DESPITE the gloom in the residential property market, developer UOL Group is confident of moving units at its latest East Coast development, 70 St Patrick’s.
Mr Liam Wee Sin, president (property), told The Straits Times yesterday that there is still “underlying demand if you have a good product”.
“The market has become more subdued and buyers are very selective… But if a development has the scarcity factor – in that it has attributes not easily found in most residential projects – as well as a strong product proposition, it will be sought after.”
Mr Liam said 70 St Patrick’s location in District 15, next to the upcoming Marine Terrace MRT station on the Thomson-East Coast Line, will be a draw.
“The residential blocks are all arranged… such that each faces a different aspect of the surrounding amenities, and this gives buyers more options,” he added.
The 186 units at the low-rise freehold project go on sale today at an average price of $1,600 to $1,700 per sq ft (psf). Prices start at $1.2 million for a 700 sq ft two-bedder and go up to $2.5 million for a 1,647 sq ft penthouse.
Industry sources said a number of buyers have already expressed interest in the development.
The project is next to the 102-unit St Patrick’s Residences, which launched last year. Units at the freehold project were sold at an average price of $1,226 psf over the past six months, according to Squarefoot Research.
UOL is also keeping busy with OneKM, the retail mall below Katong Regency, which is expected to have its soft launch next month, said Mr Liam.
The mall has 158 retail units spanning a net lettable area of 203,601 sq ft. Its anchor tenants include Cold Storage.
Mr Liam said the company is working towards growing its recurring income via a diversified portfolio in the light of the softening residential market.
In August, UOL embarked on its first overseas venture by acquiring a site in Bishopsgate, in the City of London, via a £97 million (S$200 million) purchase. It expects to operate a hotel on the mixed-use site under its Pan Pacific hotel flagship brand.
Pointing out the site’s location in London’s financial district, Mr Liam said its proximity to the Liverpool Street Station and the future Crossrail, which will link the whole of Greater London, will be a “game-changer”.
“In all our ventures, we always apply the same investment principle. There must be a scarcity factor and high connectivity and that would help translate into positive demand,” he said.
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