News: Executive condo OLA sells 30% of units at $1,135 psf on average

Mar 24, 2020

The most popular units were the 3-Bedroom and 3-Bedroom + 1 Premium units, which sold 135 out of 422 units. Image: WeR1 Consultants

OLA, a Spanish-themed executive condominium (EC) project in Sengkang, sold 30% or 167 of its 548 units during its first weekend of sales, revealed property developer Anchorvale.

As at 22 March, about 30% of all three-bedroom, four-bedroom and five-bedroom units were sold and 10% of two-bedders. Here’s a breakdown of the units sold:

  • 2-Bedroom – 3 out 30 units sold (10% sold)
  • 3-Bedroom and 3-Bedroom + 1 Premium – 135 out of 422 units sold (32% sold)
  • 4-Bedroom – 26 out of 87 units sold (30% sold)
  • 5-Bedroom – 3 out of 9 units sold (33% sold)

The total average selling price was $1,135 per sq ft (psf). Three of the nine penthouses were transacted at above $2 million each.

Read: OLÁ EC Review: Singapore’s First Luxury EC With A Spanish Theme

Meanwhile, first-time buyers snapped 102 units, while 65 units were acquired by second-time home buyers looking to upgrade. Of the 167 buyers, 107 of them were from Sengkang in District 19, which showed the popularity of Sengkang among Singapore home buyers.

 

38% of buyers opted for Deferred Payment Scheme

A joint venture between Evia Real Estate and Gamuda Land, Anchorvale said 38% of buyers were on deferred payment scheme and the rest on normal progressive payment.

The Covid-19 situation has increased economic and job uncertainty among Singaporeans, especially in the past few weeks,” said Vincent Ong, Director of Evia Real Estate.

“This is also reflected in the lower-than-expected turnout over the first weekend of sales and by the higher proportion of buyers opting for deferred payment.”

He noted that OLA is probably the only sizeable housing project to proceed with its sales launch after the COVID-19 health situation’s impact began to be felt across the city-state’s economy.

“Under such exceptional circumstances, we are encouraged by the sales after the first weekend. We remain convinced that this project has set a new standard for ECs in Singapore, and has been priced at affordable rates.”

Set to be completed in December 2023, OLA is located near Cheng Lim LRT and Sengkang MRT station.

Looking to buy an executive condo in Singapore? Visit PropertyGuru’s Listings to find ECs for sale. Alternatively, checkout our Project Reviews and Guides for comprehensive articles to help you with your property-buying/selling journey. 

 

Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg

 

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