On April 11, Singapore-listed company City Developments Ltd (CDL) revealed that 278 units of its 540-unit Irwell Hill Residences project were snapped up on launch weekend. Each unit sold under the luxury development averaged $2,700 per square feet.
80% of the buyers were Singaporeans and the remainder were Permanent Residents and foreigners from China, Malaysia, Indonesia, Australia, South Korea, UK, and other nationalities.
The most sought-after units were the one-bedroom-plus-study and two-bedroom units. The smallest penthouse, a 2,185 square-feet four-bedroom unit was sold for over $9million at $4,123psf.
According to Ismail Gafoor, CEO of Propnex, strong sales were due to the project’s location. Irwell Hill Residences has an important District 9 address and is close by to Great World City retail mall. It is going to be along the Great World MRT Station that is finishing building soon and attractively priced.
Another strong selling point for Irwell Residences is the makeup of its unit types. More than 80% of the units are studios which are one and two bedroom apartments with sizes from 398 to 829 square feet and costing less than $1million. These provide more affordable options to investors and homebuyers when normally such one and two bedroom apartments are confined to certain stacks and there are fewer of them on higher floors.
Most of the remaining units were three and four bedroom units that were 861 to 1582 square feet, costing between $2.144 million to more than $4 million. These were also highly coveted.
According to Mark Yip, CEO of Huttons Asia, Irwell Hill Residence is proof that homeowners and investors are looking for stable assets that are attractively priced in good locations.
Other than Great World MRT Station, Irwell Hill Residences is near the Central Business District, Orchard Road shopping belt and Orchard MRT station, Singapore Botanic Gardens and East Coast.
Before travel restrictions are fully lifted, many buyers will be local Singaporean residents, says Nicholas Mak, head of research ERA Realty. Most projects as long as prices are attractive to local buyers should be warmly received.