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Ah, sentiment is still buoyant, even after the 4th round of cooling measures! I guess I should not be surprised.....
Business Times - 19 Jan 2011
Small units a big hit at Spottiswoode 18
By UMA SHANKARI
(SINGAPORE) Around 170 units in Roxy-Pacific Holdings' 251-unit Spottiswoode 18 were snapped up at the project's launch yesterday at an average price of $1,900 per square foot (psf) - catching many market watchers by surprise.
The project's mostly small units proved to be popular with investors. Most apartments on offer at Spottiswoode 18 - 150 out of the 251 units - are just 387 sq ft. Apartments at the project go up to 1,324 sq ft in size.
There was also balloting for a handful of units as more than one buyer was keen on them.
The group initially wanted to sell only around 100 units but released all choice units due to the strong response, said Roxy-Pacific chief executive Teo Hong Lim. But he added that last week's government measures to cool the market have had some impact on sentiment as not many units were contested for.
Roxy-Pacific's news comes a day after Oxley Holdings said it has sold 22 out of the 36 residential units at its newly-launched Vibes@Kovan over the weekend.
Apartments at Vibes@Kovan are also small - the 22 apartments range in size from 377 square feet to 1,001 sq ft. They were sold for an average selling price of $1,255 psf.
The deals surprised industry players. Said one industry veteran: 'The thinking now is that small units are mostly sought after by speculators, which is the segment that the government targeted with its measures. So it's surprising that these projects are still selling so quickly.'
But United Engineers reported that sales of its 540-unit executive condominium project Austville Residences were slower as a result of the latest curbs. The developer has sold about 20 per cent of units since its first sales day on Jan 13 - the same day the government unveiled new measures.
'Our sales are affected by the government's announcement on the new set of cooling measures. We are observing a dip in buying interest as most home buyers are still trying to digest the changes introduced to the property market,' said a spokesman for the group.
The morning of the first day of sales saw a high number of visitors and brisk transactions, but the enthusiastic demand was subsequently quelled by the government's announcement later in the day, the spokesman added. But the group is still positive that sales will pick up soon. Units at the project are selling at an average price of $680 psf and the deferred payment scheme is being offered to buyers.
Austville Residences implemented a 'first-come, first-served' system to allocate its 540 units. It was initially well received by the market, with more than 100 successful applicants forming an overnight queue outside its showflat a day before the first sales day.
Straits Times
Jan 19, 2011
170 Spottiswoode 18 units sold despite cooling measures
By Cheryl Lim
SOME property buyers shrugged off the latest cooling measures to take up flats at yesterday's preview of Spottiswoode 18, which will be built on the old Dragon Mansion site in Tanjong Pagar.
Around 68 per cent or 170 units out of the 251 units up for grabs were sold, said developer Roxy-Pacific Holdings.
The units sold were mainly smaller flats. Average prices were $1,900 per square foot (psf) and the price of a 387 sq ft, one-bedroom unit started from a relatively affordable $688,900.
More than half of the units at the project near Tanjong Pagar MRT station are 'shoebox' apartments - less than 500 sq ft in size.
While the response was strong, its average psf prices were also marginally lower than what nearby Spottiswoode Residences had been fetching recently.
Some former Dragon Mansion owners told The Straits Times they were interested in the new property for sentimental reasons while many others said they were still keen to buy for investment, given the low interest rates.
One show-flat visitor, who wanted to be known only as Mr Tan, said he found the project's smaller units attractive because of the good rental potential.
'As long as I continue to spend within my means, I won't be concerned about the (cooling) measures,' he said.
One former owner of Dragon Mansion said the measures did not dissuade her from buying because she and her husband can afford the investment.
The couple, who own four properties, settled on a two-bedroom unit for more than $1 million.
Roxy-Pacific's executive chairman and chief executive Teo Hong Lim told The Straits Times that he expected the good turnout for yesterday's launch.
He said the impact of the cooling measures may be hard to gauge but his firm's strategy is to go back to the fundamentals of developing land.
'This means we should not overbid for land, we should select sites carefully and effectively maximise the land's potential,' he said.
'We take the view that we should not be overly aggressive in our business model... If I don't buy a plot of land for a high price, if I control my costs well and design a product that the buyers like, the project is likely to do well.'
Developer Macly Group said it is closely monitoring the Spottiswoode 18 launch as it regards it as an indicator of how buyers are reacting to the cooling measures.
Separately, executive condominium project Austville Residences, which caters to mainly first-time buyers, has had a more muted response.
Since its Jan 13 launch, 20 per cent of its units have been sold.
All 540 units were released through a first-come-first-served system.
Units at the Sengkang project are priced at about $680 psf, with the smallest two-bedroom flat sized at 785 sq ft. The project is offering buyers a deferred payment scheme.
Austville was launched on the same day the new cooling measures were announced - last Thursday.
A spokesman for its developer, United Engineers, said it has seen a dip in interest as buyers are still digesting the new rules but he is confident that sales will pick up soon.
