Homepage
PR Newswire
20-04-2012, 05:08 PM
The Business Times
Published April 20, 2012
Latest property launches continue to draw local buyers
Projects at Katong, Bishan sell briskly at $1,500-1,700 psf
By Michelle Tan
RESIDENTIAL developments launched over the past week continue to be snapped up like hot cakes, despite their increasingly hefty price tags.
UOL's Katong Regency, which was soft launched barely two days ago, saw a large crowd at its showflat on a weekday afternoon, with many prospective buyers standing around eagerly analysing price lists of the units.
In fact, the freehold 244-unit mixed development which will reside on the former Lion City Hotel and Hollywood Theatre sites, was said to have sold around 70 per cent of all its units as of yesterday evening at an average price that ranged somewhere between $1,500 and $1,600 per square foot (psf).
According to agents smaller units, such as a 550 sq ft one-bedder unit, also achieved high prices starting from $950,000 - which translates to around $1,727 psf.
Kam Tin Seah, senior general manager (investment and strategic development), said: "Katong Regency is a quality development located next to the upcoming Paya Lebar central commercial hub. Besides its strategic location, Katong Regency is also a development that sits atop a three-storey retail mall that will focus on edutainment, gastronomy and lifestyle. With 70 per cent booked, we are pleased that homebuyers recognise the value propositions of this development and realistic pricing for a rare freehold in the highly popular district 15."
Last weekend, CapitaLand also saw brisk sales at the launch of its 99-year leasehold Bishan 509-unit condominium project, Sky Habitat, with 125 units out of the 180 launched sold by Sunday evening at prices that were well above those asked by existing developments in the vicinity.
Notably, average prices for a four-bedder and a one-bedder were said to come in at around $1,642 and $1,747 psf for the respective unit types with buyers being primarily Singaporeans.
During UOL's annual general meeting yesterday, group chairman Wee Cho Yaw pointed out that the robust take-up at property launches is likely due to the high amount of liquidity in the market amid a low interest rate environment, which in turn spurs investors to park cash in options such as properties or stocks.
Consultants also note that demand has been well supported by local buyers so far and expect the sales momentum to continue in the coming months, especially in well-located sub-urban developments.
However, if demand and prices continue to spiral higher, some worry that new cooling measures might be rolled out by the end of the year.
Published April 20, 2012
Latest property launches continue to draw local buyers
Projects at Katong, Bishan sell briskly at $1,500-1,700 psf
By Michelle Tan
RESIDENTIAL developments launched over the past week continue to be snapped up like hot cakes, despite their increasingly hefty price tags.
UOL's Katong Regency, which was soft launched barely two days ago, saw a large crowd at its showflat on a weekday afternoon, with many prospective buyers standing around eagerly analysing price lists of the units.
In fact, the freehold 244-unit mixed development which will reside on the former Lion City Hotel and Hollywood Theatre sites, was said to have sold around 70 per cent of all its units as of yesterday evening at an average price that ranged somewhere between $1,500 and $1,600 per square foot (psf).
According to agents smaller units, such as a 550 sq ft one-bedder unit, also achieved high prices starting from $950,000 - which translates to around $1,727 psf.
Kam Tin Seah, senior general manager (investment and strategic development), said: "Katong Regency is a quality development located next to the upcoming Paya Lebar central commercial hub. Besides its strategic location, Katong Regency is also a development that sits atop a three-storey retail mall that will focus on edutainment, gastronomy and lifestyle. With 70 per cent booked, we are pleased that homebuyers recognise the value propositions of this development and realistic pricing for a rare freehold in the highly popular district 15."
Last weekend, CapitaLand also saw brisk sales at the launch of its 99-year leasehold Bishan 509-unit condominium project, Sky Habitat, with 125 units out of the 180 launched sold by Sunday evening at prices that were well above those asked by existing developments in the vicinity.
Notably, average prices for a four-bedder and a one-bedder were said to come in at around $1,642 and $1,747 psf for the respective unit types with buyers being primarily Singaporeans.
During UOL's annual general meeting yesterday, group chairman Wee Cho Yaw pointed out that the robust take-up at property launches is likely due to the high amount of liquidity in the market amid a low interest rate environment, which in turn spurs investors to park cash in options such as properties or stocks.
Consultants also note that demand has been well supported by local buyers so far and expect the sales momentum to continue in the coming months, especially in well-located sub-urban developments.
However, if demand and prices continue to spiral higher, some worry that new cooling measures might be rolled out by the end of the year.
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/
