DEMAND for high-end homes is continuing unabated, with Hong Leong Holdings selling about 75 per cent of its 85-unit Tate Residences in less than a month - without even officially launching the project.
The luxury development in Claymore Road has achieved average prices of $2,200 per sq ft (psf), a Hong Leong spokesman told The Straits Times yesterday.
According to market sources, prices of some Tate units have reached as much as $2,500 psf, rivalling those of nearby Ardmore Park and St Regis Residences.
The latter, developed by Hong Leong unit City Developments, is selling at an average of $2,600 psf to $2,700 psf, while Ardmore Park is going for slightly more than $2,000 psf, according to recent caveats lodged with the Urban Redevelopment Authority.
Tate boasts two 36-storey blocks with apartments ranging from 1,900 sq ft to 3,300 sq ft, as well as two penthouses of at least 6,000 sq ft each.
The Straits Times understands that one block, which comprises the smaller three-bedroom units, has only five units left unsold at prices ranging from $4.7 million to $5.7 million.
The units are currently available for viewing by appointment only.
FIONA CHAN
