A mixed-use development named 1953 by developer Oxley Holdings, was launched over the weekend of Mar 9-10. The boutique development located on the corner of Balestier Road and Tessesohn Road, contains 72 units, of which 58 are apartments and 14 are strata commercial units.

The freehold development contains a conserved two-storey shophouse integrated with a new six-storey block. The appointed design architect for the project is Park + Associates, with Ecoplan as the landscape architect. Meanwhile, 2nd Edition is the project’s interior designer.

The project was launched via placement of units, says Eugene Lim, Oxley Holdings’ marketing and sales director. “The turnout and sales have been very encouraging,” he adds. “Feedback was buyers like the architecture and the product. It’s a rare opportunity for buyers to own a freehold development with a conservation element.”

According to Oxley, 22 units – 19 residential and three commercial - were snapped up as at 6pm on Sunday, Mar 10. The residential units fetched an average price of $1,875 psf while the commercial units were sold for an average of $3,185 psf.

Residential apartments range from two-bedroom-plus-study units of 614 sq ft to four-bedroom units of 1,399 sq ft. Retail units are from 700 to 786 sq ft.

The number of units sold translates to about 31% of the total number of units in 1953. “This makes 1953 the best-selling, boutique development in 2019 so far,” says Oxley’s Lim.

“The pricing of the units proved to be attractive given that it’s a freehold development in a city-fringe location,” says Ismail Gafoor, CEO of PropNex Realty. “Most of the city-fringe projects that are freehold today are priced above $2,300 psf and even some 99-year leasehold projects in the city fringe are around $2,000 psf."

Adds Gafoor: "The sales rate at 1953 shows that even though buyers may be price-sensitive, if they perceive that a project presents good value, they will still make a purchase."