The Capitol Investment Holdings consortium has sold 12 of the 39 residential units in its S$750 million Capitol project, reported The Business Times. Units were sold at an average price of S$3,000 psf.
Located at the junction of Stamford and North Bridge roads, the mixed-use development is expected to open in Q4 next year. Aside from its residential component called Eden Residences Capitol, there are also four floors of retail units and a 157-room hotel – to be run by Patina Hotels & Resorts.
“We believe this location is very hard to come by today. If you were to buy land in the city, I think land prices would be in the excess of S$1,500 on a per plot basis. Plus construction costs, it would cost about S$3,000 psf. Today our selling price is at S$3,000 psf for that kind of quality because we bought our land at an attractive price in the old days,” said Pua Seck Guan, Director of Capitol Investment Holdings and Chairman of Perennial China Retail Trust.
Capitol Investment Holdings is a joint venture between the Pontiac Land Group, Perennial Real Estate Holdings and Ron Sim, CEO of Osim International.
Source – PropertyGuru – 30 Apr 2013