Lower prices at Panorama relaunch tomorrow

[princess_morbucks]

http://www.businesstimes.com.sg/prem...orama-20140507
THE PARANOMA 070514
Wheelock Properties's condominium project in Ang Mo Kio, The Panorama, is gearing up for a re-launch this Sunday, with agents saying that new prices could be as much as 10 per cent lower than those at the initial launch - PHOTO: WHEELOCK PROPERTIES
[SINGAPORE] Wheelock Properties's condominium project in Ang Mo Kio, The Panorama, is gearing up for a re-launch this Sunday, with agents saying that new prices could be as much as 10 per cent lower than those at the initial launch.
The re-pricing comes on the heels of earlier price cutting by its rivals to hasten sales amid mounting pressure from upcoming condo launches.
Balloting takes place on Sunday.
A one-bedder at The Panorama could start from $565,000, a two-bedder from $820,000 and a three-bedder from $1,175,000, according to marketing agents of the project.

[hyenergix]

This is a good one to buy. Future MRT is nearby.

[minority]

pdf looks competitive

[leesg123]

Will they mark up 20% first then mark down 10%?

[bargain hunter]

nope, u can check against the caveats lodged for earlier sales as reference.

the trend these days is to give a real 10% discount to the earlier buyers. hallmark resi, sky habitat are examples.

Will they mark up 20% first then mark down 10%?

[litechaser]

nope, u can check against the caveats lodged for earlier sales as reference.

the trend these days is to give a real 10% discount to the earlier buyers. hallmark resi, sky habitat are examples.

hi,

Do u mean the 10% discount is for current buyers ? The earlier buyers already signed S&P .

[bargain hunter]

yes, people who buy at the relaunch

hi,

Do u mean the 10% discount is for current buyers ? The earlier buyers already signed S&P .

[amk]

price starting to be reasonable..

but look, no discount on the 4-5bds. same as sky habitat.

all these >2.5mil large units are they going to hold to the end ?

[bargain hunter]

large units cut liao also cannot find buyers mah.

price starting to be reasonable..

but look, no discount on the 4-5bds. same as sky habitat.

all these >2.5mil large units are they going to hold to the end ?

[Kelonguni]

price starting to be reasonable..

but look, no discount on the 4-5bds. same as sky habitat.

all these >2.5mil large units are they going to hold to the end ?

The idea is that people who buy such large units have very deep pockets. Why need to discount for them?

They have problems finding place to park money. The average Joe has problems finding money to park.

The discount is for the average Joe. Everybody happy.

[reporter2]

http://www.businesstimes.com.sg/arch...orama-20140507

Published May 07, 2014

Wheelock to cut prices for The Panorama

Agents say prices at re-launch this Sunday could be up to 10% lower than that at initial launch

By Lynette Khoo

[email protected] @LynetteKhooBT


[SINGAPORE] Wheelock Properties's condominium project in Ang Mo Kio, The Panorama, is gearing up for a re-launch this Sunday, with agents saying that new prices could be as much as 10 per cent lower than those at the initial launch.

The re-pricing comes on the heels of earlier price cutting by its rivals to hasten sales amid mounting pressure from upcoming condo launches.

Balloting takes place on Sunday.

A one-bedder at The Panorama could start from $565,000, a two-bedder from $820,000 and a three-bedder from $1,175,000, according to marketing agents of the project.

These guided prices translate to $1,100-1,310 per square foot (psf), depending on the unit size. One-bedroom units at The Panorama are 431-474 square feet, two bedroom units are 678-700 sq ft and three bedroom units are in the 990-1,066 sq ft range.

Bigger units at The Panorama - four-bedders, five-bedders and penthouses - do not come under this "promotion" and are made available only on request from buyers.

The Panorama showflat re-opens today with a new one-bedroom show unit after a seven-week hiatus. Poor turnouts at the showflat after the first couple of weeks prompted the developer to temporarily close the showflat in mid-March for a revamp - barely three months from its January launch.

Some 58 units of the 698-unit project were moved in January at prices ranging from $1,234 psf to $1,591 psf, with a median price of $1,343 psf. Another four units were sold subsequently, with the last median price at $1,457 psf in March.

Also in District 20, CapitaLand relaunched its Bishan project, Sky Habitat, two weeks ago at lower prices of between $1,276 and $1,590 psf - around 10-15 per cent below the initial price range when it was launched two years ago. The tactical move apparently worked - more than 100 units have been sold since the re-launch.

