By Nicole Tan | POSTED: 13 Nov 2013 21:27 | CNA

SINGAPORE

The Alex Residences condominium near Redhill MRT station received strong demand at its preview launch on Wednesday.

The 429-unit project saw bookings for all 150 units initially released on Wednesday.

To meet overwhelming demand, developer Singapore Land says it has released another 50 units under its first phase.

SingLand had priced the project at an average price of S$1,650 per square foot, lower than its neighbour The Echelon.

Launched last December, The Echelon went for an average of about $1,795 per square foot.

The strong response for the city fringe development comes despite recent property market cooling measures.

SingLand says it does not expect prices of other new launches in the city fringe area to fall further, as land and construction costs continue their upward climb.

Looking ahead, the developer says it is likely to raise prices to above S$1,700 per square foot in the second phase.

Mr Michael Ng, Group GM of UIC and SingLand, said: “We are selling below what Echelon was selling for earlier this year. So essentially, we realise that with TDSR and various stamp duties, buyers’ ability to get a loan is reduced. So the price quantum that they’re able to afford is also limited. We have adjusted prices, reduced some of our profit margins, but I think to expect a big drop in prices, that’s not on the cards at all.”

– CNA/de

http://www.channelnewsasia.com/news/business/singapore/strong-demand-for-alex/885258.html