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SINGAPORE – The real estate market continues to draw interest amid the pandemic, with more than 90 percent of the 120 units released for The Landmark condo purchased on its launch weekend.
About 110 units were sold through Sunday, representing about 30 percent of the total number of units in the 99-year lease project on Chin Swee Road.
Units were sold at an average price of $ 2,250 per square foot (psf). About half of them are one-bedroom units with a starting price of $ 1,955 psf.
Most of the buyers are Singaporean citizens and permanent residents, developer Landmark JV said on Sunday (Nov 29).
Nestled in the northern foothills of Pearl’s Hill, The Landmark consists of a 39-story single tower of 396 one- to three-bedroom units, five decks of lifestyle facilities, as well as views of the city skyline and south shoreline.
A temporary occupancy permit is expected to be obtained in March 2025.
Landmark JV is a joint venture between MCC Land, SSLE Development, and ZACD Group. The partners purchased the site through a collective sale of the former Landmark Tower in May 2018 for about $ 286 million or $ 1,406 psf per parcel ratio. This includes a lease improvement premium of $ 57 million. They also had to buy some land from the contiguous state, The Business Times reported.
In light of the Covid-19 pandemic, sales bookings were made from virtually five locations, such as the project’s sales gallery, as well as the offices of marketing agencies ERA Singapore, Huttons Asia, PropNex, and SLP International.
Mr. Ken Chew, General Manager of SSLE Development, said: “The positive response from home buyers on launch day testifies to our commitment to price the project to sell.
“We hope that a larger resident population in and around the Central Business District will add more vitality to this neighborhood.”
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