Thursday, April 13, 2006
Good take-up rates for three condos before launch
Freehold units' sales a sign that recovery in high-end property market trickling down
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By Fiona Chan
THREE freehold condominium projects that will officially be launched this weekend have already seen good take-up rates at their previews, which analysts view as a sign that the recovery in the high-end property market is finally trickling down.
 SELLING WELL: The noteworthy 562-unit One Amber sold 60 per cent of the 280 units it released in a preview last weekend at an average price of $730 psf. Almost all the two-bedroom units released for sale were snapped up at about $700,000 each and about 60 to 70 per cent of its buyers plan to occupy their units, with the rest buying for investment purposes. |
One Amber at Katong sold 60 per cent of the 280 units it released in a preview last weekend at an average price of $730 per sq ft (psf), while boutique development D'Gallery at Kembangan has sold more than 40 per cent of its 21 units at up to $620 psf since the project was soft launched about a month ago.
Over at Moulmein Rise, 49-unit City Edge has sold a quarter of its units at an average of $800 psf in the five weeks since its soft launch.
These projects are what market watchers call mid-tier developments - freehold condos priced between $600 and $800 psf, located in popular city-fringe areas such as Marine Parade, Thomson Road, Holland Village and Tiong Bahru.
Amid escalating demand for luxury housing and flat prices for cheaper mass-market projects in suburban areas, these mid-market developments have seen prices creep up slowly but steadily.
This is because private home buyers, buoyed by slowly improving sentiment in the market, are becoming more willing to commit to a new home purchase, said
Mr Peter Ow, executive director at Knight Frank.
'The market has been moving upwards since end-2004,' he said.
'People are sensing that the mid-market should be moving faster now, in terms of take-up and pricing, since it's been slower than expected over the past year. If they don't want to miss the boat it's a good time to consider switching to a better home.'
One Amber is particularly noteworthy because the 562-unit project - which sits on the former Maryland Park site and was developed as a joint venture between United Industrial Corporation, SingLand and United Overseas Land - is one of the largest freehold developments to be launched in recent times.
Neighbouring developments like MCL Land's The Esta have been selling well, with 337 of its 400 units sold since December at between $700 and $730 psf.
Almost all the two-bedroom units released for sale at One Amber were snapped up in the last week at about $700,000 each, said Mr Joseph Tan, residential director at CB Richard Ellis, which is marketing the project.
About 60 to 70 per cent of One Amber buyers plan to occupy their units, with the rest buying for investment purposes. 'Quite a number' of the buyers are Indonesian, said Mr Tan.
'It's not surprising because Indonesians are familiar with this stretch of Singapore, and there's still very good demand in this location from home buyers in general.'
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// posted by Shajahan @ 1:18 PM 