FAR East Organization has sold 181 Soho-style (small office, home office) apartments in its 338-unit The Tennery.
The developer said yesterday that it released 217 units of its newest residential project, at Bukit Panjang, in a preview. A total of 181 units were sold at prices ranging from $950 per sq ft (psf) to $1,300 psf.
The 99-year leasehold The Tennery is part of an integrated residential and retail development Far East is building on the Ten Mile Junction site it won in a government tender in February.
Far East paid $164 million or $437 psf per plot ratio for the site at the junction of Choa Chu Kang and Woodlands roads.
In addition to The Tennery, the site will also house a 121,000 sq ft retail development called Junction 10.
Some 80 per cent of The Tennery's buyers are Singaporeans and permanent residents, Far East said. It added that most of the buyers are professionals living in the Bukit Panjang, Choa Chu Kang, Bukit Batok and Hillview areas, who are familiar with the neighbourhood.
Far East Organization's executive director and chief operating officer Chia Boon Kuah said that an increasing number of people are looking for versatile living spaces that allow them to work from home.
This development, he said, is flexible, expandable and designed for maximum functionality.
The Tennery's one-bedroom apartments range from 619 sq ft to 640 sq ft in size, while two-bedders range from 860 sq ft to 950 sq ft in size. Far East will release more units during the project's official launch on Jan 1, 2011.
In 2010, including The Tennery, Far East has launched nine residential projects in Singapore. Other launches included Altez in the Tanjong Pagar area, The Greenwich at Seletar Hills and Skyline@Orchard Boulevard.