Eon Shenton - Good response at preview of Eon Shenton

Good response at preview of Eon Shenton

4 April 2012


FOLLOWING last Friday's strong reception to Oxley Tower's preview, where retail units sold like hot cakes, the developers of Eon Shenton, too, began previewing their project on Monday evening.

Some of Eon Shenton's shop, office and apartment units had to be balloted to cater to demand from more than one potential buyer.

As of yesterday, all 23 street-level shops were sold, at a price range of $4,000-$4,980 psf, BT understands. The shops are 129 sq ft to 377 sq ft.

The developers of Eon Shenton - a 99-year leasehold project that will rise on the former Marina House site at 70 Shenton Way - are said to have sold 30-plus of the 50 office units which were released. In all, the project has 98 office units.

The 50 office units range from 506 sq ft to 1,765 sq ft - and were priced at between $2,150 psf and $3,000 psf at Monday evening's preview. These prices are understood to have been upped by 2 per cent yesterday. The 50 office units released are on levels 7-13, 16, 18 and 20. Sources say the developers may have decided to keep four entire office floors - levels 15,17,19 and 21 - for investment.

Eon Shenton's top 10 floors - levels 23-32 - will house 132 apartments of between 527 sq ft and 1,249 sq ft.

About 40-plus apartments have been sold out of a batch of 66 released at between $2,200 psf and $2,750 psf. Apartments with sea views cost about 20 per cent more than city-facing units.

Eon Shenton is being developed by a consortium comprising Melvin Poh of Fission Group, Roxy-Pacific Holdings, Macly Group, Pinnacle Assets and architect-turned-developer Chee Hsian Sing.

Over at Robinson Road, where the freehold Oxley Tower was previewed last Friday, 65 per cent of the 56 office units released have now been sold. The offices are priced at $2,800 to 3,490 psf - or an average of $3,048 psf. Oxley Tower has 104 office units. Eight street level cafe units - 398 sq ft to 807 sq ft - were also snapped up at $6,200 to $7,200 psf, or an average of $6,653 psf, at last Friday's preview. On the same day, 121 shop units on the second and third levels with sizes of between 118 and 409 sq ft all found takers at between $3,800 psf and $6,000 psf, or an average of $4,820 psf.

Talk in the market is that as early as this week, Oxley could release The Promenade@Pelikat project near Hougang Avenue 1, which is about 600 metres from Kovan MRT Station. The freehold, low-rise project will have 270 shop units, which are expected to be priced at about $2,600 psf on average, and 164 apartments, which are tipped to go on the market at an average price of about $1,100 psf. Huttons is the marketing agent for all three projects.

Source: The Business Times, Published April 4, 2012