Bedok project draws long queue, but...

[Musicwhiz]

700 sq ft x $1,350 psf = $945,000 for such a small unit???

The Straits Times
Nov 24, 2011
Bedok Residences sells 350 units

By Cheryl Lim
THE Bedok Residences project that has generated so much talk this week for imposing a queue system on potential buyers racked up robust sales figures at its official launch yesterday.

Buyers snapped up about 350 of the 450 homes released as at 5pm - 60 per cent of the 583 flats in the CapitaLand project. Two-bedroom units were the most popular, comprising 36 per cent of the sales, followed by one-bedroom units with study rooms at 28 per cent.

Prices averaged $1,350 per sq ft for units, which range from 517 sq ft for a one-bedroom unit to penthouses of 3,218 sq ft each.

Hundreds of people queued for a chance to buy units at the 15-storey integrated project at New Upper Changi Road, with some hopefuls arriving as early as Sunday night.

The queue system attracted much comment, with claims of poor crowd control, underage people being paid to join the line, people trying to push in and even a near-altercation.

Marketing agent ERA later addressed those matters in a statement issued on Tuesday.

Commenting on the launch, CapitaLand said the sales figures demonstrated that the queue outside its showroom was made up of genuine prospective buyers, adding that those in line had managed to buy their choice units.

A buyer waiting outside the showroom yesterday morning, known only as Mrs Yong, told The Straits Times she was hoping to get a three-bedroom unit because of the location. After a long wait, she managed to land the flat of her choice.

'I live in Siglap, so I have been looking for somewhere in the east. When I am older, it will be convenient for me to get around because of the nearby connection to the MRT and bus interchange.'

The development will also house the new Bedok bus interchange and a mall, and will be connected to Bedok MRT station by an underpass linkway.

[brattzz]

don't be surprised!

SGD$1m for shoebox unit soon!!

[Jared Seah]

Singapore then become the city with the most millionaires!?

[brattzz]

of cos!! no.1 city of millionaires!!

property taxes collection time!!! $$$$$$!

[FA+TA]

Borrow from Elvis Presley Can't Help Falling In Love Lyrics:Wise men say only fools rush in

We have to thank an gong 2 things:
1) Delicately holding the HDB flat price by not building enough while open flood gate for people to come in a few years ago till last year (no wonder Orchard Road also flooded ). Supply < Demand. Either different ministries cannot see eye to eye/talk to each other or communication break down. Top brains break down.
2) Allow foreigners to buy private properties.

Anyway, this bubble is very hard to burst if there is demand. Before it burst, open the floodgate again and the problem solve. But the question is: Can this be sustain?

[piggo]

2 bdroom, 700 sq feet. Like 2 tokyo hotel rooms...

Track back in singapore condo forums in 08/09... People said exactly the same thing. So small, only enough space for pets etc etc. that was when it wasn't even 1k psf. Think if it never got to this level, there'd be cash lying on the streets! Haha... now it'd take disaster of epic proportions to go back... Prolonged high unemployment?

[Musicwhiz]

piggo, I think it's possible, but of course that would be considered an "upheaval" in our property market. Seems as though many in this country are vested in properties which are RISING in value.....

The Straits Times
Nov 25, 2011
Condo queue: Real interest or marketing gimmick?

By Cheryl Lim

WAS the long queue of prospective buyers at the recently launched condominium Bedok Residences just a marketing gimmick?

That is the question being asked after it has emerged that people were made to physically wait in a queue for more than two days for a chance to buy a flat, even after queue numbers had been issued by the project's marketing agent ERA.

Queue numbers were issued as early as Monday morning, but people were told that they could not go home until the official launch of sales on Wednesday morning.

The Straits Times understands that roll calls were even conducted at random to ensure that everyone stayed in line.

The crowd was warned just 10 minutes before each roll call and anybody who was discovered not to be present was immediately struck off the list.

The tough rules, which resulted in a queueing spectacle at the sales site that was publicly visible for a few days, have invited speculation about the intentions of ERA and the project's developer CapitaLand.

This is especially since the project did not sell out on the first day, although it moved a fairly brisk 350 of the 450 units launched.

'I think there was some purpose to it... They might have wanted to gradually build up a sense of excitement,' said Mr Colin Tan, head of research at Chesterton Suntec International.

ERA told The Straits Times yesterday that the queue had formed earlier than expected and it was simply carrying out instructions from CapitaLand.

'CapitaLand's instructions to us were that interested buyers will be entertained on a first come, first served basis, determined by a physical queue,' said its spokesman.

'The physical queue is transparent and meets the developer's requirements for a first come, first served basis of offering the units for sale.'

He added that queueing for property was 'not unlike the queues we see for popular items like the iPhone, iPad and at the opening of the much awaited H&M boutique'.

In its response, CapitaLand Residential would only say this was not the first time it has used a queue system.

It added the sales figures showed that 'the interest was genuine and that the first come, first served approach is fair and transparent'.

Still, several agents who queued on behalf of buyers for the development called the practice of a roll call 'extreme'.

Some argued that ERA could have registered names of interested buyers online, or asked people who had obtained queue numbers to go home and come back on the day of the launch, just before the showroom doors open.

Mr Chris Koh, a director at Dennis Wee Group, pointed out that the long wait could also raise tempers.

'Frustration would set in if people have to line up for 24 to 48 hours. Fatigue paired with the smallest comment someone makes could get you all ruffled up,' he said.

'I can imagine that the sun and the rain we've seen these few days wouldn't help things.'

ERA maintained yesterday that people in the queue - many of whom were students and retirees paid by agents - were 'well taken care of' and that food, shelter and drinks were provided.

'Queueing is a marketing ploy? This is not true,' said its spokesman. 'Why would anyone spend money to employ helpers to queue as a gimmick?'

Still, market watchers said that the impact on buyers of seeing a queue was undeniable.

Said Mr Tan: 'After seeing the demand, they may ponder: Could this be a bargain? Should I then join the queue?'