by Ernie B. Calucag
All 21 units of Charlton Residences have been sold for an aggregate sales value of S$59.6 million in less than four months after the freehold cluster housing project was launched, developer SingXpress Land Limited said.
The homes in this project were transacted at an average price of S$2.84 million per unit, with the final unit sold last week. SingXpress said all the buyers were Singaporeans.
The units in Charlton Residences, located near Kovan MRT station, range from 5,350 square feet to 7,696 sq ft, each with six bedrooms, two car park lots, and a private deck with a Jacuzzi pool.
Selected units are fitted with elevators for the convenience of the elderly. Charlton Residences challenges the traditional cluster housing layout by locating facilities and amenities away from the units to ensure complete privacy to each family.
“The strong sales of our first property development in Singapore, taking place amidst new property cooling measures, underscore the high quality and design content of the project. It also augurs well for the group as it embarks on its investment banking approach to property development,” said Chan Heng Fai, the Managing Director of SingXpress Land.
Based on the completion schedule, SingXpress Land expects to recognise the bulk of the revenue and profit of the project over the two financial years ending 31 March 2013 and 31 March 2014, respectively.
SingXpress Land owns 80 percent of the project, while the remaining 20 percent is owned by A.C.T. Holdings Pte Ltd.
Other projects of SingXpress Land include a 80-per cent owned Design, Build and Sell Scheme (DBSS) public housing project in Pasir Ris, with approximately 447 units, which will be launched soon.