Over the weekend, 77 out of 107-unit freehold strata landed development, Belgravia Ace, were sold on its first weekend of preview.
The development has 104 semi-detached houses and three terrace houses. So far, 85 units have been put on the market.
Fairview Developments is the company that built it. It’s made up of the Tong Eng Group and the Yeap Holdings. The site has a land area of 290,520-square-foot, freehold land in Belgravia Drive off of Ang Mo Kio Avenue 5.
It says that two of the three terrace houses sold for more than $4 million each, while most of the semi-detached houses sold for between $4.43 and $4.46 million.
Landed homes are still in high demand even though the government has taken steps to cool down the market, says Nicholas Mak, the head of research and consulting at ERA. The buyers are mostly Singaporeans, so they don’t have to pay the extra buyer’s stamp duty if they are buying their only home.
“In addition, there isn’t a lot of new stock of all types of land-based homes. It’s also not based on foreign demand. Landed homes don’t always sell at the same rate as condos, so this doesn’t always happen.”
District 28 is where Belgravia Ace is, and it’s about a 20-minute drive from Marina Bay Sands, Orchard Road, Bukit Timah, and the city’s main business district. Ai Tong School and shopping malls like Greenwich V are also close by.