YET another condominium project has sold like hotcakes, this time in the Holland Road area.
The Ford@Holland in Ford Avenue is a freehold project with 10 two-storey townhouses and 75 apartments. It is on the former Ford Mansion site and near the popular Holland Village.
Developer Hoi Hup Realty had pre-sold about a quarter of the project to consultants and business associates, while the rest were mostly sold within an hour at the soft launch yesterday.
The overall average price was $1,210 per sq ft. The townhouses cost $3.75 million to $4 million. But the apartments went for less, particularly the 50 studio units ranging in size from 420 sq ft to 614 sq ft.
Ms Margaret Thean, the executive director of the project's marketing agent DTZ Debenham Tie Leung (SEA), said about 85 per cent of the buyers were locals. The rest were mainly Westerners and Indian nationals. 'It's mainly the location,' said Ms Thean.
A market watcher said the prices were relatively high. 'It looks like nowadays people just buy for the sake of buying,' he said.
The nearby 31-unit Urban Edge was also fully sold as of two days ago, reaching an average price of $1,150 psf. Another project near Orchard Road, the 32-unit Rhapsody on Mount Elizabeth, sold half its units at a recent soft launch.
Knight Frank's director of research and consultancy, Mr Nicholas Mak, said some projects have sold out within a short time because the market is buoyant. However, it was unusual for a project to sell out in a hour when others are not experiencing the same hot response.
Sales could depend on whether marketing of the project started early, he added.
JOYCE TEO
