Property Seeks Silver Lining of Sales
NV Residences take the lion’s share of sale
As the ghost month ends, awaited home seekers come out and surprise market by showcasing a good turn out in the property market. The end of Hungry Ghost Festival marks an end to the negative note prevalent since the commencing of the seventh lunar month; however this cannot be taken as the only reason in the discernable increase of sales. Keen buyers who have received an invaluable period to survey markets and their own economic standing from the property cooling measures that were taken by the government, have come out with a better understanding.
Though the sales have not reached the yesteryear’s ceiling during this time of year, it has shown a favorable response owing to a new major launch namely the NV Residences situated in Pasir Ris. A new condominium with a functional layout and excellent facilities amid a great situational milieu is a 642 unit project of 1-4 bedroom and pent houses put forward by City Developments and the Hong Leong Group. Highlighted features include shadow play house, lighted tents, aqua gym, geometric garden etc.
A show flat was available to preview the project last Wednesday. 160 units out of the 300 units put up for sale were quickly taken up. Since then the project has show a steady increase of sales of another 90 units pushing the average initial price of $830 per square foot up a little.
With the sales previewed, the project plans to have its official launch soon, therefore has closed down the show flat, to prepare itself for the upcoming event.
Though the NV Residences saw the majority of sales in the past two weeks it was not the only one gaining attention. The Minton situated in Hougang Street and Oasis@Elias saw similar sales last weekend. The Minton and Oasis are both again 99- year leasehold condominium projects featuring the best facilities and their own signature attractions like the “3 World” landscaped garden and the “5 Senses Garden” respectively.
Both the projects saw a similar sale of around 10 units per project, and by the end of this week the sales are looking better as compared to the last week. Mr. Peter Ow the managing director of a property services, Knight Frank reflects a happy note on the sales. “It looks like people are settling down, those who are really keen, they are willing to commit” he said.
The Greenwich project which was earlier launched in August by the Far East Organization, celebrated its second phase of sales over the long weekend. This elegant low rise condominium is situated within the vicinity of Seletar Aerospace Park. The highlighted feature of this 1-3 bedroom project is it’s higher than average ceiling height which gives it an airy and spacious ambience. The average price reached after the sale of approximately 225 units was $1,074psf.
Two quarters back, before the property cooling measures were taken property sales were at its highest boom. It was easy to imagine projects featuring shoe box units to be sold out within days. One such project is the World Class Land at Telok Kurau. Its prime features include one-bed apartments of an average price of around $1,300 psf. Though it has been reported that the project saw a several unit sale, it was clearly not sold out.
Amidst the slow and steady sales going on, Industry watchers wait and see where the market is headed. In keeping with the global economic trend coupled with the property cooling steps taken the upcoming projects have a much defined view to attract probable buyers. One such awaited project is the Hoi Hup Sunway’s Vacanza@East at Kembangan. The project is being prepared for a soft launch by the end of this month with an aimed average price of $1,100 psf.
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