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Brisk sales for CDL’s Coco Palms over first weekend launch

  • About 82% of 600 units released sold
  • Units priced to sell at an early bird average of about S$980 psf
  • Legacy landbank is the basis for the attractive pricing

Singapore, 18 May 2014 – Over the weekend, City Developments Limited (CDL) and its joint venture partners Hong Leong Holdings Limited and Hong Realty (Private) Limited, commenced sales for its highly anticipated residential launch – Coco Palms – a 944-unit development inspired by the world's best resorts.

Sales for the luxury resort-themed development started on Saturday, 17 May and received strong response from homebuyers. As at 3.00pm today, a total of 490 units out of 600 released (or about 82%) have been snapped up.

The apartments were priced at an early bird average of about S$980 per square foot (psf). All unit types, in particular one- and two-bedroom apartments, enjoyed good take-up rates, and all one- bedroom units have been sold.

75% of the buyers are Singaporeans while Permanent Residents and foreigners from Malaysia, China, Hong Kong, Indonesia, Taiwan, India, Myanmar and the US made up the remaining 25%. Buyers comprised both owner-occupiers and investors.

A good mix of apartment types are still available for selection with prices starting from S$732,000 for a two-bedroom, S$880,000 for a three-bedroom, S$1.21 million for a four-bedroom, S$1.6 million for a five-bedroom, and S$1.7 million for a three + Study penthouse unit.

Coco Palms is sited on the fifth and final parcel of CDL's landbank in the coveted Pasir Ris Grove estate. A huge draw to Coco Palms is its very attractive pricing and strategic location – a five- minute walk to Pasir Ris MRT station. Comparatively, prices in today’s market for projects located close to an MRT station or in the vicinity of the Coco Palms development are typically above S$1,000 psf.

Mr Chia Ngiang Hong, CDL Group General Manager, said, “We are very encouraged by the strong response for Coco Palms. Originally, we had planned to market this final premium plot at between S$1,100 and S$1,200 psf as it is the closest to the MRT station. However, as the Group had acquired this site at a historically low price and it has been part of our legacy landbank, this affords us the opportunity to price this launch attractively. The positive take-up rate reflects homebuyers' demand for well-located homes that are sensitively priced.”

CDL’s other joint venture projects in the locale – Livia, NV Residences and The Palette – are fully- sold while the fourth, D’Nest, is 94% sold to date since it was launched in March 2013.

“Since launching Livia in 2008, the first of five developments in this neighbourhood, we have transformed the Pasir Ris Grove area into a highly-desirable and vibrant residential enclave. Coco Palms also offers good potential in this rapidly developing area in the east,” added Mr Chia.

Additionally, homebuyers are attracted to Coco Palms' high quality finishes, impressive architecture and resort lifestyle landscape. A large number of Coco Palms’ apartments overlook the Grand Lagoon, which is the centrepiece of the development. A plethora of resort-inspired facilities are available including a Salt Water Pool, an “Onsen-style” hot bath as well as a stunning three-storey clubhouse Club Cocomo.

The Coco Palms show flat, located along Pasir Ris Drive 1 or 8, is open daily from 9.30am to 6.00pm. For sales enquiries, please call the sales hotline: (65) 6583 1811.