Far East Organization (FEO) sold about 40 units at its Waterfront Isle condominium development in a single day, during the Lunar New Year period.
The real estate market traditionally sees slow activity during the Lunar New Year, as most property developers postpone their plans for new launches during this time.
However, Waterfront Isle, which is being developed in a joint venture with Frasers Centrepoint, sold 37 out of the 59 units released on Saturday. Together with the preview earlier in the week, 125 of the 191 units have been snapped up, so far.
The new Bedok Reservoir project will offer a total of 561 units at prices starting from S$575,000 for a one-bedroom unit.
Visitors at the showroom were seeking a second or third property, said a report on Channel NewsAsia. They have not been affected by the newest set of real estate cooling measures, including a lower loan limit for a second home and seller’s stamp duty (SSD) if the property is disposed of within four years.
“Even if the loan limit is cut down to 50 percent, I think we can still buy (a private home). We’re going to keep it at least for five years, or even 10. For me, it’s for the long run, not for flipping,” said home buyer Royston Kwek.