Listed property group United Industrial Corp (UIC) and sister company Singapore Land (SingLand) have rolled out a 12% discount package for its high-end five-storey condominium, Mon Jervois, located on Jervois Road in prime District 10. The 99-year leasehold low-rise project was launched in 2013 at an average price of $2,000 psf. As at end-June, 52 of the 109 units had been sold, according to URA data.

Night view of Mon Jervois’ 109-unit development by UIC/Singapore Land Group

The 12% was offered in May to ensure that after the discount, prices will be competitive with those of new 99-year leasehold projects in the neighbouring Prince Charles Crescent, such as UOL Group’s adjacent Principal Garden, and The Crest by a Wing Tai-led consortium.

At 469-unit The Crest, the developer is offering a 15% discount and an interior design package worth $80,000 for one-bedroom units by upmarket interior design firm SuMisura. As at end-June, 124 units at The Crest had been sold at a median price of $1,720 psf. Meanwhile, 247 out of a total of 663 units at Principal Garden had been sold as at end-June, with the latest median price achieved of $1,614 psf. Developer UOL has also given an $8,000 price cut for units sold since July.

Mon Jervois has 15 penthouses measuring 1,475 sq ft for a two-bedroom unit to 3,003 sq ft for a four-bedroom-plus-family unit. Prices are said to range from $2.6 million ($1,762 psf) to $5 million ($1,665 psf) after a 12% discount. UIC-SingLand has also appointed SuMisura to design and furnish a handful of show units, including a 2,842 sq ft, three-bedroom- plus-family duplex penthouse. The asking price for the fully-furnished penthouse is $4.88 million ($1,717 psf).

This article appeared in The Edge Property pullout, Issue 740 (Aug 8, 2016) of The Edge Singapore.