BT : Half of Scotts Sq units snapped up in a week - 3 Aug 07
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Dan @ 94 777 977
Aug 7, 2007, 7:41:30 PM8/7/07
to News - Orchard
Published August 3, 2007
Half of Scotts Sq units snapped up in a week
169 units sold at average $3,983 psf; other half to go on sale at end of
Sept
By UMA SHANKARI
LUXURY developer Wheelock Properties has sold half of the 338 units in its
upmarket Scotts Square development over the past week to buyers of its
previous projects, it said yesterday.
Super luxury: Scotts Square will have two residential towers of 35 and 43
storeys connected by a sky bridge
The 169 units were sold at an average price of $3,983 per square foot. The
highest price was $4,430 psf for a one-bedroom apartment on the 41st floor,
Wheelock said.
About 63 per cent of the units were bought by Singaporeans or permanent
residents. As for foreigners, the buyers were predominantly Indonesians, the
developer said.
'We have been receiving numerous enquiries from both locals and foreigners
as early as 2005,' said Tan Bee Kim, Wheelock's executive director. 'The
private placement was offered to our established clientele who understand
the outstanding value of the development since Scotts Square is one of the
rare freehold luxury homes located in Orchard Road.'
Scotts Square consists of two super-luxury residential towers of 35 and 43
storeys connected by a sky bridge. An upmarket retail podium with lettable
area of about 80,000 sq ft will occupy four floors in the development - from
Basement 1 to Level 3.
Apartment sizes in the project range from 624 sq ft for one-bedroom units to
1,249 sq ft for 3-bedroom units. A 'good mix' of one, two and three-bedroom
apartments were sold, a Wheelock spokesman said.
Ms Tan said: 'We set out to sell 40 per cent of the development through
private placement. However, the take-up rate and speed far exceeded our
expectations and we consequently placed out an additional 10 per cent.'
The remaining apartments will be officially launched once the showflat is
ready towards end-September, Wheelock said.
Wheelock's shares closed 2 cents down at $3.04 yesterday. The stock has
climbed 35.1 per cent since the start of the year.
Half of Scotts Sq units snapped up in a week
169 units sold at average $3,983 psf; other half to go on sale at end of
Sept
By UMA SHANKARI
LUXURY developer Wheelock Properties has sold half of the 338 units in its
upmarket Scotts Square development over the past week to buyers of its
previous projects, it said yesterday.
Super luxury: Scotts Square will have two residential towers of 35 and 43
storeys connected by a sky bridge
The 169 units were sold at an average price of $3,983 per square foot. The
highest price was $4,430 psf for a one-bedroom apartment on the 41st floor,
Wheelock said.
About 63 per cent of the units were bought by Singaporeans or permanent
residents. As for foreigners, the buyers were predominantly Indonesians, the
developer said.
'We have been receiving numerous enquiries from both locals and foreigners
as early as 2005,' said Tan Bee Kim, Wheelock's executive director. 'The
private placement was offered to our established clientele who understand
the outstanding value of the development since Scotts Square is one of the
rare freehold luxury homes located in Orchard Road.'
Scotts Square consists of two super-luxury residential towers of 35 and 43
storeys connected by a sky bridge. An upmarket retail podium with lettable
area of about 80,000 sq ft will occupy four floors in the development - from
Basement 1 to Level 3.
Apartment sizes in the project range from 624 sq ft for one-bedroom units to
1,249 sq ft for 3-bedroom units. A 'good mix' of one, two and three-bedroom
apartments were sold, a Wheelock spokesman said.
Ms Tan said: 'We set out to sell 40 per cent of the development through
private placement. However, the take-up rate and speed far exceeded our
expectations and we consequently placed out an additional 10 per cent.'
The remaining apartments will be officially launched once the showflat is
ready towards end-September, Wheelock said.
Wheelock's shares closed 2 cents down at $3.04 yesterday. The stock has
climbed 35.1 per cent since the start of the year.
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