Novena Regency, a new mixed-use development along Thomson Road has sold 44 residential and retail units within a week of its launch on 13 April, reported The Straits Times. Developed by Fragrance Realty, 72 units were released initially.
The city fringe location and freehold tenure are considered key selling points of the property, which will be sited on the current Novena Ville plot.
“We are fairly confident that buyers will be attracted to its location – an exclusive private estate enclave within the Novena vicinity,” said Koh Wee Meng, Executive Chairman and Chief Executive of Fragrance Group.
The development comprises 55 residential units priced from S$2,300 psf and 45 shop units that start from S$7,000 psf. The residential units include 43 apartments (one- to three-bedroom units) and 12 penthouses (two- to four-bedroom units).
The strong interest follows record-breaking new home sales last month which saw 2,793 units sold, attributed to discounts and promotions offered by developers.
Mary Sai, a marketing agent for Novena Regency, said buyers prefer self-contained neighbourhoods with easy access to shopping and township facilities, public transport and other amenities.
Sai, who is also Executive Director for Knight Frank, noted that business owners will be attracted to Novena Regency for its high visibility since the property faces the main road.
Moreover, human traffic within the area is considered “heavy” due to its proximity to the Inland Revenue Authority of Singapore building and Novena Church.
The project is expected to TOP in August 2017.
Source : PropertyGuru – 23 Apr 2013