Wednesday, November 29, 2006
[RealEdge] BT : S'poreans buy 26 NZ bungalow plots
| Published November 28, 2006  | |
| S'poreans buy 26 NZ bungalow plots
By ARTHUR SIM
SINGAPOREANS bought 26 bungalow plots in a new development in Christchurch, New Zealand, at the weekend, accounting for 60 per cent of the 44 transactions. A total of 52 plots were launched in Singapore. Vincent Chong, associate director (residential) at Colliers International, also the marketing agent here, said most Singaporean buyers were investors in their 30s, though a few buyers were also looking to retire in NZ or migrate there. Mr Chong said most of the buyers were taken by the attractive deferred payment scheme and the fact that the developer, Infinity Investment Group, did not stipulate a time-frame for development. 'The feel that we got from the buyers was that most wanted to lock-in the price quickly,' said Mr Chong, adding that the 'holding cost is low'. Located 25 minutes from Christchurch, some of the larger plots facing the Mapleham Golf Course, were priced at between NZ$160,000 and NZ$595,000 (about S$166,000 to S$617,000). This works out to NZ$18.60 psf to NZ$27.90 psf (S$19.30 psf to S$28.90 psf). The development was launched here at the weekend, and Mr Chong said the foreign buyers included Americans and Australians. He said property prices in Christchurch have been rising steadily. Between 1997 and 2003, prices increased 100 per cent on average, he said. More recently, prices on average increased about 7 per cent between 2005 and 2006. Bob Robertson, CEO of Infinity Investment Group, said the response in Singapore was comparable to that in the domestic market when the development was launched in NZ in April. Subsequent phases have already been priced 30 per cent higher. |
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