Last month’s sales of Queens Peak and Parc Riviera
Queens Peak is developed by Hao Yuan Investment. It is a 736-unit condominium project at Dundee Road, with 242 units sold during its launch on November 5.
90% of the units that were sold are 1- and 2-bedroom units. Its average price stands at $1,632 per square foot. The lowest transacted price was $1,406 psf.
The developer stated that the project has a good connectivity to the nearby Queenstown MRT station and that all units are at least eight storeys above ground.
Tan Zhiyong, the project manager for Queens Peak and a Managing Director of MCC Land stated: “We have received feedback from buyers that Queens Peak is an attractively priced city fringe project made affordable for mass condominium buyers.”
In the mean time, Parc Riviera at West Coast Vale has sold more than 100 units on Saturday, offering a “one-tier pricing scheme”. More than 95% of units that were sold came under the one-tier pricing scheme. 80% of the buyers bought for 1- and 2-bedroom units as well. The scheme was originally planned to be offered only that Saturday. It did not generate further interest after it was extended, with only a few units sold.
Lim Yew Soon, a Managing Director from EL Development stated that the manner by which smaller units were distributed in the development may also been a factor other than its sales performance.
The smaller units at Queens Peak are on the lower floors to keep the amount low for investors, while Parc Riviera has similar unit types from all floors. The developer kept the unit-type composition consistent on each floor because of the use of PPVC.
According to Lim, it would be challenging for a property to use PPVC to have different unit types stacked on the top of each other because it would require columns and transfer beams to build up on each of the floors. He also said that this project will return to its original price list.