By Joyce Teo

The weak property market has forced developer Hong Fok Corp to shun the traditional glitzy condo launch in favour of a "soft" release of some flats for its new Beach Road project.

The firm is initially releasing 90 flats in the 360-unit Concourse Skyline. An additional 30 units may be sold if demand is strong enough.

"If we can sell 120 units, we'll call it a day," said Hong Fok director S.E. Cheong. "We would hold back the rest until the market improves."

Prices for the one- to four-bedroom apartments will be between $1,500 and $1,800 per sq ft (psf) - or from just below $1 million to around $4.2 million. Sea-facing units will cost $300 psf more than those facing the city, said Mr Cheong.

The 99-year leasehold project near Kampong Glam, next to Parkroyal Hotel, has two tower blocks - one with 40 storeys, the other, 28.

About 60 per cent of the flats are one-bedders of about 800 sq ft and two-bedders of around 1,000 sq ft. There are also some penthouses.

There will be a podium block with shops on the first storey and 18 units that Hong Fok will keep for rental. Hong Fok will spend about $200 million to build the Concourse Skyline.

This article was first published in The Straits Times on September 10, 2008.