The mixed-use development in the Alexandra and Redhill vicinity is expected to be completed in 2020. Image source: FEC Skyline
The 400-unit Artra project along Alexandra View is set to be soft launched this Saturday (15 April), making it the second city fringe mixed-use development to be launched this year after Park Place Residences at Paya Lebar Quarter in March.
Prospective home buyers can view the show units along Prince Philip Avenue and express their interest before official sales start on 29 April, said Knight Frank, which is jointly marketing the project with Savills and PropNex Realty.
Developed by FEC Skyline, a joint venture between Hong Kong-listed developers Far East Consortium and New World Development, the 99-year leasehold project sits on a 442,970 sq ft site and comprises two-, three- and five-bedroom units measuring between 786 sq ft and 2,583 sq ft.
The project’s average price is in the range of $1,600 to $1,700 psf, with a two-bedroom + study unit starting from above $1.1 million.
Aside from full condo facilities, there will also be retail shops, F&B outlets and a childcare centre on site. Nearby amenities include shopping centres, schools, a sports complex and transport nodes. In fact, residents will have direct access to Redhill MRT station.
Artra is expected to be completed in 2020.
Meanwhile, analysis of URA Realis caveats by Knight Frank shows that sales of new private non-landed homes reached 2,943 units in Q1 2017, up 46 percent from 1,595 units during the same period last year.
“With Seaside Residences set to be formally launched next weekend and Artra the following weekend, the reaction to these projects will be highly anticipated as a guide to what will happen next, and whether the market is well and truly on the path to recovery,” said Knight Frank.
It noted that the 50 percent sales result and high average selling prices of Park Place Residences adds further support to the view that the private residential market is in recovery mode.
To read PropertyGuru’s in-depth review of Artra, click here.