The launch of Artra attracted a large crowd. (Photo: Knight Frank)
FEC Skyline’s Artra project along Alexandra View sold 130 of the 200 released units (65 percent) on the first day of launch last Saturday (29 April) at an average price of about $1,700 psf.
According to Knight Frank, which is jointly marketing the project with Savills and PropNex Realty, 85 two-bedroom and 45 three-bedroom units were taken up. Only two- and three-bedders were launched in the first phase.
The 400-unit project comprises a mix of two-, three- and five-bedroom apartments from 786 sq ft to 2,583 sq ft.
Tan Tee Khoon, spokesperson for FEC Skyline, noted that the larger sizes of the units appealed to buyers. “We are off to a very encouraging start in the sales and believe that the momentum will continue in the days ahead,” he said.
“The results do indicate that there is an underlying stratum of real demand for well-located and appropriately designed units. Taken with the results of the other launches since the beginning of the year, Artra’s outcome demonstrates that the market has bottomed,” added Tay Kah Poh, Executive Director and Head of Residential Services at Knight Frank Singapore.
Located next to Redhill MRT station, the 442,970 sq ft site will also house a supermarket and 16 commercial units.
FEC Skyline, a joint venture between Hong Kong-listed developers Far East Consortium and New World Development, purchased the Artra plot in November 2015 for $376.9 million.
The 99-year leasehold site is close to Tiong Bahru Plaza, Queensway Shopping Centre and IKEA Alexandra. Nearby schools include Crescent Girls’ School and Gan Eng Seng Primary and Secondary Schools.
To read PropertyGuru’s in-depth review of Artra, click here.