Business Times - 19 Jan 2011
Small units a big hit at Spottiswoode 18
By UMA SHANKARI
(SINGAPORE) Around 170 units in Roxy-Pacific Holdings' 251-unit Spottiswoode 18 were snapped up at the project's launch yesterday at an average price of $1,900 per square foot (psf) - catching many market watchers by surprise.
The project's mostly small units proved to be popular with investors. Most apartments on offer at Spottiswoode 18 - 150 out of the 251 units - are just 387 sq ft. Apartments at the project go up to 1,324 sq ft in size.
There was also balloting for a handful of units as more than one buyer was keen on them.
The group initially wanted to sell only around 100 units but released all choice units due to the strong response, said Roxy-Pacific chief executive Teo Hong Lim. But he added that last week's government measures to cool the market have had some impact on sentiment as not many units were contested for.
Roxy-Pacific's news comes a day after Oxley Holdings said it has sold 22 out of the 36 residential units at its newly-launched Vibes@Kovan over the weekend.
Apartments at Vibes@Kovan are also small - the 22 apartments range in size from 377 square feet to 1,001 sq ft. They were sold for an average selling price of $1,255 psf.
The deals surprised industry players. Said one industry veteran: 'The thinking now is that small units are mostly sought after by speculators, which is the segment that the government targeted with its measures. So it's surprising that these projects are still selling so quickly.'
But United Engineers reported that sales of its 540-unit executive condominium project Austville Residences were slower as a result of the latest curbs. The developer has sold about 20 per cent of units since its first sales day on Jan 13 - the same day the government unveiled new measures.
'Our sales are affected by the government's announcement on the new set of cooling measures. We are observing a dip in buying interest as most home buyers are still trying to digest the changes introduced to the property market,' said a spokesman for the group.
The morning of the first day of sales saw a high number of visitors and brisk transactions, but the enthusiastic demand was subsequently quelled by the government's announcement later in the day, the spokesman added. But the group is still positive that sales will pick up soon. Units at the project are selling at an average price of $680 psf and the deferred payment scheme is being offered to buyers.
Austville Residences implemented a 'first-come, first-served' system to allocate its 540 units. It was initially well received by the market, with more than 100 successful applicants forming an overnight queue outside its showflat a day before the first sales day.
Straits Times
Jan 19, 2011
170 Spottiswoode 18 units sold despite cooling measures
By Cheryl Lim
SOME property buyers shrugged off the latest cooling measures to take up flats at yesterday's preview of Spottiswoode 18, which will be built on the old Dragon Mansion site in Tanjong Pagar.
Around 68 per cent or 170 units out of the 251 units up for grabs were sold, said developer Roxy-Pacific Holdings.
The units sold were mainly smaller flats. Average prices were $1,900 per square foot (psf) and the price of a 387 sq ft, one-bedroom unit started from a relatively affordable $688,900.
More than half of the units at the project near Tanjong Pagar MRT station are 'shoebox' apartments - less than 500 sq ft in size.
While the response was strong, its average psf prices were also marginally lower than what nearby Spottiswoode Residences had been fetching recently.
Some former Dragon Mansion owners told The Straits Times they were interested in the new property for sentimental reasons while many others said they were still keen to buy for investment, given the low interest rates.
One show-flat visitor, who wanted to be known only as Mr Tan, said he found the project's smaller units attractive because of the good rental potential.
'As long as I continue to spend within my means, I won't be concerned about the (cooling) measures,' he said.
One former owner of Dragon Mansion said the measures did not dissuade her from buying because she and her husband can afford the investment.
The couple, who own four properties, settled on a two-bedroom unit for more than $1 million.
Roxy-Pacific's executive chairman and chief executive Teo Hong Lim told The Straits Times that he expected the good turnout for yesterday's launch.
He said the impact of the cooling measures may be hard to gauge but his firm's strategy is to go back to the fundamentals of developing land.
'This means we should not overbid for land, we should select sites carefully and effectively maximise the land's potential,' he said.
'We take the view that we should not be overly aggressive in our business model... If I don't buy a plot of land for a high price, if I control my costs well and design a product that the buyers like, the project is likely to do well.'
Developer Macly Group said it is closely monitoring the Spottiswoode 18 launch as it regards it as an indicator of how buyers are reacting to the cooling measures.
Separately, executive condominium project Austville Residences, which caters to mainly first-time buyers, has had a more muted response.
Since its Jan 13 launch, 20 per cent of its units have been sold.
All 540 units were released through a first-come-first-served system.
Units at the Sengkang project are priced at about $680 psf, with the smallest two-bedroom flat sized at 785 sq ft. The project is offering buyers a deferred payment scheme.
Austville was launched on the same day the new cooling measures were announced - last Thursday.
A spokesman for its developer, United Engineers, said it has seen a dip in interest as buyers are still digesting the new rules but he is confident that sales will pick up soon.
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