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SG CDL sees overwhelming response to Pasir Ris condo

Property Here - Tuesday, March 19, 2013

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By Nikki De Guzman:

Close to 80 percent or 500 of the 650 units released at D'Nest (pictured) were snapped up at the condo's preview over the weekend. 

Jointly developed by CDL, Hong Leong Holdings and Hong Realty, the 912-unit development at Pasir Ris Grove estate comprises 12 blocks of 11- to 13-storey apartments and comes with three uniquely themed clubhouses. 

According to a spokesperson from CDL, 80 percent of the buyers are Singaporeans with the rest being permanent residents (PRs) and foreigners mostly from Malaysia, Indonesia and China. The source added that more units had to be released to cater to the strong demand.

Among the buyers were many young couples looking for their first homes and taking advantage of the attractive pricing and its location near Pasir Ris MRT station. Those with extended families also purchased multiple units that can accomodate all family members.

“Some already live in the Pasir Ris vicinity and/or are buyers of CDL’s other nearby developments such as the Livia and NV Residences; and are confident of D’Nest’s potential capital appreciation and rental yield,” noted the spokesperson. 

From an initial average price of S$990 psf, CDL settled on a special early bird average of S$920 psf, as some buyers needed to pay the additional buyer's stamp duty (ABSD). Pricing has since been adjusted by up to two percent. 

 

Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@allproperty.com.sg