70 St Patrick’s chalks up 60% sales in a fortnight

October 5, 2014 12:00 AM SGT

SINGAPORE: After eight years in the UK, Singaporean Raj Vasandani returned to the city-state two years ago.

He has been house-hunting ever since.

Having lived in the Marine Parade neighbourhood for more than 20 years, he has been looking for a condominium in the area.

“I grew up in the Katong area, so I like the neighbourhood and the proximity to East Coast Park, as I do long-distance running,” he says.

Vasandani recently bought a 1,033 sq ft, two-bedroom duplex penthouse at the newly launched 70 St Patrick’s for $1.5 million.

He likes the location of the project, given that it is well served by buses and will soon have the upcoming Marine Terrace MRT station on the Thomson East Coast Line within walking distance.

Another important consideration for him was the freehold tenure.

He had looked at some projects in Pasir Ris, but they were all 99-year leasehold ones.

He had also considered the prime Thomson Road neighbourhood, but found prices beyond his reach.

According to the 31-year-old senior commercial adviser in the oil and gas industry, this is his first home purchase and he intends to move in when it is completed in 2017.

He likes the roof terrace and the spacious balcony, where he can enjoy al fresco dining as well as entertain friends.

Owner-occupiers such as Vasandani who live in the vicinity make up the majority of the buyers at UOL Group’s 70 St Patrick’s on St Patrick’s Road.

Of a total of 186 units in the development, 111 units (60%) were sold as at Oct 1.

Units were sold at an average price of $1,630 psf.

Liam Wee Sin, UOL Group’s president for property

Liam: These are people who are buying for their own occupation, or for the next generation. We have to give them something that has lasting value — a good product, freehold, where over the long term, they can see capital appreciation.

“These were people who registered their interest with us and had been waiting for a long time for the launch of the project,” says Liam Wee Sin, UOL Group’s president for property.

And unlike recent new launches, where most of the units sold were the smaller ones priced below $1.5 million, at 70 St Patrick’s, all 16 penthouses were sold within the first weekend of sales.

The six biggest penthouses were priced at an average of $2.4 million.

There are no shoebox apartments in this project; the smallest units are two-bedroom apartments of 700 sq ft and priced from $1.4 million.

“Squeezing the unit size may not be the answer in this market segment,” says Liam.

“Most of these buyers are owner-occupiers, unlike a typical suburban condo, where the budget is generally in the $900,000-to-$1,000,000 range.”

The showflat of a 1,270 sq ft, three-bedroom-plus-study premium unit with a balcony fronting the living room

The announcement in mid-August of the expanded Thomson East Coast Line and the locations of the MRT stations in the eastern region was a catalyst for the launch of 70 St Patrick’s, as one of the upcoming stations is located within a short walk from the development.

The strong sales achieved in just the past two weekends is “uncharacteristic” of most recent project launches.

“These days, it’s considered good if you achieve 30% to 40% sales within the first two weekends,” says a property agent who declined to be named.

Marketing agents are usually nervous ahead of any new launch, admits Phylicia Ang, executive director of residential services at Savills, the marketing agent for 70 St Patrick’s.

However, given the project’s location next to the upcoming MRT station, the reasonable pricing and quality, “it was well received”, she notes.

Another strong point was that, while most residential developments near MRT stations tend to be high-rise, high-density and 99-year leasehold, the project is “freehold, low-rise and has a landed-home setting”, she adds.

Designed by local established architectural firm Consortium 168 Architects, 70 St Patrick’s comprises nine 5-storey blocks.

Given the orientation of the blocks, every unit enjoys a different view, such as the landscaping, pavilion with water features, swimming pool and wading pool.

“The amenities are scattered throughout the development to create pockets of intimate spaces,” says UOL’s Liam.

As the development caters to families as well as investors, one of its most popular units is the three-bedroom- plus study premium apartment, which ranges from 1,195 to 1,302 sq ft.

Some of these units have a wide balcony fronting the living room and another adjoining the kitchen, which is ideal for those who want to create a little kitchen garden.

Another main attraction of these units is the flexibility in having a master bedroom with an adjoining study.

This can be converted into a nursery, or even a guest room.

If it is used as a guest room, the entrance to the master bedroom can be sealed off, as the room is accessible from the balcony.

The three-bedroom-plus-study premium units were last offered at UOL’s other project, Katong Regency, and had proved to be very popular, says Liam.

The launch of 70 St Patrick’s marks UOL’s sixth residential project in the east.

Its first was the 160-unit Country Park Condominium, located on Bedok Road and completed 11 years ago.

This was followed by the 562-unit One Amber, a joint-venture project with sister company UIC that was completed in 2010.

The third was Breeze by the East, a low-rise 88-unit development on Upper East Coast Road that was launched in 2008 and completed in 2011.

The three-bedroom-plus-study premium unit has a second balcony adjoining the kitchen

This was followed by the 516-unit Waterbank on Dakota Crescent, located off the Old Airport Road and just a short walk to the Dakota MRT station.

The project was launched in April 2010 and all the units were sold within months.

It was completed last year.

The developer followed that up with the launch of the 244-unit Katong Regency two years ago.

Located on the site of the former Lion City Hotel on Tanjong Katong Road, Katong Regency sits on top of One KM mall, which recently received its Temporary Occupation Permit (TOP).

Katong Regency, which is 100% sold, is scheduled to be completed next year.

Next year, UOL will be launching a 797-unit condo project in the northeastern region on Upper Paya Lebar Road called Botanique @ Bartley.

Another launch in the pipeline will be a 650-unit project on Prince Charles Crescent on the city fringe.

“This is a site with great frontage, and all the units will have views of the Botanic Gardens and the Good Class Bungalow area of Mount Echo Park,” says Liam.

“There’s also a park connector to the CBD.” Liam attributes UOL’s strong sales at 70 St Patrick’s to a well-designed project, with sizes that appeal to end-users.

“These are people who are buying for their own occupation, or for the next generation,” he says.

“We have to give them something that has lasting value — a good product, freehold, where over the long term, they can see capital appreciation.”

This article appeared in the City & Country of Issue 646 (Oct 6) of The Edge Singapore.

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