Prospective buyers at The Clement Canopy showflat in Clementi. (Photo: UOL Group)
The Clement Canopy condominium recorded robust sales during its recent launch, with 200 units sold out of the 350 units released, reported Singapore Business Review, citing OCBC Investment Research.
Units at the 99-year leasehold 505-unit project have an average selling price of $1,300 psf to $1,400 psf.
Situated close to the Clementi MRT station and the National University of Singapore, The Clement Canopy is a joint venture project between UOL Group and Singapore Land. The 140,300 sq ft site was awarded to the consortium after it submitted the highest bid of $30.2 million in a Government Land Sales (GLS) exercise in December 2015.
“The acquisition price translates to $615.04 psf and we estimate breakeven prices at $1,000 to $1,100 psf,” said OCBC.
“Given the muted domestic residential market, we view this as a healthy launch performance and are encouraged at UOL’s continued ability to create value through projects with good location and product attributes.”