By Romesh Navaratnarajah:
Projects offering a good mix of residential and retail components are sought-after by home buyers, particularly couples and young professionals, said Chia Boon Kuah, Chief Operating Officer for property sales at Far East Organization in a report by The Business Times.
He said this after all remaining residential units at The Hillier (pictured) were sold last weekend.
The 528-unit SOHO development is located at Hillview Avenue 2, with homes commanding an average price of S$ 1,474 psf. It was launched for sale in January last year and is expected to be completed in 2016.
The 99-year leasehold project comprises an adjoining two-storey mall called HillV2, which is more than 60 percent leased as of 25 January.
The project’s success follows good take-up rates at other mixed-use developments launched by Far East in the past few years.
For instance, the Tennery SOHO project that is integrated with the Junction 10 mall along Woodlands Road sold all 338 homes within a year of its launch in December 2010.
Likewise, nearly all of the 319 units at the Greenwich in Seletar and the 992-unit Watertown in Punggol have been sold since launching in August 2010 and January 2012 respectively.
“Many of these buyers are couples or young professionals who are seeking not just a roof over their heads, but a home that resonates with their desired lifestyle, allowing the merging of live-work-play spaces,” noted Chia.
Moreover, these mixed-use projects are strategically located and come with unique features.
The HillV2 mall will comprise various lifestyle outlets such as the Wine Connection Bistro, café Dean & DeLuca and Cold Storage Market Place. The project is also within close proximity to the upcoming Hillview MRT station and two expressways.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email firstname.lastname@example.org
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