Homegrown property developer TEE Land has revealed that 65 percent of the 40 residential units at 183 Longhaus have been sold since the project’s soft launch in February this year.
Located along Upper Thomson Road, the site previously housed a popular food court that was demolished in 2014.
“To date, we have sold a mix of two- and three-bedroom units. The available units are now mostly on the fourth floor,” said Jonathan Phua, CEO and Executive Director of TEE Land.
The freehold four-storey project comprises two- to four-bedroom apartments, with sizes ranging from 529 sq ft for a two-bedder to a 1,238 sq ft penthouse. Average prices of the units are between $1,600 and $1,625 psf.
The developer expects to close more sales in the coming weeks, as there are a number of buyers waiting for in-principal approval of their home loans.
“There was also a surge in buyers’ interest immediately after the announcement of Budget 2016,” Phua told PropertyGuru.
“They are primarily HDB upgraders and existing residents of Thomson who are attracted to the convenience of this location and the easy accessibility to nearby amenities. These buyers are mainly purchasing the units for their own stay.”
183 Longhaus is within proximity to Thomson Plaza, the stretch of restaurants along Thomson Road, and Marymount MRT station.
As for the 10 ground floor commercial shop units, Phua said they have received a number of enquires from interested parties. “However, we have not launched the commercial units as we intend to launch them at a later stage.”
TEE Land recently announced that it does not foresee any changes in the expectations of trends and competitive conditions in the markets it operates in.
Meanwhile, sales of residential units at its Third Avenue mixed-use development in Cyberjaya, Malaysia, has hit 70 percent.
TEE Land is a subsidiary of TEE Group, whose core business is in engineering.
The group reported a 32.4 percent increase in net profit to $7 million for the nine-month period ended 29 February 2016. Revenue during the period grew 31 percent to $168.3 million, due to higher contributions from on-going engineering projects.