SINGAPORE - Property giant UOL Group yesterday launched for sale Katong Regency, its first mixed-use development this year, and 130 of the 244 residential units were snapped up.
"We initially planned to maybe have more than one phase of launch. But because, given the good take-up of the soft launch, we have made the decision to launch the whole project," said Mr Kam Tin Seah, UOL senior general manager for investment and strategic development.
A day after the Urban Redevelopment Authority (URA) announced amendments to the Housing Developers Rules, requiring developers to disclose more information to home buyers, UOL said it was confident the changes would have very little impact on marketing costs.
"It is something that is good for the market and instils confidence in the buyers," said Mr Kam, who added that the rule changes would also cultivate discipline among developers to provide what should be represented in the show flats.
"So overall, I think it's a positive move."
Analysts said that, despite the units being priced at S$1,475 to S$1,727 psf, Katong Regency continued to attract buyers because of the Government's plans to rejuvenate the Tanjong Katong district.
"People might buy into the growth story in the area," said Mr Lee Sze Teck, senior research manager at DWG, adding that the freehold project's attraction is its mix of retail shops and residences.
Prices for the homes in the development range from S$950,000 for a 550 sq ft one-bedroom unit to S$2.52 million for a 1,970 sq ft three-bedroom penthouse.
The apartments will sit atop ONE KM - the retail development to be managed by UOL. The mall will have a total net lettable area of 210,000 sq ft to house about 150 retail tenants.
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