Published 21 April 2011
The Business Times
By Uma Shankari
HEETON Holdings, KSH Holdings and TEE International have sold 39 apartments at their high-end Killiney Road residential project, The Boutiq, at an average price of $2,350 per square foot (psf).
The companies said yesterday that 75 per cent of the 52 units released in the first phase of sales have been sold in a soft launch. The freehold District 9 project near Somerset MRT station has 130 units in all.
Heeton chief operating officer Danny Low said that the developers are now giving buyers a discount of about 10 per cent off the list price. Prices will go up when subsequent phases are launched as the discount is scaled back and more choice units are released.
‘With its prime location, five-star hotel facilities such as porte-cochere (coach gate), concierge, welcome lounge, and well-designed lifestyle spaces, The Boutiq will be a compelling proposition for young professionals and cosmopolitan globe-trotters – anyone who appreciates the finest things in life,’ said Mr Low.
The architectural design of The Boutiq draws inspiration from chic boutique hotels around the world. The project’s architect is Broadway Malyan Asia.
Units in The Boutiq range from 506 sq ft to 2,853 sq ft in size. The bulk of the units are one and two-bedroom apartments.
Heeton, KSH and TEE hold stakes of 45 per cent, 35 per cent and 20 per cent respectively in the development project. The three partners bought the site of the former Mitre Hotel in 2009 for $121-122 million – or almost $1,100 psf of potential gross floor area including a development charge.
At Heeton’s other high-end project, iLiv@ Grange, none of the 30 units on offer have been sold even though the project was unveiled in June last year. Units at the Grange Road condominium are expected to sell for above $3,000 psf.
Heeton began construction of the project last year. It will step up marketing efforts in the second half of 2011 once a new showflat is ready, Mr Low said.
The company also hopes to resume selling units in The Lumos in the second half of the year once the project is completed.
Sales of units in the Leonie Hill project have been put off since early 2008 as Heeton and its partner Koh Brothers waited for the luxury property market to recover. As at end-March 2011, 19 out of the project’s 53 units have been sold.