When ARTRA, a 400-unit condominium on Alexandra View, launched for sale in 2017, the project went against the grain of buyers’ expectations in the market at the time.
Typically, most new projects feature a balanced mix of units that include smaller-sized layouts to keep the price quantum (the absolute price) palatable and within the housing budgets of most buyers – at times, this results in a higher average $PSF price.
But when ARTRA entered the market nearly a decade ago, the project offered larger-sized units at a comparatively lower $PSF. The unit mix didn’t include any one-bedroom units; this is a layout that tends to get sold quickly, given its affordable price.
The project was jointly developed by Far East Consortium International and New World Development (yes, that Hong Kong-listed real estate conglomerate which was mired in financial trouble last year).
When ARTRA entered the market nearly a decade ago, the developers signalled that the project was positioned for buyers who wouldn’t quibble over a higher price for more living space in a desirable location. They were building homes for families.
Nearly ten years on, it’s time to see if this contrarian approach paid off.
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