There are already 20 The Arte units at Thomson that the City Developments Ltd (CDL) had sold, fetching its total sales last weekend of up to $30 million.
CDL’s group general manager, Chia Ngiang Hong, said that buyers’ interest become a broad evidence to draw the attention of more than 1,000 visitors over the weekends’ showcase at The Arte. “The sales volume indicates that buyers have greater confidence in the property market and in the future of their investment. This reinforces CDL’s view that the current market is now attracting savvy but cautious investors,” she said.
According to the CDL press release, one of the several factors that gained the attention of future buyer was the property’s close proximity and location to the MRT station. The units are situated within the Thompson area, conveniently connected to the City proper and to several busy expressways as well as a short distant from the Toa Payoh MRT station. The Arte project is comprised of two 36-storey towers and is expected to be completed by 2012 with a projected selling price of $880 per square foot. The majority of the 336 units are available at below $2 million.
Interested buyers can now decide for the interest absorption scheme (IAS) of CDL, allowing them to hold back the volume of their acquisition until the completion of the project on a condition that they would avail of the housing loan during the time of purchase.
Most of the interested buyers for The Arte project have private home residences and mostly said that they have either decided to move into an upscale and new residence or invest on another property.
The renewed interest on private property for Singaporeans is another evidence of the 2,660 private homes sales during the first quarter of 2009, about 62 percent of the total sales for new houses in the previous year.