New Record Price for a Mass Market Project

By Mr. Propwise

Thomson Grand has set a new benchmark for the mass market segment, priced at an average of $1,330 psf. Developed by Hong Kong developer Cheung Kong, it was launched late last week and reportedly sold out all 50 launch units on the first day. This represents around 20% of the 361 units. Thomson Grand is a 99-year leasehold private residential development located in Upper Thomson.

The price for units at Thomson Grand ranges from $1,100 to $1,600 psf and the developer offered a ~5% “discount” on the first day of launch. The average ASP of $1,330 represents a 25% premium to the nearby Meadows at Pierce, a freehold project launched in mid-2009.

For potential buyers, do understand that buying an apartment at a “discount” does not mean the same thing as buying it cheap. Developers, like many other retailers, tend to set the list price high, and …