Kevin Tan
03-02-16, 09:04
http://www.theedgeproperty.com.sg/content/price-trim-renews-interest-existing-projects
Price trim renews interest in existing projects
By Feily Sofian / The Edge Property | January 15, 2016 10:34 AM MYT
Tags: condominiumlaunchesBishanSky Vuediscount
Several developers took advantage of the buying rally in recent launches to move their unsold units. Last November, CapitaLand launched the remaining 182 units at Sky Vue in Bishan and is understood to have offloaded a total of 80 units since.
Separately, Wheelock Properties released an additional 80 units at The Panorama on Ang Mo Kio Avenue 2 in October and November and in turn moved a total of 60 units over both months.
Price trimming was a key factor in driving sales momentum. CapitaLand, for example, is offering a discount of up to $150,000 for the rest of the units at Sky Vue. Unlike many projects where discounts were typically offered for large or less favourable units, the discount at Sky Vue is applicable across unit types.
Meanwhile, the latest units on offer at Sky Vue are located on the 28th floor and above, collectively branded as “The Sky Collection”. CapitaLand refers to them as premium units, where residents can enjoy the panoramic view of the surroundings including Bishan Park. Sky Vue comprises two 37-storey towers with a total of 694 units.
Discover 'The Sky Collection' at Sky Vue and the discounts offered
Source: CapitaLand
Anecdotal evidence based on caveats lodged shows that the discount rate at Sky Vue is around 7% across unit types. For example, a 484 sq ft, one-bedroom unit on a high floor was sold for $1,749 psf in the first phase of launch. In November, another 484 sq ft unit located two floors above it found a buyer at $1,639 psf, translating into a discount rate of 6%.
Similar discount rates were seen for three-bedroom units. A 1,141 sq ft, three-bedroom unit on a high floor went for $1,555 psf in the first phase of launch. In November, another 1,141 sq ft unit directly above it was sold for $1,455 psf, or a discount rate of 6%.
The latest sales reduced the number of unsold units in Sky Vue to 102. According to CapitaLand, there is still a mix of one- to three-bedroom units available on the 28th floor and above. Prices start from $821,000, $1.1 million and $1.6 million respectively.
At The Panorama, more than 40% of units sold in 4Q2015 measured between 901 and 1,100 sq ft, followed by 35% in the 1,101-to-1,300 sq ft range. Developer Wheelock Properties seems to be extending discount rates similar to those at Sky Vue, relative to the initial launch price.
A 1,012 sq ft unit on a low floor, for example, was sold for $1,185 psf in October whereas a comparable unit was sold for $1,270 psf in the first phase of launch. This works out to a discount rate of 7%. In another example, a 1,130 sq ft unit on a low floor was sold for $1,192 psf in November, reflecting a 6% discount to the $1,267 psf fetched by a comparable unit in the first phase of launch.
The Panorama was also a consistent performer in 2015, chalking up close to 30 sales a month on average. The project’s average price of $1,229 psf in 2015 was compelling for buyers, given that several projects located further inland have similar or higher price tags.
A confluence of factors
http://www.theedgeproperty.com.sg/content/price-trim-renews-interest-existing-projects
Price trim renews interest in existing projects
By Feily Sofian / The Edge Property | January 15, 2016 10:34 AM MYT
Tags: condominiumlaunchesBishanSky Vuediscount
Several developers took advantage of the buying rally in recent launches to move their unsold units. Last November, CapitaLand launched the remaining 182 units at Sky Vue in Bishan and is understood to have offloaded a total of 80 units since.
Separately, Wheelock Properties released an additional 80 units at The Panorama on Ang Mo Kio Avenue 2 in October and November and in turn moved a total of 60 units over both months.
Price trimming was a key factor in driving sales momentum. CapitaLand, for example, is offering a discount of up to $150,000 for the rest of the units at Sky Vue. Unlike many projects where discounts were typically offered for large or less favourable units, the discount at Sky Vue is applicable across unit types.
Meanwhile, the latest units on offer at Sky Vue are located on the 28th floor and above, collectively branded as “The Sky Collection”. CapitaLand refers to them as premium units, where residents can enjoy the panoramic view of the surroundings including Bishan Park. Sky Vue comprises two 37-storey towers with a total of 694 units.
Discover 'The Sky Collection' at Sky Vue and the discounts offered
Source: CapitaLand
Anecdotal evidence based on caveats lodged shows that the discount rate at Sky Vue is around 7% across unit types. For example, a 484 sq ft, one-bedroom unit on a high floor was sold for $1,749 psf in the first phase of launch. In November, another 484 sq ft unit located two floors above it found a buyer at $1,639 psf, translating into a discount rate of 6%.
Similar discount rates were seen for three-bedroom units. A 1,141 sq ft, three-bedroom unit on a high floor went for $1,555 psf in the first phase of launch. In November, another 1,141 sq ft unit directly above it was sold for $1,455 psf, or a discount rate of 6%.
The latest sales reduced the number of unsold units in Sky Vue to 102. According to CapitaLand, there is still a mix of one- to three-bedroom units available on the 28th floor and above. Prices start from $821,000, $1.1 million and $1.6 million respectively.
At The Panorama, more than 40% of units sold in 4Q2015 measured between 901 and 1,100 sq ft, followed by 35% in the 1,101-to-1,300 sq ft range. Developer Wheelock Properties seems to be extending discount rates similar to those at Sky Vue, relative to the initial launch price.
A 1,012 sq ft unit on a low floor, for example, was sold for $1,185 psf in October whereas a comparable unit was sold for $1,270 psf in the first phase of launch. This works out to a discount rate of 7%. In another example, a 1,130 sq ft unit on a low floor was sold for $1,192 psf in November, reflecting a 6% discount to the $1,267 psf fetched by a comparable unit in the first phase of launch.
The Panorama was also a consistent performer in 2015, chalking up close to 30 sales a month on average. The project’s average price of $1,229 psf in 2015 was compelling for buyers, given that several projects located further inland have similar or higher price tags.
A confluence of factors
http://www.theedgeproperty.com.sg/content/price-trim-renews-interest-existing-projects