http://www.straitstimes.com/archive/...sales-20140603
Post-launch, popular housing projects see slower sales
Published on Jun 3, 2014 1:16 AM
By Cheryl Ong
PROPERTY developments that notched up brisk sales at their debuts seem to have slowed down as home seekers evaluate their options in a buyers' market.
Market watchers said home hunters can take their time to secure the best buy given the way weaker market sentiment has turned the market in their favour.
Since the 210-unit Waterfront@Faber condo went on sale two weeks ago, World Class Land has moved 86 units at an average $1,280 per sq ft (psf). About 80 units were bought for $1,100 psf to $1,350 psf at its launch.
The 99-year leasehold project has 199 units and 11 strata houses. Two-bedroom units are 753 sq ft to 764 sq ft, while a three-bedder is about 1,023 sq ft. Four-bedroom units range from 1,173 sq ft to 1,292 sq ft and strata landed units are 2,799 sq ft to 3,035 sq ft.
The 845-unit Commonwealth Towers saw a slight improvement in take-up.
The joint venture, which includes the Hong Leong group, said "more than 66 per cent of the 400 units released" have been sold, up from 65 per cent at the 99-year leasehold development in Commonwealth Avenue when it was launched early last month.
"The first few weeks of a launch will see the strongest take-up for any development because pent-up demand would have been satisfied (then)," said Chesterton International managing director Donald Han.
CBRE research head Desmond Sim said: "But if better units are already snapped up, market watchers will know that there are other projects coming onstream as well and wait."
But sales at projects with launch prices below buyers' expectations are steadily gaining pace.
City Developments sold 20 units of three- to five-bedders at Coco Palms in Pasir Ris at the weekend, bringing the sales tally up to 597 units, or 63 per cent of 944 units. At its launch two weeks earlier, about 52 per cent of its units were snapped up.
Three-bedders start from $880,000 and four-bedders start from $1.21 million. Units range from 463 sq ft one-bedroom units to 3,111 sq ft penthouses.
The freehold 212-unit Kallang Riverside condo in Kampong Bugis saw 99 units sold so far. Its developer, The Singapore-Johore Express, said most two-bedders with a view of the Singapore Sports Hub were snapped up for $1,900 psf to $2,600 psf.
Despite a slide in momentum, Mr Han expects May's new home sales to hit 1,500 to 1,600 units - a new recent high. "The good news is that May has had more mass-market launches, and some projects were relaunched with compelling discounts."
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