Parc Riviera sold more than 100 units on Saturday, offering an unusual pricing scheme for units from the lowest floor to the 15th floor. (Artist’s feeling)
One- and two-bedroom units accounted for 90 percent of all the units sold, while average price stands are ’sed by the project at $1,632 psf. The lowest transacted cost was $1,406 psf.
The developer credited the supporting sales to the project’s great connectivity to the nearby Queenstown MRT station, along with the fact that all units are at least eight storeys above ground.
“We have received responses from buyers that Queens Peak is an attractively priced city outskirt project made affordable for mass condominium buyers,” said Tan Zhiyong, Managing Director of MCC Land, the project manager for Queens Peak.
Around 80 percent of buyers opted for the one- or two-bedroom units.
The scheme, which was initially planned to be offered just on Saturday, didn’t generate additional interest when it was extended to Sunday, with only a few more units sold.
While location may have played a part in the project’s sales performance, EL Development Managing Director Lim Yew Shortly noted the manner by which smaller units dispersed in the project may have also been a variable.
The smaller units at Queens Peak are concentrated on the lower floors to keep the quantums low for investors, while Parc Riviera has similar unit types from the lowest to the highest floors. The developer kept the unit-type composition consistent on each floor as a result of use of prefabricated prefinished volumetric construction (PPVC).
Lim explained that it’d be challenging for a project using PPVC to have distinct unit types stacked in addition to another as this would necessitate transport beams and columns to be erected on each floor.
He also disclosed that the project will revert to its original price list.
“ We took rather a steep discount for the units on the higher floors so we can’t keep doing it all the time,” he said. “ We aren’t planning for further reductions now. Based on the first pricing, it attractive.”