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PR Newswire
17-01-2011, 08:01 AM
Jan 17, 2011
Healthy turnout at show-flats despite cooling measures
By Cheryl Lim
IT WAS business as usual at property show-flats at the weekend, as crowds continued to flock to new launches despite the Government announcing stricter rules to cool the market last Thursday.
But not all the show-flat visitors were there to buy homes: Many told The Straits Times they were checking out the market and waiting to see what impact the measures would have.
Still, developers managed to move units at projects ranging from high-end bungalows to suburban condominiums.
At Five Chancery at Chancery Lane, two out of 12 freehold strata bungalows have been sold since sales started on
Saturday, at prices starting from $5.9 million a house.
Amid a steady stream of visitors, Far East Organization sold another eight units of its recently launched project, The Tennery in Bukit Panjang, at the weekend.
This brings the total number of units sold so far to 313, with the average price at $1,200 per sq ft (psf).
Over at Kovan, agents said they sold about 20 out of 64 units at the preview sales of iSuites@Palm off Glasgow Road.
Prices for a one-bedroom unit start at $557,000, or about $1,295 psf.
Following the property measures, some marketing agents have stepped up their sales tactics.
The Straits Times understands that Far East Organization is now offering furniture vouchers to encourage sales, while iSuites@Palm dangled a 17 per cent discount at its launch.
This was welcome news to some home buyers.
A couple in their late 30s at The Tennery show-flat, who gave their names as Mr and Mrs Bahrin and described themselves as home upgraders, said they were grateful for the measures as they would have a greater chance of scoring their dream home.
But other buyers were more cautious.
One show-flat visitor, who gave her name as Mrs Koh, said she was looking around to gauge market sentiment after the measures.
Speaking in Mandarin, she said investors like her had been deterred by the measures for now.
But the 49-year-old remained optimistic, and said she would consider investing again when the market improves.
Another investor, permanent resident Zhou Xiao Quan, 38, said he was anticipating a drop in prices.
'I thought the prices were still a little on the high side this weekend, but it is early days yet. I can afford to wait,' he said.
To him, the measures are unlikely to have a lasting effect.
'I feel that property prices and buying patterns will fall when the economy goes bad,' he said.
'When the banks can't lend any more money, then the excitement will cool down.
'But Singapore is so stable, it is not likely to happen.'
Agents said they were not surprised by the healthy turnout at the show-flats, as the measures would have deterred only speculators and cash-poor buyers.
Mr Vincent Heah, a marketing agent for iSuites@Palm, said: 'Although the project has good rental potential, most of our buyers are not looking to invest, they are mostly owner-occupiers.'
Mr George Siow, part of the Five Chancery sales team, believes sales of landed projects will not be affected.
'The landed property market is not hit as hard as the mass market because there aren't many upgraders, and most buyers can afford to pay more cash upfront,' he said.
Healthy turnout at show-flats despite cooling measures
By Cheryl Lim
IT WAS business as usual at property show-flats at the weekend, as crowds continued to flock to new launches despite the Government announcing stricter rules to cool the market last Thursday.
But not all the show-flat visitors were there to buy homes: Many told The Straits Times they were checking out the market and waiting to see what impact the measures would have.
Still, developers managed to move units at projects ranging from high-end bungalows to suburban condominiums.
At Five Chancery at Chancery Lane, two out of 12 freehold strata bungalows have been sold since sales started on
Saturday, at prices starting from $5.9 million a house.
Amid a steady stream of visitors, Far East Organization sold another eight units of its recently launched project, The Tennery in Bukit Panjang, at the weekend.
This brings the total number of units sold so far to 313, with the average price at $1,200 per sq ft (psf).
Over at Kovan, agents said they sold about 20 out of 64 units at the preview sales of iSuites@Palm off Glasgow Road.
Prices for a one-bedroom unit start at $557,000, or about $1,295 psf.
Following the property measures, some marketing agents have stepped up their sales tactics.
The Straits Times understands that Far East Organization is now offering furniture vouchers to encourage sales, while iSuites@Palm dangled a 17 per cent discount at its launch.
This was welcome news to some home buyers.
A couple in their late 30s at The Tennery show-flat, who gave their names as Mr and Mrs Bahrin and described themselves as home upgraders, said they were grateful for the measures as they would have a greater chance of scoring their dream home.
But other buyers were more cautious.
One show-flat visitor, who gave her name as Mrs Koh, said she was looking around to gauge market sentiment after the measures.
Speaking in Mandarin, she said investors like her had been deterred by the measures for now.
But the 49-year-old remained optimistic, and said she would consider investing again when the market improves.
Another investor, permanent resident Zhou Xiao Quan, 38, said he was anticipating a drop in prices.
'I thought the prices were still a little on the high side this weekend, but it is early days yet. I can afford to wait,' he said.
To him, the measures are unlikely to have a lasting effect.
'I feel that property prices and buying patterns will fall when the economy goes bad,' he said.
'When the banks can't lend any more money, then the excitement will cool down.
'But Singapore is so stable, it is not likely to happen.'
Agents said they were not surprised by the healthy turnout at the show-flats, as the measures would have deterred only speculators and cash-poor buyers.
Mr Vincent Heah, a marketing agent for iSuites@Palm, said: 'Although the project has good rental potential, most of our buyers are not looking to invest, they are mostly owner-occupiers.'
Mr George Siow, part of the Five Chancery sales team, believes sales of landed projects will not be affected.
'The landed property market is not hit as hard as the mass market because there aren't many upgraders, and most buyers can afford to pay more cash upfront,' he said.
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