Wednesday, July 11, 2012

Stunning Singapore sales for The Crest

EXCLUSIVE: Thai-listed developer SC Asset sold an incredible 52 units at The Crest Sukhumvit 34 (pictured) during its global launch in Singapore last weekend, underlining the substantial interest in Thailand properties among Singaporean buyers.

The 28-storey freehold condominium, which will feature 265 units, is expected to be completed by the end of 2015. It will comprise 183 one-bedroom units (from 35 sq m to 53 sq m), 39 two-bedroom units (from 66 sq m to 77 sq m), 33 duplex apartments (from 82 sq m to 110 sq m) and 10 penthouses (from 86 sq m to 100 sq m).

Prices for sales achieved in Singapore were between THB 174,650 and THB 188,000 per sq m (between S$650 and S$700 per sq ft) for units on the 16th floors and above, according to the SQFT Global Properties, the Singapore real estate agent responsible for the launch event.

Dave Loo, Managing Director of SQFT Global Properties, told “Over the weekend, we gathered that the main reasons that spur Singaporeans to buy Bangkok property are that, firstly, Singaporeans are beginning to find the Singapore property prices too high to enter with a smaller budget. On top of this, the current regulations that have been imposed have made it more difficult for Singaporeans to enter the property market. As a result their attentions have turned towards the overseas property market in search of greener pastures.”

Singapore has recently hosted global launch events for London property developments but this is believed to be the first time that a Thailand developer has chosen to launch its property in the city-state before making it available to buyers at home.

Loo explained: “Within Asia, the Bangkok property market has become one of the more appealing cities to invest in, in the absence of government intervention. In fact, they have been promoting Thailand as a destination for business and tourism.”

In May, PropertyGuru, Singapore’s leading property website, estimated that more than 400 ovserseas property transactions happen every month on the island, although no offical figures are available. Interest in Thai properties among Singaporean buyers has been increasing rapidly this year and more developers are marketing their projects to affluent buyers here. Knight Frank Thailand recently revealed that Singapore buyers have become an important and significant overseas nationality buying on the resort island of Phuket.

Loo added: “Prospective buyers that came to the event with the purpose of investing were primarily concerned with taxation matters, price trends, capital growth and rental yields. The location of the project and the accessibility were also important to them. Those that were buying for their home stay were concerned with the environment they live in, as well as location and accessibility. Most importantly, buyers wanted to understand if the prices being quoted were justified.”

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