FLATS at Far East Organization's new project are being sold with a 103-year lease even though the project in Katong sits on freehold land.

The rare step means Far East will have to settle for lower prices for the units, but it will retain an interest in the site and reap further benefits when the neighbourhood is further transformed.

Sales at the 408-unit The Shore Residences, which is opposite Katong Shopping Centre, start on Friday, New Year's Day, but previews in recent weeks have already reaped contracts.

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