DEMAND for a new condominium in Alexandra Road was so strong that a queue of more than 100 home-buyers started forming at 3am on Saturday.
Developers CapitaLand and Lippo Group saw 188 units at The Metropolitan snapped up during the weekend preview - more than the 180 units they had originally intended to release at this stage.
This makes the 99-year leasehold condominium one of the best-selling in a single weekend this year, beating The Centris in Jurong, which saw about 150 units sold in its three-day preview weekend in September.
Although it still ranks behind The Sail @ Marina Bay, which sold 250 units in a single day last year, the intense interest in The Metropolitan is seen as the latest sign that property fever is mounting in Singapore.
The high level of demand led CapitaLand to open the condominium's sales office an hour early at 9am on Saturday. It also means that almost half of The Metropolitan's 382 units have been snapped up, even before its official launch this weekend. CapitaLand said the overwhelming response led it to offer a second batch of 70 units on Sunday on top of the original 180 units slated for preview sale.
Prices at the project range from $511,000 for a 778 sq ft two-bedder on the fifth floor to $1.45 million for a 1,700 sq ft, four-bedroom unit on the 42nd floor.
This works out to an average of $780 per sq ft (psf), compared with about $750 psf for nearby Tanglin View, a 99-year leasehold condominium by Far East Organization that was launched in 1997 and still has 30 of its 384 units unsold.
But The Metropolitan's 11 penthouses, which have not yet been released for sale, are likely to have higher prices on a psf basis. They will range from 2,454 sq ft to 3,412 sq ft and their prices will start at $2.5 million, CapitaLand said.
This confirms a trend noted by The Straits Times last Friday of bigger apartments fetching higher psf prices than smaller ones, as tight supply and strong demand from foreigners and large families push up the prices of such units.
About 30 per cent of The Metropolitan buyers were foreigners, mostly from China and Australia, said Ms Patricia Chia, CapitaLand Residential's chief executive. The development caters specifically to large families, offering buyers options such as subdividing a three- or four-bedroom apartment or combining two two-bedroom units.
As well, its city-fringe location next to Redhill MRT Station, satisfies 'pent-up demand' in the market, added Ms Chia.
'In the last few years we haven't seen a project of this scale that is so near to the city,' she said.
Part of The Metropolitan's appeal may lie in an unusual discount that its developers are offering to buyers looking to upgrade from more remote suburban areas to the city-fringe. Buyers who are currently living in districts such as Woodlands, Punggol and Pasir Ris get a 1 per cent 'moving closer' discount if they buy a unit. About 30 per cent of The Metropolitan buyers have taken advantage of the discount so far.
The Metropolitan is the latest in a series of condominiums drawing keen interest even before they are officially launched. As home prices climb and buyers try to get in on the action early, several condominiums across the board have seen successful pre-launch previews this year.
They range from high-end developments like Tate Residences in Claymore Road to entry-level projects such as The Centris.
Home prices in Singapore rose 6 per cent in the first nine months of this year. CapitaLand's Ms Chia expects this figure to reach close to 10 per cent by year-end and prices to climb by 10 per cent to 15 per cent next year.
fiochan@sph.com.sg
