Wednesday, June 13, 2012

Developers see healthy sales figures over the weekend

Upscale and mass-market projects have recorded healthy take up rates over the weekend.

After selling 68 of its 75 black-and-white apartments on offer, high-end 1919 development on Mount Sophia is now over 90 percent sold. The freehold development, which sees completion by 2015, is developed by Aurum Land and unveiled last Saturday.

Average prices are from S$2,000 psf to S$2,200 psf while patio units located on the ground floor are priced from S$1,600 psf. The units are sized from 560 sq ft to 1,302 sq ft, which works out to no less than S$1.12 million for a 560 sq ft unit.



For the mass market projects, Sea Esta by Hoi Hup Realty sold almost 200 units at Saturday’s preview. Offering 376 units, the development is expected to be officially launched by next week.

With at least 517 sq ft in size, one-bedroom units are offered from S$488,000 while three-bedders, which are at least 904 sq ft, go from S$760,000.

According to Alan Cheong, Research Head at Savills Singapore, the healthy sales figures follow a typical trend for the area. He reckoned that mass market condos commonly sell 40 percent of all units in only two weeks.

The recently-launched Tropika East in suburban Eunos, sold 45 of its 105 units on offer. Tong Eng Group launched the freehold project last Saturday.

Meanwhile, Qingjian Realty's River Isles in Punggol, sold about half of its released units. The 99-year-leasehold project features 610 units, with only 410 released so far.

Donald Han, Special Adviser at HSR Property Group, said that robust weekend sales signify that the momentum shown in the first four months of the year will continue in the next few months.

Despite global worries, he said that Singapore remains a safe haven for investors. “The volume of transactions in the high-end market is still nothing to shout about, but at least there are signs of life.”

View the original article here

Source From Property Guru

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