WING Tai Holdings will relaunch the remaining apartments in its Oxley Walk luxury Belle Vue Residences at prices between $2,300 and $2,800 per square foot (psf), the developer said yesterday.

Deputy chairman Edmund Cheng also said he believed that measures announced by the government on Monday to cool the property market are ‘very timely’.

‘Prices have really gone up so much, it is not sustainable,’ Mr Cheng said. ‘I think that it is good that we have these measures to cool off a little bit.’

He also added that the impact of the measures on Wing Tai will not be great as the company’s exposure to the Singapore residential sector is mostly in the high-end and luxury segments.

By contrast, he expects the mass-market segment to take the biggest hit from the policy changes. Among other things, the government will not allow concurrent ownership of HDB flats and private residential properties within the minimum occupation period (MOP), which is the time that buyers are required to stay in their flats before they can sell.

Currently, about 62 per cent of the 176-unit Belle Vue Residences have been sold, with slightly more than half of the apartments snapped up by foreigners. Units were sold for $2,000-$2,700 psf, Wing Tai said. The new bunch of apartments that are being released are ‘choice units’, so they are priced higher on a psf basis, the company added.

The size of a three-bedroom apartment starts from 1,600 sq ft and a four-bedroom apartment begins at 2,000 sq ft.

Source: Business Times, 4 Sep 2010