Hong Leong Group is said to have sold close to 60 units at its freehold Aalto condo on the former Eastern Mansion site on Meyer Road.

Hong Leong Group is said to have sold close to 60 units at its freehold Aalto condo on the former Eastern Mansion site on Meyer Road.

The project is priced at around $1,950 per square foot (psf) on average, and so far the development has been marketed mostly overseas - in Indonesia and Hong Kong. Former apartment owners of Eastern Mansion have also bought some units in Aalto, which will have 196 apartments in two 27-storey blocks.

So far, slightly more than 100 units have been released, according to industry sources. The 60 or so units sold vary widely in pricing, from around $1,400 psf to $2,200 psf. Market watchers note the pricing is broadly in line with that of CapitaLand’s The Seafront On Meyer launched earlier this year.

Caveats have ben lodged for CapitaLand’s condo at prices ranging from $1,190-1,950 psf, although industry sources say some units have lately been transacted at above $2,000 psf. Aalto has three and four-bedroom apartments.

Hong Leong is also expected to develop another condo along Meyer Road, on a site it bought earlier this year from Della Suantio Lee, wife of Lee Seng Gee of the Lee Foundation. The group bought Eastern Mansion in a collective sale and an adjoining site at a combined unit land price of about $410 psf per plot ratio in 2005.

Source : Business Times - 11 Aug 2007