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Published November 22, 2006

Race is hotting up to sell new projects on en bloc sites

By KALPANA RASHIWALA

(SINGAPORE) The Cairnhill area has seen more than 10 en bloc sales in the past two years - the greatest number for any sub location in a prime district, according to CBRE's analysis.

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Mr Kwek: "Nowadays, buyers are very discerning and developers, too, understand that if you want to sell your project at good prices, you have to do something more than just what you've done in the past.'

This implies the area should see a string of new launches down the track.

Agreeing, Hong Leong Group executive chairman Kwek Leng Beng says: 'There may be a race among developers to launch new projects in places like Cairnhill. But then, there are different parts of Cairnhill - Peck Hay Road, Emerald Hill and Cairnhill Circle.

'How well a project will do will depend on things like the configuration for the site, and most importantly what sort of design the developer can offer.'

Leonie Hill and the nearby St Thomas Walk and River Valley areas have together seen 13 en bloc sales since the start of last year - again spelling competition among developers when it comes to finding buyers for their new projects.

As Mr Kwek points out: 'Everybody can say 'I'm the best condo developer and everybody can say I'm in District 9 or 10.' But District 9 and 10 are from one end to the other. Paterson Road is different from Cuscaden Road. And nowadays, buyers are very discerning and developers, too, understand that if you want to sell your project at good prices, you have to do something more than just what you've done in the past. So a lot depends on creativity.'

Mr Kwek also has some advice for those who have reaped a windfall from an en bloc sale - reinvest the money in another property. Otherwise, if the uptrend continues, they may miss out.

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