Far East Organization and its sister company Sino Group—both controlled by billionaire brothers Robert and Philip Ng—sold 82% of the apartment units marketed for sale over the weekend.
—sold 82% of the apartment units marketed for sale over the weekend at a residential condominium project in the Bukit Timah district in the westernmost part of Central Singapore, defying slower sales at other projects after the government stepped up property curbs .
The Reserve Residences sold 520 units of the 635 allotted for sale over the weekend at an average price of S$2,460 per square foot. The 99-year leasehold project was one of three residential condominiums marketed by developers since the governmentbuying properties in the city state to 60% to cool surging home prices amid an influx of wealth from overseas, primarily from China, into the financial hub.
“Thoughtful design, a strategic location, and the scarcity of integrated developments with a transport hub, have made this project very attractive to homebuyers,” Shaw Lay See, chief operating officers for sales and leasing at Far East Organization, said in a statement. “We are confident our high floor units, sky terrace homes and penthouses with exceptional views will continue to delight homebuyers.
Starting prices for The Reserve Residences were at S$1.1 million for a one-bedroom apartment with a gross floor area of 441 square feet , while five-room apartments fetched S$6.2 million so far. About 99% of the buyers during the weekend were Singaporeans and permanent residents, with three buyers from the U.S.
With the strong sales at The Reserve Residences over the weekend, Far East Organization said it increased the number of units allotted for sale to 635 from 587 as originally planned. Sales at other developments were muted. The freehold Continuum—which was jointly developed by local developer Hoi Hup Realty and Malaysia’s Sunway Developments—sold just 26.
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