s public launch. With many developments selling out within days or even hours at their 'soft launches', invitations to these previews are now hot property.
Grand Duchess at St Patrick's led the way last month when all 121 units were sold within 36 hours. Two days later, The Ford @ Holland saw buyers snapping up all 85 units in a matter of hours.
This week, the red-hot Marina Bay Residences sold like hot cakes - all 422 units, apart from the penthouses, were taken up in two days despite stratospheric prices.
Since there was nothing left to sell, these condominiums scrapped their public launches - so hopeful buyers who failed to get to the previews were left empty-handed.
In the coming weeks, a number of condominiums are expected to hold previews. These include City Developments' high-profile One Shenton in Shenton Way, BS Capital's The Lumiere off Anson Road, and Keppel Land's Sixth Avenue residences.
As preview launches are seldom advertised in newspapers beforehand, many home hunters are often in the dark as developers start quietly selling units to invited buyers.
So how does an average home buyer get invited to a preview? Property agents have some tips to offer.
First, scout out the areas that you are interested in. 'When a developer buys land to build a project on, there will be hoarding put up on the site with a phone number to call for inquiries,' said Mr Steven Tan, executive director for the residential division at property firm OrangeTee.
He added that newspapers often publish lists of developments that have been bought in collective sales over recent months, so potential buyers can use that as a starting ground to see which areas will soon have projects on the market.
Potential buyers can then register their interest with the project's developer or marketing agent, who will inform them when the development is ready for sale.
Mr Eric Cheng, senior division director at PropNex, added that it is best to contact the officially-appointed marketing agent as many other agents often jump on the bandwagon to 'co-broke' an apartment. This situation, where a home seller's agent works with another agent who has a willing buyer, means that the buyer is getting a resold unit - possibly at a higher price - instead of a unit directly from the developer.
With projects selling rapidly even at their previews, some agents have started asking potential buyers for blank cheques to reserve a unit at upcoming launches.
But Mr Cheng cautioned that giving a blank cheque is an unwise move because it means prices for the condominium have not yet been set and 'you are buying something you don't even know (the price of)'.
'Never buy a home purely for speculation,' he said. 'If your yield doesn't cover 5 per cent, don't touch it.'
fiochan@sph.com.sg
