The Avenir luxury condominium in River Valley launched over the weekend and response from buyers were positive. Only 40 units were launched at the exclusive high-end development and already half were snapped up by 6 pm yesterday.
7 premium units with private lift access sold over the weekend
The Avenir is a premium 376-unit condominium project designed by the French designer who was also the principal architect of the National Gallery of Singapore, Jean Francois Milou; and is jointly developed by Hong Leong Holdings, GuocoLand and Hong Realty.
Situated in district 9, near the upcoming Great World MRT station, it is not only in a prime district and location but also boasts many exclusive features such as concierge service and private lift access. The 129,648 sq ft site it will sit on used to house the Pacific Mansion condominium. The land was acquired by the developers for $980 million just 2 years ago in one of the largest collective sale deals of the decade.
Out of the 20 units sold, 7 were premium 4-bedder units, each with private lift access. The average selling price ranged between $2,960 to $3,560 psf.
River Valley location near MRT station and Orchard shopping belt
Being in the River Valley area, it is near the Orchard shopping belt and also just a short drive away from Chinatown and the Central Business District (CBD). It is also not far away from the many eateries along the Singapore River and Robertson and Clarke Quay areas and will no doubt attract foreign buyers as well as the well-heeled investors and buyers.
About two-thirds of the buyers were Singaporeans while the rest was made up of foreigners from China and the United States. The project will also include some smaller units such as one-bedders sized from 527 sq ft.
The 4-bedroom units are about 2,411 sq ft in size. Some investors may be attracted by the smaller units as they could be easier to rent out in the future, in particular to expatriates or young professionals who want to live in the area.
The developers are encouraged by the public’s response over the weekend and consider it to be a sign of a healthy appetite and demand from buyers. With as many as 50 new potential launches this year, would 2020 be the year of the buyers or developers?