LUXURY developer Wheelock Properties has sold half of the 338 units in its upmarket Scotts Square development over the past week to buyers of its previous projects, it said yesterday.

The 169 units were sold at an average price of $3,983 per square foot. The highest price was $4,430 psf for a one-bedroom apartment on the 41st floor, Wheelock said.

About 63 per cent of the units were bought by Singaporeans or permanent residents. As for foreigners, the buyers were predominantly Indonesians, the developer said.

'We have been receiving numerous enquiries from both locals and foreigners as early as 2005,' said Tan Bee Kim, Wheelock's executive director. 'The private placement was offered to our established clientele who understand the outstanding value of the development since Scotts Square is one of the rare freehold luxury homes located in Orchard Road.'

Scotts Square consists of two super-luxury residential towers of 35 and 43 storeys connected by a sky bridge. An upmarket retail podium with lettable area of about 80,000 sq ft will occupy four floors in the development - from Basement 1 to Level 3.

Apartment sizes in the project range from 624 sq ft for one-bedroom units to 1,249 sq ft for 3-bedroom units. A 'good mix' of one, two and three-bedroom apartments were sold, a Wheelock spokesman said.

Ms Tan said: 'We set out to sell 40 per cent of the development through private placement. However, the take-up rate and speed far exceeded our expectations and we consequently placed out an additional 10 per cent.'

The remaining apartments will be officially launched once the showflat is ready towards end-September, Wheelock said.

Wheelock's shares closed 2 cents down at $3.04 yesterday. The stock has climbed 35.1 per cent since the start of the year.