CNA : The Rochester makes record sales for District 5 properties - 6 Aug 07

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Singapore News
The Rochester makes record sales for District 5 properties
By Ng Baoying, Channel NewsAsia | Posted: 06 August 2007 2118 hrs

SINGAPORE: A new development is setting record prices for properties near
the western end of Singapore.

Within less than a week of its launch, most of the 366 condominium units at
The Rochester – priced at an average of S$1,300 per square foot – were sold
out.

The selling price sets a new high for District 5 private residential
properties.

Jackson Yap, CEO of United Engineers, said: "The neighbouring project at
One-North achieved probably about S$900 (per square foot) so this is quite a
big jump."

Developers attribute its popularity to its location, which is near the Buona
Vista MRT, Biopolis and the trendy Rochester Park.

The 38-storey condominium project is situated within a mixed development,
which includes a 370-unit hotel and retail space.

Some units have features such as expansive corridors that stretch across the
entire room, while others have glass panelled walls that stretch from
ceiling to floor.

The Rochester is the first private residential development outside the prime
Orchard Road area to sell its penthouses through a bidding exercise.

The penthouses went for an average of S$6 million each – or S$1,400 per
square foot – more than double of what the developers were expecting.

Mr Yap said: "For each unit, there were three or four interested parties. We
were very surprised by the aggressiveness. It seems like the price will be
maintained. The secondary market indicates strong prices too – higher than
what we priced."

Apart from Singaporeans, The Rochester also attracted foreign buyers,
including those from South Korea, Japan and the United Kingdom.