Singapore’s slowing property market has forced developers to cut back on the frills in order to move unsold units, reported the media.
For instance, El Development reduced the total saleable area at its Symphony Suites in Yishun Avenue 9 by not having “private enclosed spaces” like balconies.
“Symphony Suites is designed with families and owner-occupiers in mind. Even though the floor areas seem small, the layouts have been optimised to be practical, such that the bedrooms can fit at least a queen-sized bed,” said EL Development Managing Director Lim Yew Soon.
Touted as the cheapest condominium on the market, the 660-unit project saw 56 units snapped up during its preview over the weekend, with prices at $1,000 psf on average.
Comparatively, average prices of units at nearby Nine Residences were pegged at $1,196 psf last month.
Set for an official launch this weekend, Symphony Suites offers 689 sq ft two-bedroom units and 788 sq ft three-bedders. The three-bedroom units with utility room and yard measure 893 sq ft while four-bedders measure 1,023 sq ft.
Meanwhile, Qingjian Realty offered bare units at two of its Executive Condominium (EC) projects, Bellewaters and Bellewoods, to lure buyers. Notably, its “CoSpace flexi” units, or apartments which are without interior fittings or floor finishing, were cheaper by $25,000 to $45,000 compared to normal units.
Prices of a 1,238 sq ft unit at Bellewaters in Sengkang, for example, start from $937,000, or S$756 psf, while a “CoSpace flexi” unit cost $736 psf. To date, the Chinese developer has sold five such units.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
