Stars of KovanDuring the 2 day VIP pre-sale last weekend of Stars Of Kovan, out of 395 residential units, 15 percent or 60 total units were sold with an average price of $1,408 psf.

Stars Of Kovan is a newly launched mixed-use development at Upper Serangoon Road, Singapore, being developed by Hong Kong property developer Cheung Kong Property.

Developer of Stars Of Kovan released an average price of $1,417 psf last 20 May, including the VIP discount package. The price is lower than the initial indicative price about $1,550 to $1,600 per psf.

The 1 to 3 bedroom units of Stars of Kovan, with size range from approximately 506 sq ft to 1,023 sq ft, were sold at prices ranging from $666,400 to $1.41 million.

Buyers of 99-year leasehold project comprised mainly of home upgraders, and others were long-term investors, particularly in property leasing market.

Although developer Cheung Kong Property looks pleased with the buyer’s response, yet the transaction record is much lower compared to Sturdee Residences located at Jalan Besar area, which sold 122 out of 305 total units during one day VIP preview last April.