Over 350 units sold at Bedok Residences on day 1

November 24, 2011

CapitaLand sold over 350 of the 583 units at Bedok Residences on the same day it was launched, with 66 units snapped up within the first hour.

The developer said it achieved an average selling price of around $1,350 psf for the project.

"The strong sales numbers demonstrate that the queue formed outside our show suite over the past few days consists of genuine prospective buyers," said Wong Heang Fine, Chief Executive of CapitaLand Residential Singapore.

"Those who queued managed to buy their choice units on the same day."

Located in Bedok Town Centre, Bedok Residences is part of an integrated development comprising residential units, a shopping mall and a transportation hub linked to Bedok MRT station. The entire project is jointly being developed by CapitaLand and CapitaMalls Asia.

The launch of Bedok Residences generated a lot of news after the developer imposed a queue system instead of a balloting system to ensure more transparency for potential buyers.

Yesterday, PropertyGuru reported that students were paid by property agents representing potential buyers to queue outside the project's showflat.Many had also braved rain and scorching heat since Sunday to line up, most of them being sales agents, retirees and students who were paid.According to a report, over 500 chairs labelled with queue numbers were assembled under two tents, with about 300 people waiting, which contributed to litter everywhere.

However, marketing agent ERA defended the sales process. "It was really beyond our control to stop interested and genuine buyers from queueing," it said.