8M Residences only sold 4 out of 68 units since May Launch

Industry observers said the property at Margate Road is overpriced at $2000 to $2300 psf.

Singapore Business Review's spotcheck with Huttons Real Estate Group agents confirmed that the 20-storey freehold development which was launched on May 25 managed to only sell 4 out of 68 units to-date.

Estmated price for the smallest unit at 527sft of 8M Residences is $1.1m but an industry observer who requested anonymity commented that it should only be $700,000.

"I think it's overpriced for a property with very small units and swimming pool that can just actually accommodate 2 swimmers. I would buy it for $700K," he said.

Another observer meanwhile said that price psf for 8M Residences should not go beyond $1,600.

Complete Price List of 8M Residences:

Main attractions of 8M Residences according to property agents include:

• Prime Location. Most Prestigious Address in District 15. 
• Conveniently located between ECP and PIE
• Nested in the middle of Singapore 3 Business Hubs, Paya Lebar Commercial Hub, Changi Business Hub and Marina Bay Financial District which guarantees good rental clients and high yield.
• Efficient layout without Bay Windows and Planters 
• All Units offer single loading providing maximum ventilation and sunlight into the unit.
• State-of -Art gym pairing with other wellness and lifestyle facilities
• Surrounded by good reputable schools namely Haig Girls, Tanjong Katong Primary & Secondary, Chung Cheng High, Kong Hwa Primary, Tao Nan School and Dunman High School. 

The property's developer is Sustained Land and is expected to receive TOP on June 2017.

To contact the journalist: krisana@charltonmediamail.com