reporter2
21-08-12, 12:37
http://www.straitstimes.com/archive/tuesday/premium/money/story/two-launches-planned-despite-hungry-ghost-festival
Two launches planned despite Hungry Ghost Festival
Published on Aug 14, 2012
By Esther Teo, Property Reporter
TWO launches are on the cards over the next few weeks despite the traditionally inauspicious Hungry Ghost Festival starting on Friday.
Developers have tended to shy away from launching in the Chinese seventh month but there are increasing signs that superstition is taking a back seat when sales are in the offing.
Marketing agents say the 752-unit eCO project in Bedok South Avenue 3 is expected to launch early next month.
Units are likely to be priced from $1,150 per sq ft (psf) to $1,300 psf, meaning a typical 1,166 sq ft three-bedder will be about $1.4 million.
The 99-year leasehold project, jointly developed by Far East Organization, Frasers Centrepoint and Sekisui House, will feature various units, including suites, small office, home office (Soho) apartments and townhouses.
The freehold mixed development One Dusun Residences at Jalan Dusun in Balestier is also readying for launch.
It consists of 154 Soho apartments - largely two-bedders or two-plus-study units - and 76 shop units. Marketing materials suggest its preview will be at the end of this month.
Two-bedroom units - from 452 sq ft to 786 sq ft - are estimated to cost more than $600,000 while buyers of commercial units will have to stump up between $700,000 and $1.3 million.
Some experts say that the habit of developers avoiding new launches in the seventh month could be less common now as the younger generation of home buyers might be less superstitious.
Mr Lee Sze Teck, Dennis Wee Group's senior manager of research and consultancy, said sentiment, rather than superstition, might be the key factor guiding launch dates instead.
"If interest is strong, there is no reason to avoid the seventh month. Only if sentiment is uncertain then maybe there's cause to avoid the period," he added.
However, ERA Realty key executive officer Eugene Lim said most developers still avoid the seventh month for launches.
"Developers might do the ground work by gathering buyer interest and holding the preview during that time but the main launch is often after the seventh month," he added.
He noted that at least three executive condominium projects - in Punggol, Sengkang and Woodlands - with a total of more than 1,700 units are expected to be pushed out in the fourth quarter.
The past week also saw new home sales continuing to stream in at existing projects.
A total of 40 units - inclusive of joint venture projects - were sold by Far East Organization, including homes at projects like euHabitat, Hillsta, Seahill and The Hillier.
Koh Brothers sold 36 units at 486-unit Parc Olympia in Upper Changi over the past week, bringing sales to more than 365 units.
Average selling prices were about $840 psf with Singaporeans making up the bulk of the buyers.
[email protected]
Two launches planned despite Hungry Ghost Festival
Published on Aug 14, 2012
By Esther Teo, Property Reporter
TWO launches are on the cards over the next few weeks despite the traditionally inauspicious Hungry Ghost Festival starting on Friday.
Developers have tended to shy away from launching in the Chinese seventh month but there are increasing signs that superstition is taking a back seat when sales are in the offing.
Marketing agents say the 752-unit eCO project in Bedok South Avenue 3 is expected to launch early next month.
Units are likely to be priced from $1,150 per sq ft (psf) to $1,300 psf, meaning a typical 1,166 sq ft three-bedder will be about $1.4 million.
The 99-year leasehold project, jointly developed by Far East Organization, Frasers Centrepoint and Sekisui House, will feature various units, including suites, small office, home office (Soho) apartments and townhouses.
The freehold mixed development One Dusun Residences at Jalan Dusun in Balestier is also readying for launch.
It consists of 154 Soho apartments - largely two-bedders or two-plus-study units - and 76 shop units. Marketing materials suggest its preview will be at the end of this month.
Two-bedroom units - from 452 sq ft to 786 sq ft - are estimated to cost more than $600,000 while buyers of commercial units will have to stump up between $700,000 and $1.3 million.
Some experts say that the habit of developers avoiding new launches in the seventh month could be less common now as the younger generation of home buyers might be less superstitious.
Mr Lee Sze Teck, Dennis Wee Group's senior manager of research and consultancy, said sentiment, rather than superstition, might be the key factor guiding launch dates instead.
"If interest is strong, there is no reason to avoid the seventh month. Only if sentiment is uncertain then maybe there's cause to avoid the period," he added.
However, ERA Realty key executive officer Eugene Lim said most developers still avoid the seventh month for launches.
"Developers might do the ground work by gathering buyer interest and holding the preview during that time but the main launch is often after the seventh month," he added.
He noted that at least three executive condominium projects - in Punggol, Sengkang and Woodlands - with a total of more than 1,700 units are expected to be pushed out in the fourth quarter.
The past week also saw new home sales continuing to stream in at existing projects.
A total of 40 units - inclusive of joint venture projects - were sold by Far East Organization, including homes at projects like euHabitat, Hillsta, Seahill and The Hillier.
Koh Brothers sold 36 units at 486-unit Parc Olympia in Upper Changi over the past week, bringing sales to more than 365 units.
Average selling prices were about $840 psf with Singaporeans making up the bulk of the buyers.
[email protected]