Sturdee Residences to officially launch at slightly higher prices
By Michael Lim
/ The Edge Property |
Over the weekend of April 23 and 24, 122 of the 305 units (40%) in Sturdee Residences were snapped up at its VIP preview. The average price of units sold was $1,550 psf, which translates to starting prices of $680,000 for a 420 sq ft, one-bedroom unit, to $3.2 million for a 1,830 sq ft, five-bedroom penthouse. “We are happy that despite the challenging environment, we are able to achieve such encouraging sales numbers,” says Jonathan Chan, managing director of Kwong Lee Land.
The VIP preview of Sturdee Residences saw 40% or 122 of 305 units sold, at $1,550 psf
The strong showing is not surprising, given Sturdee Residences’ city-fringe location and proximity to two MRT stations, Farrer Park and the upcoming Bendemeer. What’s more, the last major project launch in the area was the 910-unit freehold City Square Residences, 11 years ago.
When the Sturdee Residences site was put up for sale under the government land sales (GLS) programme last year, it drew 16 bids. Privately held developer Sustained Land obtained the site with a bid of $181.2 million ($787 psf per plot ratio). It holds a 55% stake, while the other partners in the project, Kwong Lee, Ho Lee Group and Goodland Group, have a 15% stake each.
The partners were roped in for their respective expertise. Goodland Group is a listed boutique developer that developed the neighbouring The Citron Residences, which contains 54 condominium units. The freehold project, launched in 2014, is fully sold and will be completed in 2019.
Show unit of a typical 1,302 sq ft, four-bedroom at Sturdee Residences
Show unit of a typical 657 sq ft, two-bedroom unit
As a construction company, Ho Lee was able to advise on the layout of Sturdee Residences’ units to maximise efficiency and functionality of space. Kwong Lee’s Chan was brought in mainly for his ideas on the design and lifestyle aspects of the project.
Of the 122 units sold on April 23 and 24, over 80% have one or two bedrooms. The remaining 20% are three- and four-bedroom units, as well as two of the largest penthouses. About 80% of the buyers are Singaporeans, with the rest comprising permanent residents and foreigners, says Irene Ng, general manager of Sustained Land.
The official launch of Sturdee Residences will take place on April 30 and May 2. Given the earlier strong response, the developer is considering “a slight adjustment” in selling prices, Ng adds.
Ng of Sustained Land and Kwong Lee Land’s Chan at the Sturdee Residences show flat
When Sturdee Residences is completed in 2020, Chan reckons it will regenerate the Jalan Besar area. He likens the neighbourhood to SoHo in Lower Manhattan, the US. In recent years, Jalan Besar has seen the opening of indie cafes, coffee joints, restaurants and lifestyle shops. Those in the creative industry, such as architects, designers and public relations companies, have also moved in.
Sturdee Residences is Kwong Lee Land’s maiden development project. Parent company Kwong Lee was founded in 1963 and is involved in the supply of steel pipes. “I am open to teaming up with Sustained Land in future projects if we can get another unique site like this one,” Chan says.
Sustained Land was founded in 2006 and recent projects it has been involved in include Poiz Residences in Potong Pasir, which was launched last year; TRE Residences in Geylang, launched in 2014; and Sea Horizon executive condo in Pasir Ris, launched in 2013. Its partners in these projects are mainland Chinese developers MCC Land and Hao Yuan Investment.
An upcoming project by Sustained Land that is expected to be launched later this year is on Dundee Road, located off Commonwealth Avenue, near the Queenstown MRT station. The project is a joint venture between Sustained Land and Hao Yuan to be developed on a GLS site which the partners purchased last June.
Among the projects Sustained Land has developed on its own are Regent Residences on Serangoon Road, and those in the East Coast, such as 38 iSuites, 833 MB Residences and 8M Residences.
This article appeared in the City & Country, Issue 726 (May 2, 2016) of The Edge Singapore.
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