Condo sales in S’pore hit by bad news from US

Condo sales in S’pore hit by bad news from US

 

THE bad news coming out of the United States last week took its toll on property sales in Singapore over the weekend.

Two newly released projects sold fewer than 20 units each, as homebuyers’ caution deepened after the collapse of US bank IndyMac and the forced rescue of mortgage giants Freddie Mac and Fannie Mae.

 

CapitaLand’s Wharf Residence in Tong Watt Road, which started taking bookings over the weekend, sold just over 10 units, sources said.

 

The 173-unit condominium off River Valley Road is priced between $1,500 per sq ft (psf) and $1,900 psf. Unit sizes start at about 1,000 sq ft, so a two-bedroom unit costs $1.6 million to $1.7 million.

 

Meanwhile, Frasers Centrepoint sold about 19 of the 48 units it released at Woodsville 28 near Potong Pasir MRT station.

 

But the developer, which priced the units at an average of $880 psf, said it was ‘quite encouraged by the take-up rate’.

 

‘It was above our expectations, given the general sentiment in the market,’ said a spokesman.

 

Woodsville 28 has two- and three-bedroom units, starting from 829 sq ft, with an average two-bedder costing about $755,000.

 

Sales also continued at a snail’s pace at other condos that have recently been launched, despite reports of large crowds at showflats.

 

OLA Residences in Mountbatten Road has sold only about 10 of its 50 units since sales began three weeks ago.

 

‘There are a lot of walk-ins but offers from buyers are coming in too low,’ said a property agent. The freehold project is priced at about $1,200 psf on average.

 

Two smaller projects, The Scenic@Braddell in Braddell Road and Jubilee Residence in Pasir Panjang, have sold about 10 units each in the last few weekends, putting them at the halfway mark in sales. The Scenic is priced at $820 psf to $850 psf, while Jubilee is going for $900 psf.

 

Cheaper projects are seeing better sales. Buyers have picked up more than 60 of the 212 units at Beacon Heights in St Michael’s Road for an average price of $800 psf, agents said. The 999-year leasehold condo developed by Kim Eng Securities started sales two weekends ago.

 

‘Buyers are still waiting to see if prices go down further, and this will continue until the US situation stabilises,’ said Mr Ku Swee Yong, director of marketing and business development at property firm Savills Singapore.

 

‘There are definitely buyers with enough money to buy new properties, but they are doing their homework these days.’

 

 

 

Source: Straits Times

On the market : New launches

On the market 

In this weekly column, we bring you a sampling of homes for sale. In the spotlight this week: New launches.

 

Clover by the Park,

99-year leasehold

Bishan Street 22/Street 25

Units: 616

 

Price: $750 per sq ft (psf) on average

 

Launch date: Last Friday

 

This mass-market project has two 39-storey blocks. Sim Lian is releasing one tower, comprising 308 units, for the launch.

 

Facilities include a 50m lap pool, a jacuzzi pool and fitness stations. The units range in size from 1,216 sq ft for a three-bedder to 3,498 sq ft for a split-level penthouse with five bedrooms.

 

 

 

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OLA Residences@Mountbatten, freehold

839 Mountbatten Road

 

Units: 50

 

Price: $1,250 psf on average

 

Launch date: July 5

 

The units vary in size from 732 sq ft for a one-bedder plus study to 2,164 sq ft for a four-bedder. There are nine penthouses that range from 1,258 sq ft to 3,208 sq ft. Most units have private lifts.

 

This Lian Beng Group project is located near Katong Shopping Centre.

 

 

 

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The Amery, freehold

Telok Kurau Lorong K

 

Units: 74

 

Price: $860 psf on average

 

Launch date: Last weekend

 

This project, being developed by Sim Lian Group, has only large units. They range from 1,313 sq ft for a three-bedder to 2,379 sq ft for a penthouse.

 

 

Source: Straits Times