SINGAPORE – Buyers snapped up 278 of the 540 units of City Developments Ltd’s Irwell Hill Residences, a 99-year leasehold development in prime District 9, on its launch weekend.
The condominium off River Valley Road was launched at an average selling price of $2,700 per sq ft.
About 80 per cent of the buyers are Singaporeans, with the remainder comprising permanent residents and foreigners from China, Malaysia, Indonesia, Australia, South Korea, UK and others, CDL said on Sunday (April 11).
Units ranged from 398 sq ft for a studio to 1,582 sq ft for a four-bedroom premium, including three penthouses from 2,185 to 2,605 sq ft. Apartments were priced from $998,000 for a studio unit to over $4 million for a four-bedroom premium unit with a private lift.
CDL said all unit types were well received, with one-bedroom plus study and two-bedroom units the most popular. One four-bedroom penthouse was also sold for over $9 million, or $4,123 psf.
Mr Sherman Kwek, CDL group chief executive officer, said: “We are delighted with the strong take-up for Irwell Hill Residences, which marks CDL’s first residential launch for the year. The overwhelmingly positive response reflects the demand for well-located and thoughtfully designed properties.”
Irwell Hill Residences at Irwell Bank Road is a five-minute walk from the upcoming Great World MRT station and near the Orchard Road shopping belt.
The condominium comprises two 36-storey towers with a champagne gold pixel-patterned facade conceptualised by renowned Dutch architecture practice MVRDV. Over 75 per cent of the development will be filled with lush greenery, including four conserved raintrees.
CDL won the 137,634 sq ft site in a government land tender in January 2020 with a bid of $538.9 million or $1,515 psf per plot ratio.
The market for new private homes in Singapore has shown surprising strength despite the Covid-19 pandemic and economic challenges.
Last month, GuocoLand sold 340, or over 60 per cent, of the 558 units of its Midtown Modern condo in Bugis on its launch weekend, at prices averaging close to $2,800 psf. Swire Properties sold all 20 units at its completed ultra-luxury condo, Eden, at Draycott Park for $293 million to the Tsai family from Taiwan behind snack food giant Want Want.
This version of article written by Ann Williams and first appeared at The Business Times.
Photos: City Developments Ltd