More and more developers are getting involved, commencing more units, in the buying wave. A 999 year-old leasehold townhouse, The Wharf Residence of Mohamed Sultan Road has opened 100 two and three-bedroom units to the public. Several of these 100 units were carried over from a recent launch.
CapitaLand, The Wharf Residence’s developer, closed deals on almost 80 to 90 two-bedroom units, with price ranging from $1,300 to $1,600 per square foot (psf). A two-bedroom unit with a price of $1,300 psf, would cost around $1.32 million.
CapitaLand is presenting two packages to their buyers. One package is a deal of stamp absorption, the other is interest absorption. Otherwise, if buyers are not interested in said packages, they may acquire a chance paying up to 8 percent less. Temporary occupation permit of The Wharf Residence is due in 2013.
There is still a possibility for more units available across the weekend, according to CapitaLand. The Wharf Residence is offering units that are quite luxurious since the market is gradually demanding for them. The April surveys of URA gave a result that out of 75 units at Bukit Sembawang Estates’ Verdure, 64 were sold at an intermediate price of $1,416 per square foot.
Peter Ow, the residential executive director of Knight Frank, believes that the buyers have a better attitude now, especially when prices have gone down. Nonetheless, even if prices did not go down, it is safe to spend instead of letting money “sit in the bank”.