Developers managed to attain an 18-month high in private homes just over the span of one month. To this point, the 1,000-unit mark is already hit in February.
Blessing continues to shower down upon nearly all of the developers who are willing to trim price prospects to affordable levels. Around 90 percent of the 182-unit The Quartz condo in Buangkok, which was re-launched in the previous week, was successfully sold after its developer, GuocoLand, decided to cut 10 percent off of its price.
GuocoLand, a Singapore-listed property arm supervised by Malaysian top-executive Quek Leng Chan, has acquired buyers for almost 160 units since the price was cut last Tuesday. This indicates that only about 20 units is left in the 625-unit project, compared with just 182 units before the project was re-launched.
The average price of the 99-year-leasehold project was pared by the developer to $595 psf (per square foot), which was $650 psf way back in 2007, when the market was thriving.
Aside from the more reasonable pricing, the booming outcome was also attributed by market watchers to the upcoming launch of The Quartz, which is likely to attain Temporary Occupation Permit (TOP) in just a few months.
Most of the buyers are said to have considered purchasing for their occupation. According to a GuocoLand spokeswoman, Singaporeans were the prime buyers, comprising around 98 percent of the total buyers, and 80 percent of them reside within the vicinity, with most of them having HDB addresses.
“They like the design, layout and location of the development, which is near Buangkok MRT Station and also accessible by Kallang-Paya Lebar Expressway”, the spokeswoman added.
Three-bedders consist the majority of 182 units. BT understands that the average price of a usual three-bedroom apartment is approximately $650,000.
Frasers Centrepoint’s project Caspian condo at Jurong Lake District has attracted buyers for 35 units over the weekend. This raises the total sales to 515 units in the 99-year-leasehold project.
Generally, the average price attained is just above $600 psf. This mirrors the better-facing units’ sales over the previous week. An interest absorption scheme was taken by almost 32 percent of the buyers at Caspian, wherein the buyers chose to pay 3 percent more, and in return, they will not have to foot past the 20 percent initial payment until Caspian receives TOP. The project mainly provides three-bedroom apartments which have an average price of $700,000 – $750,000.
Fortune Development’s RV Suites at River Valley Road has able to magnetise buyers for six units over the weekend. The freehold project has about half of its 96 units already sold. The project primarily offers units measuring from 500 to 550 sq ft, which come in an average price of $1,300 psf. Meanwhile, East Coast Properties’ D’Chateau Shelford has able to encourage buyers to purchase another four units. On average, units at the D’Chateau Shelford cost about $1,000 to $1,100 psf.
There are still available units at Livia in Pasir Ris, which had released 30 units on Valentine’s Day weekend; having an average price of $620 psf. Units at this project is comparatively larger, with a usual three-bedroom apartment of around 1,259 sq ft, producing a larger unit price quantum for a three-bedder unit of at least $750,000.
In order for mass-markets to progress, seasoned property consultants mentions that they should implement prices at approximately $600 psf only, so that HDB upgraders could find them affordable.