| THE demand for some brand-new premium condominiums has been phenomenal of late. All 85 units at The Ford @ Holland near Holland Village were sold out in
an hour. Some of the townhouses cost about $4 million, with an average price of about $1,200 psf. All 121 units at the Grand Duchess at St Patrick's were sold out within
36 hours. The average price there was about $750 psf, about $1 million for a three-bedroom unit. But elsewhere on the island, it's a different story. Some projects have units which have remained unsold for up to five years. There were 849 unsold completed homes in the July-to-September period this year, according to the Urban Redevelopment Authority. Costa Del Sol in the Bayshore area was launched six years ago at $765 psf, or almost $1 million for a 1,300 sq ft apartment. The 906-unit project received its temporary occupation permit (TOP) between 2003 and 2004. But sluggish sales have since prompted developer Cheung Kong Holdings to slash unit prices, according to a report in The Straits Times. In February this year, some units were relaunched for as little as $550 psf. We understand that about 200 units in the project are still unsold. PRICES FALL At Sanctuary Green in Tanjong Rhu, prices have fallen to about $620 psf, from an average of $720 psf when the project was first launched in 2000. The 522-unit project received its TOP in 2004. About 130 units remain unsold, said developer GuocoLand. The company is confident that existing and future developments, including the upcoming Stadium MRT station, will add to the vibrancy of the area and enhance the value of the development. The area is close to the future Singapore Flyer, the Gardens by the Bay (a collection of three waterfront gardens), the Marina Bay integrated resort and the new Sports Hub. Some of these units are still unsold probably because of the location and the price, explained Knight Frank's research director Nicholas Mak. He added: 'Sometimes, the bigger the development, the more difficult it is to clear all the units. Not all projects will do well in the market. 'Some of the recent projects have done well because of their good location and potential capital gains.' | 
