Three 11 condo sells half of its units in two hours

Three 11

Three 11

Three 11

Three 11

Freehold condominium Three 11 in Upper Thomson Road sold half of its units in two hours after its launch, according to media reports.

Knight Frank, the project’s sole marketing agent, revealed that 33 of the 65 units were sold mostly to Singaporean buyers who accounted for 80 percent of the crowd, while the rest were foreigners and permanent residents.

The 65-unit development had an average asking price of S$1,615 psf, with units costing S$844,000 for a 460 sq ft one-bedder to S$2.3 million for a 1,500 sq ft penthouse.

Yesterday, a total of 48 units, or 74 percent of the development have been sold.

“About 70 percent of the buyers have bought for owner-occupation,” said Wendy Teng, Knight Frank’s executive director for residential.

Located on the former site of Jasmine Court, the development comprises 14 penthouses, nine one-bedroom, 26 two-bedroom and 16 three-bedroom units. Three 11 was developed by Woh Hup’s unit Aurum Land which acquired the site in a collective sale in 2011 for S$43 million or S$833 psf.

Despite warnings of higher interest rates and tightening of easy liquidity, buyers still showed keen interest in the condominium.

Nicholas Mak, SLP International’s Head of Research and Consultancy, said that the selling price of some units which is lower the S$1 million mark have attracted buyers as well as its proximity to the upcoming Upper Thomson MRT station.

“Investors are still interested to acquire property located near MRT stations, or have good accessibility to public transportation,” he added.

Three 11 expects to obtain its Temporary Occupation Permit (TOP) by 2016.

Source PropGuru – 25 Jun 2013

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