IT WAS as hot as Katong laksa.
Hundreds of potential buyers were turned away yesterday from a new Katong condominium that was sold out within 36 hours of its soft launch on Friday.
Grand Duchess at St Patrick's was so popular that all 121 units were unexpectedly snapped up by Saturday night at its invitation-only soft launch.
But hopeful buyers continued to turn up in droves yesterday, having received invitations for 'previews' that were to be staggered until Wednesday.
The demand was 'stronger than expected' and Singaporean buyers formed 85 per cent of those who managed to snare units, said Mr Vito Koh, group general manager of developer United Industrial Corporation (UIC).
'When we started taking orders on Friday, all hell broke loose. We had to turn away hundreds of people yesterday,' he added.
However, the showflat in St Patrick's Road will be kept open for another two weeks, as planned.
Advertisements scheduled this week to announce the condominium's public launch this coming weekend will also be run, but as 'thank-you advertisements' instead, said Mr Koh. The robust take-up for Grand Duchess occurred despite a price tag some 10per cent higher than those of neighbouring properties.
The freehold condominium's price was raised twice over Friday and Saturday to $740 per sq ft (psf), or to about $1 million for a three-bedroom unit. This compares to $650 psf for nearby St Patrick's Loft and less than $700 psf for Poshgrove East down the road.
However, just over 20 out of the 37 units at St Patrick's Loft have found takers over the last two months.
At 76-unit Poshgrove East, only 57 units were sold within a month in August, before developer Tong Eng Group halted sales temporarily.
Property consultants said that the surprisingly keen interest in Grand Duchess could stem from the unique colonial villas fronting the condominium. These villas were previously owned by the family of Straits Chinese tycoon Tan Kim Seng.
One of the villas will be converted into a clubhouse with extensive facilities, such as a theatre lounge and spa treatment rooms.
'It is very unusual for a condo to sell out like that so quickly,' said Mr Nicholas Mak, director of research and consultancy at Knight Frank.
'It's definitely not typical of lower-end condos, although some selected projects that have been very well-publicised do move fast.'
But Mr Ku Swee Yong, director of marketing and business development at Savills Singapore, said the strong sales may indicate growing demand for mid-tier homes, which have so far lagged behind luxury properties in the current market rebound.
'There is interest at the mid-tier level for sure, and if they are reasonably priced and provide good value for money in terms of design and features, they will sell,' he said.
fiochan@sph.com.sg
