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In just one week, Wheelock Properties has already sold half of its highly anticipated Scotts Square, a new condominium being built on the former Scotts Shopping Centre site.

The developer said yesterday that 169 units have been sold at an average price of $4,008 per sq ft (psf).

That makes Scotts Square second only to The Marq on Paterson Hill in terms of median value. Units at The Marq were reported to have fetched an average price of $4,044 psf in June.

The highest price achieved at Scotts Square was $4,430 psf for a one-bedroom apartment on the 41st floor, Wheelock said. A Singaporean bought the unit for $2.67 million.

Only two other condos are known to have commanded higher prices on a psf basis: The Marq, which had a unit sold for $5,100 psf; and, The Orchard Residences at Orchard Turn, where a penthouse unit was recently snapped up for $5,500 psf.

Property consultants said yesterday that the strong take-up for Scotts Square was not surprising, as the project had been much talked about over the last few months. They added, however, that sales were still impressive, given the stock market selldown in the last two days.

‘We set out to sell 40 per cent of the development through private placement,’ said executive director Tan Bee Kim.

But ‘the take-up rate and speed’ were so good that they placed out another 10 per cent.

The units sold at Scotts Square so far were offered by invitation to past buyers of Wheelock projects. The rest of the apartments will be officially launched to the public late next month, together with the show flat.

About 63 per cent of the units sold were taken up by Singaporeans or permanent residents, Wheelock said. The remaining buyers were predominantly Indonesians.

Source : Straits Times - 3 Aug 2007