indonesia. 'There were also some buyers who purchased on a whole-floor basis. As the configuration of the blocks differs, each floor ranges from three to seven units,' CDL said.

Sources say that there was strong interest even before sales began on Thursday. The Oceanfront @ Sentosa Cove comprises five towers, of 12 to 15 storeys.

'Buyers are convinced that this project is one of its kind in this exclusive residential community and it offers excellent investment potential,' CDL managing director Kwek Leng Joo said in the firm's news release issued yesterday evening.

Starting prices are $1.5 million for a two-bedroom unit, $2.5 million for a three-bedder, and $3 million for a four-bedder.

Penthouses are priced from $3.6 million to over $8 million.

The project is being marketed by Knight Frank and ERA.

Over in the Scotts Road area, CapitaLand's Scotts HighPark condo on the former Melia @ Scotts site is also said to have been received well.

The mainboard-listed property giant is said to have begun previewing the freehold project at an average price of about $1,700 psf.

The 73-unit development has 37 four-bedroom units in a 27-storey tower and 36 two and three-bedroom units in a 19-storey tower.

DTZ Debenham Tie Leung is marketing the development.