The public launch of Hong Leong's The Scala on Wednesday morning was in such high demand that balloting was required to sort out who got first pick to enter the showflat. The morning rain did little to dampen the spirits of the keen investors for the 99 year leasehold project which sold at an average of $1,150 per square foot (PSF).
The enormous turn out showed that there are no signs of keen interest in the mass market of condominiums. More than 800 agents and potential buyers who had submitted blank cheques had packed the tent at the site of the future condominium by Lorong Chuan MRT. This was a record turn-out for a mass market launch since Trevista and Hundred Trees launched last year.
Hong Leong staff and buyers who had registered their interest with the developer had a private preview the day before the public launch. About 150 units were sold then. Hong Leong said that as of Wednesday, more than 75 per cent of the project's 468 units had been sold. This shows that about 350 units have been sold, of which 200 were sold on the public launch day.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said the condo has set a new benchmark price for new projects near MRT stations in the northeast. He added that property prices may still be pushed higher for the project, stating that the price PSF could easily reach $1250.