CapitaLand is also dangling a 15 per cent discount for a key District 10 project, D'Leedon at Farrer Road, which is due to receive its temporary occupation permit (TOP) by year-end but has about 268 unsold units remaining. The one-bed plus study units start from $1.3 million, while a three-bedder starts from $2.2 million.

Tepid sales at The Panorama have prompted Wheelock to make a $110 million provision for the project, which pushed the group deeper in the red with a loss of $91.3 million for its fiscal fourth quarter ended Dec 31, 2013, compared with a $30.8 million loss a year ago. For the full year, however, Wheelock posted a profit of $40 million, down nearly 37 per cent from the previous year.

[minority]

how much psf for deeledon? I remember relaunch last year was ard 1200psf?

[reporter2]

http://www.straitstimes.com/archive/...orrow-20140510

Lower prices at Panorama relaunch tomorrow

Agents say prices could be 14% lower than at January's initial launch

Published on May 10, 2014 1:11 AM

By Melissa Tan


THE Panorama condominium in Ang Mo Kio goes back on sale tomorrow at a discount, the latest in a recent string of relaunches.

The new prices could be up to 14 per cent lower than at the initial launch in January, according to marketing agents.

Consultants said more projects could be put back on the market at lower prices in the coming months as some developers may have to sell units to pay for the project's construction.

Developers may also be encouraged to do so because recent condo repricings by their rivals have managed to move a decent number of units, they noted.

At The Panorama's relaunch tomorrow, prices for a one-bedder could start at $565,000 in total, according to marketing agents.

This is about 14 per cent below the lowest price paid for the smallest one-bedder in January - $658,670 for a 431 sq ft unit.

A two-bedder could start at $820,000 and a three-bedder $1,175,000. New prices for larger units such as four- and five-bedders and penthouses were not advertised.

The new prices work out to a range of $1,100 to $1,310 per sq ft (psf), lower than the previous average of $1,366 psf, according to caveats lodged with the Urban Redevelopment Authority (URA).

The 99-year leasehold project has sold poorly, partly because home loan curbs set last year have made it tough for buyers to afford more expensive units.

The developer, Wheelock Properties, moved 58 units in January at a median price of $1,343 per sq ft - just 8 per cent of the 698 units available. It had sold only 57 units in total by end-March, going by the latest available URA data, indicating that some units had been returned by their buyers.

Wheelock said in its first-quarter results yesterday that it had sold 56 units at $1,365 psf. It did not specify the average price.

The slow take-up had prompted Wheelock to write off $110 million for the project, which sent it into the red for the three months to Dec 31 last year.

Wheelock had paid $550 million for the land in Ang Mo Kio Avenue 2, which works out to $790 psf per plot ratio (ppr) for the nearly 1.85ha site - far higher than the $560 and $650 psf ppr analysts had expected.

Consultants yesterday said more condo relaunches could be on the horizon, with likely candidates being projects that have moved fewer than half their units.

"Developers generally need to get some cashflow so they don't have to dig into their own pockets to carry on the development," said CBRE research head Desmond Sim. But he noted that the threshold at which developers would need this extra cash depends on their profit margins from the project and the complexity of the construction.

OrangeTee research head Christine Li said "very good results" from recent condo repricings may also entice other developers to relaunch their projects.

The 75-unit freehold Hallmark Residences in Bukit Timah, for instance, managed to sell 26 units in February and a further 13 in March after its developer, MCL Land, cut prices.

CapitaLand's 509-unit Sky Habitat project in Bishan sold 80 units the day it relaunched last month, at prices about 10 to 15 per cent lower than at its initial launch two years ago.

Projects launched last year that have sold fewer than half of their units so far include Hillion Residences in Bukit Panjang, Kingsford's Hillview Peak in Bukit Batok, Vue 8 Residence in Pasir Ris and The Glades in Tanah Merah.

[email protected]

[Kelonguni]

I thought Hillion sold out... Now I know... only the units launched sold out.

Developer played bluff with us...

[Antz621]

I thought Hillion sold out... Now I know... only the units launched sold out.

Developer played bluff with us...

Maybe you recalled wrongly... It was Hillford that was sold out... Just kidding boss...

Anyway in today's mkt where the devil is TDSR, for a developer to achieve a sell-out the entire project needs to price below 1 mil for every single unit. Else, there will always be leftovers for "Phase 2"