SUBURBAN condominiums will get their turn in the limelight this weekend as two developments are launched in the north-east.
GuocoLand's The Quartz in Buangkok and the Fortune Homes project Intero at Potong Pasir will offer home buyers a total of almost 700 units when they are officially launched today.
With 625 units, The Quartz is the biggest project to be launched in recent months and is being seen as the first real test of mass-market demand in more than a year.
While high-end homes such as St Regis Residences and The Sail @ Marina Bay have been hot property over the past year, suburban condominiums have been sidelined largely because of muted demand.
These projects are typically 99-year leasehold developments targeted at the mass market, which comprises first-time homebuyers and Housing Board upgraders.
This market segment has seen little movement since Centrepoint Properties launched its 315-unit The Raintree in January.
However, pre-launch sales at The Quartz and Intero have given market watchers reasons for optimism.
The Quartz has already sold 80 units since its preview started more than two weeks ago, according to GuocoLand.
The 99-year leasehold condominium has released about 150 units so far at an average price of $490 per sq ft (psf) or $500,000 for a three-bedroom unit.
'This is the first major mass-market project launched this year and it is definitely a test of the mass market,' said Knight Frank director of research and consultancy Nicholas Mak.
'This project and a few other launches expected later this year could possibly stir the mass market, which so far has been rather flat.'
At Intero, 60 per cent of the 24 units released have been sold, said Savills Singapore, which is marketing the project.
The Leicester Road freehold condo is asking about $620 psf on average for its 48 units. It has 44 three-bedroom units priced from $639,000 and four penthouses starting from $914,000.
Sales have been so encouraging that Savills has brought forward Intero's launch, said Savills Residential senior manager Phylicia Ang.
