New Record Average Price of $1,300 psf for District 5 Condo

[Dennis Ng]

Singapore Stock Market has taken a pause but Singapore Property Market continues to rise.

Cheers!

Dennis Ng, http://www.HousingLoanSG.com

UNITED Engineers has achieved an average price of $1,300 per square foot (psf) after discounts for The Rochester, a 99-year leasehold condo in the one-north precinct.

Designer home: The Rochester is designed by Paul Noritaka Tange of Tange Associates and developed by a wholly owned subsidiary of UE
The price - a new benchmark for District 5 - easily exceeds the $900 psf average achieved earlier this year for One North Residences just a stone's throw away.

Sales of The Rochester began on July 16 and all 366 units have been snapped up at prices ranging from $900 to $1,600 psf.

'We are extremely pleased to have set a new benchmark of $1,300 psf in average price for private property in District 5,' said UE Group's managing director and chief executive, Jackson Yap.

In two or three months, UE hopes to launch a boutique condo at Balmoral Crescent, in a joint venture with Kajima Overseas Asia.

This freehold development, designed by award-winning SCDA Architects, will comprise about 40 large apartments.

The current target price is $2,500 psf on average but this will be finalised closer to the launch, a UE spokesman said.

The condo will be developed on the former Balmoral View site that Kajima and UE bought in August last year for $52 million or $733 psf of potential gross floor area including an estimated $7.9 million development charge.

The 51,080 sq ft freehold site is zoned for residential use with a 1.6 plot ratio and a 12-storey height limit.