SINGAPORE (EDGEPROP) - Developer TID, a joint venture between Hong Leong Holdings and Mitsui Fudosan, announced that 140 out of a total of 165 units (about 85%) at One-North Eden were sold during its launch weekend on April 24-25. Prices of units sold ranged from $1,800 psf to $2,250 psf.

More than 80% of the buyers were said to be Singaporeans, with the remaining 20% being a mix of Permanent Residents and foreigners from the UK, China, France, Malaysia, India and the US.

“The good response is an indication of the pent-up demand in one-north due to limited private residential options in this high-growth area,” says Yoichi Kaga, managing director of TID. “Many homebuyers are drawn to One-North Eden’s strategic location and enjoy the convenience of living near their workplace, while families are attracted to the prime local and international schools located within 1km of the project.”

During the preview stage, more than 1,200 expressions of interest were received, meaning the 165-unit project was 7.3 times subscribed. Unit sizes at One-North Eden range from 517 sq ft for a one-bedroom-plus-study to 1,410 sq ft for the largest four-bedroom premium unit. “Compared to the earlier launches, One-North Eden really stood out in terms of interest from the investors in particular,” says Ismail Gafoor, CEO of PropNex.

In fact, interest was so strong that all the one-bedroom-plus-study and two-bedroom apartments were fully taken up by 10am on Saturday, April 24, the first day of sales. And the three-bedroom compact units were also 100% taken up by afternoon. The three-bedroom premium units were close to 80% sold, while the four-bedroom compact units were half sold and the four-bedroom premium units were one-third taken up. “Interest has been across the board,” says Gafoor.

The prices achieved at One-North Eden have set a new price benchmark for the one-north neighbourhood, says Nicholas Mak, head of research at ERA Realty. “Developers interested in bidding for the two adjacent government land sale (GLS) sites at Slim Barracks Rise will now have to recalibrate their bid prices,” he adds.

Even neighbouring projects, launched 14 years ago and completed a decade ago, have seen an uplift in resale prices, notes Mak. For instance, the neighbouring 405-unit One-North Residences, saw units change hands in the resale market at $1,429 psf, based on recent transactions from November to April to date. The project was launched in early 2007 at an average price of $900 psf, and was completed in 2009. The Rochester Residences, on the other hand, which is part of a mixed-use development, was launched in mid-2007, and completed in 2011. Recent resale units changed hands at an average price of $1,330 psf, according to caveats lodged from November to April to date.

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Investors at One-North Eden were attracted by the rental prospects, notes Mak, especially with its proximity to employment prospects at the neighbouring Biopolis, Mediapolis and Fusionopolis at one-north as well as Science Parks. The project is also well-situated, within a five-minute walk of the Buona Vista MRT interchange station and one-north MRT station as well as schools.

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