Friday, May 04, 2012

Mass market units see strong demand over Labour Day weekend

The long Labour Day weekend has paid off for many public and private projects in the country, with property buyers turning up at showflats in full force and snapping up units.

For instance, the 447-unit Pasir Ris One DBSS (Design, Build and Sell Scheme) project was oversubscribed even before submissions of e-applications ended.

Despite the high prices, the 99-year leasehold project has seen strong take-up. The developer SingXpress Land is selling a three-room (700 sq ft) unit from S$390,000 to S$490,000, which works out to around S$557 psf to S$700 psf. For a five-roomer (1,130 sq ft), prices range between S$650,000 and S$770,000, or around S$575 psf to S$681 psf.

According to analysts, the higher prices put it in direct competition with Watercolours, an EC (executive condominium) project located in the same area. In addition, sources said that the 99-year leasehold, 416-unit EC is already oversubscribed even with applications closing on Monday.

A 743 sq ft two-bedroom unit is going at between S$500,000 to S$600,000 while a three-bedder with a built-up area from 915 sq ft is priced in the range of S$600,000 and S$700,000.

Over at Yishun, the 665-unit 1 Canberra EC (pictured) by MCC Land recorded 500 e-applications. Prices for standard three-bedders range between S$680,000 and S$880,000 while a four-bedder unit is estimated to cost around S$860,000 to S$970,000.

Mass market private condos have also driven healthy sales.

Of the 200 units released at the SeaHill by Far East Organization, some 145 were sold at an average price of S$1,311 psf. MCL Land’s Ripple Bay also sold 505 units from the 679 homes released at an average price of S$870 psf.

View the original article here

Source From Property Guru

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