Le Quest launch keeps brisk home sales going

[reporter2]

Le Quest launch keeps brisk home sales going

Aug 7, 2017

Wong Siew Ying


The brisk demand for new private homes here continued unabated, as more than half of the apartments at Le Quest, a mixed development in Bukit Batok, were snapped up over the weekend.

Chinese developer Qingjian Realty moved more than 280 of the 516 units available, with 200 of them sold within hours of launch on Saturday.

Qingjian told The Straits Times yesterday that the sales gallery will be closed from today until phase two of the sales launch, which will be announced at a later date.

Its robust sales come amid a strong pick-up in home sales this year. Developers here sold 6,039 new units in the first half, a 64 per cent surge from the 3,675 moved from January to June last year.

Last month, an executive condominium project - Hundred Palms Residences in Hougang - sold out all 531 apartments during its launch weekend.

Sales at the 99-year leasehold Le Quest far exceeded Qingjian's rather-conservative sales projection of 150 units at a briefing last month.

Mr Alan Cheong, senior director of research and consultancy at Savills, noted: "Not many new developments are expected to launch in the area in the short term, so that is definitely a main factor in buyers' consideration."

The developer said average selling price achieved was about $1,280 psf. The majority of the sales ranged from studio apartments to three-bedroom units.

PropNex Realty, one of the marketing agents for Le Quest, said that most of the buyers are Singaporeans, with a handful of permanent residents and foreigners.

"There was good demand for the smaller units, which appealed mainly to investors," added Mr Benjamin Tan, senior associate district director at PropNex.

Mr Stewart Lim, who bought a one-plus-study unit for $652,000, said he was drawn to the mixed development. "I am buying partly because prices may go up in the future... I may rent it out, but if rents are soft I will live in the unit," added Mr Lim, 28, a real estate agent.

International Property Advisor chief executive Ku Swee Yong said the ample liquidity in the market has been fuelling sales at new launches.

Mr Ku noted: "Buyers of this project are betting on future capital gains with the Jurong Innovation District and Tengah Forest Town coming up. But rentals in the Bukit Batok area remain weak in the near term." The leasing market in that area could also become more competitive as supply from Tengah Forest Town comes on stream in the future, Mr Ku added.

Apart from the residential units, Le Quest has more than 6,000 sq m of retail space on the ground floor. The development is expected to be completed at the end of 2021.

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Le Quest sells all units launched on first day

Buyers pay average S$1,280 per sq ft for 280 homes at the Bukit Batok project

August 7, 2017

Judith Tan


LE QUEST, a Qingjian Realty (South Pacific) Group mixed development project in Bukit Batok, sold 280 units on its first day of sales on Saturday.

The take-up was an oversubscription as only 200 were initially released for sale. The developers said studio to three-bedroom units were the more popular units.

Comprising 516 studio and one- to four-bedroom units and over 6,000 sq m of commercial space, Le Quest is the first mixed-use development in Bukit Batok West, and the first new private development in Bukit Batok in over a decade.

Deputy general manager of Qingjian Realty Yen Chong said: "The enthusiastic response gives us confidence that Qingjian Realty is delivering what homebuyers want - fuss-free, convenient living empowered by technology." The residential units were sold at an average of S$1,280 per sq ft and homebuyers were drawn to "living in the up-and-coming Western region at affordable prices".

One of the first to buy a unit on Saturday was Ms Chen Si, 26, who planned to live in a three-bedroom unit with her parents.

"We are attracted to living close to new developments like the Jurong Lake District and Tengah. The price is reasonable, considering the convenience of having everything we need in the development," she said.

Savills senior director of Research & Consultancy Alan Cheong said: "Bukit Batok is an area with large growth potential - with Le Quest and the full slate of plans for the West of Singapore. Not many new developments are expected to launch in the area in the short term, so that is definitely a main factor in buyers' consideration."

Agreeing, PropNex chief executive officer Ismail Gafoor said the enthusiastic response on the first day of sales at Le Quest was no surprise.

"Its Bukit Batok location is a huge draw, with its proximity to up-and-coming projects like the Singapore-KL High Speed Rail Terminus and the rejuvenation by the Urban Redevelopment Authority (URA) Master Plan," he said.

Details on the next phase of sales will be announced later. Temporary Occupation Permit (TOP) is expected by end-2021.