The Business Times | April 22, 2013
Mix of residential, retail units a draw due to freehold tenure and location
Buyers snapped up 44 residential and retail units at Novena Regency within a week of its launch last week.
The mixed development by Fragrance Realty - a subsidiary of the Fragrance Group - released 72 units on April 13.
Its freehold tenure and city fringe location along Thomson Road are the most attractive features of the property, as it will sit on the current Novena Ville site.
The 45 shop units are priced from $7,000 per square foot (psf), while the 55 residential units start at $2,300 psf.
Among the residential units, there are 43 apartments (one-, two- and three-bedroom units) and 12 penthouses (two-, three- and four-bedroom units).
Fragrance Group executive chairman and chief executive Koh Wee Meng said: "We are fairly confident that buyers will be attracted to its location - an exclusive private estate enclave within the Novena vicinity."
The robust interest in sales has followed a similarly strong wave of new private home sales last month.
New private home sales surged to an all-time high last month, boosted by discounts dangled by developers and first- timers entering the market.
A total of 2,793 units were sold last month, nearly four times February's number, as a string of new launches debuted strongly.
One of the marketing agents for the Novena Regency projects from Knight Frank, Ms Mary Sai, also noted that property buyers today prefer self-contained neighbourhoods that offer easy access to public transit, shopping and township facilities, as well as other amenities.
Ms Sai is the executive director of commercial investments for Knight Frank. She added that business owners will find the Novena Regency units attractive with their high visibility, as they are facing the main road.
"Human traffic is widely known to be heavy here," she said.
Food and beverage outlets enjoy a good crowd from the staff at the Inland Revenue Authority of Singapore building close by, and church-goers from Novena Church over the weekend.
The temporary occupation permit for Novena Regency is expected in August 2017.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)