MORI selling 2 bedder from $1.175 mil onwards, a price similar to North Gaia


Roxy-Pacific Holdings, a Singapore-listed property firm, sold 61 of the total 137 units in Mori on Dec 4th at 6pm. This represents a total of 45% in sales for the development. This project involves the renovation of 15 terraced houses located in District 14's eastern section at Jalan Molek and Guillemard Road.

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The Housing and Development Board (HDB) awarded the tender to North Gaia Sing Holdings developer. 

According to Teo Hong Lim, chief executive officer at Roxy-Pacific, the average unit price is between $1,680 and $2,000 per square foot. Most buyers are couples, singles, and investors. Teo estimates that 90% are Singaporeans.

There were a variety of units sold, including one-bedders measuring 484 sq ft and two-bedders measuring 710 sq feet. Three-bedders measuring 958 square feet were also available. Prices range from $859,999 (or $1775 per square feet) for a one-bedroom unit to $1.603 million ($1,673 for a three-bedder. There are also three-bedroom-plus-guest, with sizes from 1,022 sq ft and priced from $1.682 million ($1,646 psf) and four-bedders of 1,259 sq ft tagged at $2.117 million ($1,681 psf).

Lee Sze Teck, who is Huttons Asia's director of senior management as well as head of research, stated that such units "serve the needs of both singles and younger families." He credits the development's pricing and unit mix for the sales success. He adds that it is rare to find a large-scale undertaking in the Guillemard area. The majority of developments in the area are small apartment blocks or condominiums that have fewer than 100 units. The prices are closely near to North Gaia EC benchmark price, and for whoever wants to visit the showflat may arrange for the appointment at their official website.

TSky Development reports that three units have been reserved in the District 9 39-unit Cairnhill 16 as of yesterday, Dec 4, 2007. TSky Development has released 14 units for sale in the initial phase.

These are mainly a mix of two-bedroom to three-bedroom-plus-study types with sizes from 775 sq ft to 1,292 sq ft on the first five floors. These homes cost between $2.216 million and $3.84 million, which is approximately $2,859 per square feet. Two units had four bedrooms on the eleventh floor. These 1,744-square-foot homes sold for $5.74 million (or $3,291 per square pied), and $5.878 millions ($3,370/sq ft), as well as $5.878million ($3,370/sq ft) & $5.878million ($3,370 psf), respectively.

Cairnhill Rise, a boutique condominium with 15 floors was unveiled last week. TSky Development also offered a 5% discount. Units that were sold in the initial phase received an additional 5% discount. Prices started at $2,789/sq ft. Cairnhill Heights was redeveloped. TSky Development is a joint venture of Tiong Seng Holdings, a publicly traded company in civil and construction engineering, and Ocean Sky International.