ONE Shenton, the latest condominium at residential hot spot Marina Bay, is all but sold out and some buyers are said to have already started putting up their units for sale in hopes of making a quick buck.
As at 5pm yesterday - about 30 hours after the soft launch on Friday - just five of the 330 units up for grabs were left. Another 11 penthouse units at the 341-unit project have not been released for sale.
The 99-year leasehold condo, located at 1 Shenton Way and overlooking the upcoming Marina Bay Sands integrated resort, achieved prices of between $1,500 and $2,200 per sq ft (psf), said developer City Developments (CDL) in a statement yesterday.
This was slightly higher than its original price range of $1,500 to $2,000 psf, and works out to about $1 million for the smaller units and more than $4 million for some four-bedroom units.
Agents also told The Sunday Times that a few units have already been put on the resale market.
These resellers are believed to be asking for up to $200 psf more than their purchase price, which translates into tidy profits of at least $100,000.
Demand for One Shenton was so overwhelming on Friday that CDL kept its showflats and sales office open until 2am yesterday.
'Large crowds of hundreds were seen queueing since Friday afternoon and over a thousand have thronged the showsuites,' CDL said in its statement.
Sales resumed at 9am yesterday and by 5pm, only five four-bedroom units on the top floors were left.
CDL said it is now compiling the 'expressions of interest' it has received for the 11 penthouses it has not released and will decide later whether to put them up for public sale or to sell them via auction.
The remaining four-bedroom units are priced at $2,200 psf, while the penthouses are likely to be more expensive on a per sq ft basis.
One Shenton's sale prices compare favourably with those of the nearby Marina Bay Residences, which sold out in two days last month at average prices of almost $2,000 psf.
All eyes are now on what One Shenton's penthouses will fetch, given that a penthouse unit at Marina Bay Residences had sold for a whopping $3,400 psf to set a record high for Singapore homes.
About 65 per cent of One Shenton's buyers are local, CDL said.
The rest are from countries such as China, India, Indonesia, Malaysia, Britain and Russia.
fiochan@sph.com.sg
