Sold out in 3 days

In the east, a new 297-unit condominium development on the doorstep of Tanah Merah MRT station completely sold out in the three days that followed its preview last Thursday. 
 
Units at Optima went for an average price of around $810 per sq ft, or from $470,000 to $2.06million per unit. 
 
Demand remained strong even after developer TID - a joint venture between Hong Leong Group and Mitsui Fudosan - raised prices by 5per cent, from $790 psf on Thursday to $830 psf by Friday. 
 
Keen buyers were already seen queueing days before the launch of the 99-year leasehold condominium. 
 
And TID had to conduct a ballot of 120 units for 300 buyers just before midnight on Thursday to prevent them having to camp out overnight for the public launch the next day. 
 
Buyers were a good mix of HDB upgraders and investors, said the Hong Leong Group spokesman. 
 
City Developments has now put on fast track the launch of its 396-unit project at the former Hong Leong Garden condominium site.

Could be priced ave $750-$800 psf

Market watchers suggest that Optima which is beside the Tanah Merah MRT Station it could be priced at about $750-$800 psf on average. 
 
They based this estimate on current average pricing for Waterfront Key in Bedok ($735 psf) and Dakota Residences ($900 psf) and adjusted for locational differences.

To be launched by end July

Property developer TID will hold a preview of its newest condominium project – Optima@Tanah Merah – before the end of this month. 
 
Located next to the Tanah Merah MRT Interchange along New Upper Changi Road, commuters will be able to get to the city centre by train in less than 20 minutes and to Changi International Airport in about 6 minutes. 
 
The 99-year leasehold development has 297 units that feature one-bedroom studio apartments, 2- to 4-bedroom units plus 18 penthouses which come with open balconies and terraces. 
 
TID is a joint venture between Japan’s largest listed developer, Mitsui Fudosan, and Hong Leong Group Singapore. 
 
Its portfolio includes projects such as the St Regis Hotel and Residences, Parc Emily, Oceanfront on Sentosa, as well as The Gale, which was launched recently. 
 
Hong Leong said interest in Optima is already building up, with over 1,000 enquiries received over the past two months. 
 
The project is expected to receive its Temporary Occupation Permit (TOP) by 2014.