Mori Condo - rare freehold residential development by Roxy Pacific launched with entry prices from $1,680 psf
Mori is the development that was purchased at a price of $93 million by Roxy-Pacific. It marked the largest private residential transaction in 2020 and boosted sentiments that developers were still hunting for development sites. According to Teo Hong Lim, executive chairman of Singapore-listed property group Roxy-Pacific Holdings, it was the second purchase of a site in the Guillemard area, after Arena Residences.
Teo Hong Lim - executive chairman of Roxy-Pacific Holdings - Mori Condo developer
Mori Condo consists of 137 residential units, with the inspiration from Japanese aesthetic, including two residential blocks — one with five storeys and the other with eight. Because of the competition from new residential developments have mushroomed, Roxy-Pacific focused on the design of Mori, the layout of the units and the provisions within.
Teo said that unit sizes at Mori are bigger than the average existing developments with the 1-bedroom units have areas from 484 sqft, 2-bedroom units from 710 sqft and 3-bedroom units starts from 958 sqft. There are just 2 4-bedroom units in the condo that have areas of 1,259 sqft. All the units of Mori are equipped thoughtfully with storage spaces, a pullout kitchen tabletop, an additional vanity mirror in the master bathroom, and European brand fittings such as Gessi faucets and Roca sanitaryware for the bathrooms, and Bosch kitchen appliances, Blanco kitchen sink, and mixer and De Dietrich washer-dryer.
Mori Condo - freehold development in city fringe offering attractive prices
Mori Residences have the entry price starts from $1,680 psf, with the average price likely to be in the $1,900 psf range. According to Ismail Gafoor, CEO of PropNex, the prices of Mori Condo were attractive because freehold developments tend to command a 20% premium over leasehold projects in the same area. Gafoor added that Mori is a freehold development that it can be a part of the legacy of the homebuyers. The freehold tenure and city fringe location near the East could attracts a number of people who believe that the value of the property would be preserved over the long term.
According to Lee Sze Teck, senior director of research at Huttons Asia, Mori is located in Guillemard area, which was considered as a prime city fringe location with a short drive from the CBD and the Paya Lebar commercial hub. He noted that the condo is nearby lifestyle amenities from food centers and markets to sports facilities like Singapore Sports Hub. That contributes to providing a convenient life to both tenants and homeowners.
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