Wednesday, September 05, 2012

Ghost Month fails to scare off keen buyers

The traditionally inauspicious Hungry Ghost Festival has not hindered sales at new condominium launches these past two weeks, according to property analysts.

Although buyers usually delay purchasing properties till the end of the festival, developers have been recording healthy sales figures this year.

For instance, V On Shenton (pictured) reportedly sold 27 units at an average price of S$2,200 psf in just one week.

Michael Ng, General Manager at UIC, said that sales were boosted following the announcement of the Thomson MRT Line (TSL), which will have a station at Shenton Way.

Over in Punggol, 15 more units were sold at Parc Centros, with prices ranging from S$800 to over S$1,000 psf. Since its launch in July, around 85 percent of units have been sold.

Meanwhile, Parc Olympia at Upper Changi Road sold 15 units at an average price of S$840 psf. At the same time, Far East Organization reported that 34 homes were sold at its various projects over the past week.

Unlike past generations, younger buyers now place more importance on prices and investment opportunities, rather than on superstition.

“For the younger and more affluent buyers, their concern is really the affordability and investment opportunity,” said Png Poh Soon, Head of Research at Knight Frank.

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