City Developments Ltd (CDL) has raised the average price of its H20 Residences condominium development in Sengkang to approximately S$920 psf over the weekend, from the initial S$910 psf, when the project was previewed on Friday.
To date, 150 of the 200 units released in the 99-year leasehold condo have been snapped up, said CDL. H20 Residences offers 521 apartments ranging from one-bedroom to four-bedroom units and penthouses, as well as a shop unit.
The developer said 85 percent of the 150 units sold were acquired by Singaporeans, while the rest were snapped up by permanent residents (PRs) and foreigners from Vietnam, Malaysia, India, Indonesia, Hong Kong and China.
Before the introduction of the January 13 cooling measures, the developer had eyed an average price near the S$1,000 psf mark, said sources.
Meanwhile, Chip Eng Seng sold an additional seven units last week at its My Manhattan condominium project, bringing total sales to 82 units.
To date, Chip Eng Seng has released 150 of the total 301 units in the 12-storey project.
Price resistance could be setting in among buyers, particularly Housing Development Board (HDB) upgraders who seem to be more price-sensitive and tired of private home price increases in 2010, said market watchers.
“The $1,000 psf mark is psychologically important, especially to HDB upgraders, who are price sensitive,” said Ong Choon Fah, Head of Consulting & Research (SE Asia) at DTZ.
“Before the January 13 cooling measures, most developers were talking about launching their 99-year leasehold condos at $1,000 psf or higher, regardless of location. Following the measures, they have moderated their price expectations,” she added.