More than half of the units at Avenue South Residence priced under $1.5 million
1-bedroom apartment units will be priced from $858,000 onwards; 2-bedroom from $1.15 million during launch day.
As Avenue South Residence is set for its official launch on 07 September 2019, developer UOL Group has indicated that units more than half its total units will be priced below $1.5 million.
This new launch condo at Silat Avenue is being developed by a consortium formed by UOL Group, United Industrial Corporation (UIC), and together with Kheng Leong.
The land parcel was acquired by the consortium back in May 2018 for $1.035 billion (or $1,138 psf ppr).
Avenue South Residence comprises of 1,074 units in total and around 300 units will be launched for sale on launch day.
The 99-year leasehold condo will consist of 1-bedroom to 4-bedroom units. They are being distributed across 2 residential towers (the Horizon and Peak collection) and 5 conservation low-rise blocks (the Heritage collection).
Prices will start from $858,000 for a 1-bedroom unit and 2-bedroom from $1.15 million.
For units listed under the Heritage collection, they will be listed for sale at an average per square foot price of $1,780; units under the Horizon collection (from 3rd to 35th floor) averagely priced at $1,980 psf, and the Peak collection units (from 37th storey and above) will be priced at an average of $2,250 psf.
In addition, Avenue South Residence will also feature almost 10,000 square feet of facilities for commercial use. It will include F&B spaces and a childcare center.
It was also noted that this new condo will be located close to the future Keppel and Cantonment MRT stations (part of the Circle Line) and are set to be in operation by 2025
The developer expects Avenue South Residence to draw massive interest from homebuyers and investors owing to the prospect and immense growth potential being presented by the upcoming Greater Southern Waterfront project.
UOL Group has added that prices may likely be scaled up at a later stage, especially for units with more potential for growth.
However, several analysts have displayed mixed sentiments over Avenue South Residence due to responses shown for the recent nearby projects.