Sim Lian Group’s Centrale 8 project in Tampines has seen more units sold than expected, even after it received widespread criticism for its record price of S$880,000 for a five-room flat.
According to an article in TODAY, the asking price was slashed by at least S$100,000, following rampant objections to the original price. The developer has since announced that more than 40 percent of the development’s 708 units have been snapped up.
Kuik Sing Beng, Executive Director of Sim Lian Group, said sales are meeting their expectations and are expected to speed up when the project receives its Temporary Occupation Permit (TOP).
A showroom will also be opened in December to accommodate potential buyers. According to the company, the four-room units at Centrale 8 are the most sought-after. In addition, the majority of buyers currently reside in the Tampines area and property analysts expect the development to sell between 60 and 80 percent of its units, considering its central location.
Mohamed Ismail, Chief Executive at PropNex, said the sales rate is not encouraging, as it reveals buyers’ sensitivity to its price. Nonetheless, he noted that though the project created an uproar, the fact that it managed to sell over 40 percent of its units is relatively good.
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