The Iveria, a boutique luxury residential block with 51 units, was launched over the weekend of Nov 9-10. Of 20 units released, 14 were snapped up as at Sunday evening, Nov 10. This implies that 70% of units released have been sold. Average selling price achieved is said to be $2,640 psf.
Even in absolute terms, the sales rate is 27.5% of the total units in the project, says Joan Chang, director of Macly Group, the joint property developer of The Iveria with construction firm Lim Wen Heng Holdings.
On the first weekend of launch, 14 of 20 units released at The Iveria were taken up (Picture: Macly Group)
“While most units sold in new project launches tend to be the one- and two-bedroom apartments, our project comprises only three-bedroom-plus-study units,” says Chang. Consequently, she is “extremely encouraged” by the take-up rate.
A redevelopment of the former Riviera Point located on Kim Yam Road in prime District 9, The Iveria is a freehold project with three-bedroom-plus-study units averaging 915 sq ft in size.
The Iveria is Chang’s maiden development under her newly created brand of luxury projects, called The Ove Collection, which is targeted at “the cosmopolitan, next-generation affluent set”.