Developers benefit sales from overflow impact of new projects and Jurong Lake District’s prospects.
While older projects may show sense of appreciation to homebuyers, as majority of the projects being snapped up, were launched in year 2015 or earlier – Hong Leong Group, MCL Land, Qingjian and MCC Land, enjoyed buoyant sales last year.
Prior projects such as commonwealth Towers in commonwealth Avenue and Coco Palms in Pasir Ris, launching in year 2014, had transacted total 715 sold units.
Chinese developer Qingjian sold 768 previous year, while out of the total sales, 466 comes from executive condominium – Bellewoods in Woodlands and Bellewaters in Sengkang.
Bellewaters was priced average S$786 per square foot, which is within S$750 to S$820 per square foot range during the launch.
The Santorini was launch in 2014, enjoyed successful spillover sales from the Alps Residences launch in September 2016.
The Santorini in Tampines, house 597 unit, was launch in March 2014, had enjoyed ‘spillover’ effect from successful new launch – The Alps Residences which located nearby, Dr Lee Nai Jia, head of South – east Asia research at Edmund Tie and Company said.
Mr Tan Zhiyong, managing director of MCC Land, concluded The Santorini had an overall increase in unit sold from 32 units in year 2015 compared to 106 units the previous year. MCC Land sold 745 units the previous year – 360 units for The Alps Residences, 277 units for The Poiz Residences and the rest at Santorini and TRE Residences.
The demand for private homes the previous year was driven by several factors including the quantum price of the development, potential appreciation in areas such as Bidadari and Jurong Regional Centre.
MCC Land benefited from government’s planning to develop the Jurong Lake District as a second central business district. Lake Grande, comprised of 710 units located near lakeside MRT, 553 units was sold. MCC Land sold total 1010 units, up from 594 units in year 2015.
While Sim Lian had credited buoyant sales from two executive condominium projects – Wandervale in Choa Chu Kang and Treasure Crest in Anchorvale Crescent, total 1003 units sold.
The uncertainity in interest rate, slowing economy and property cooling measures, is expected to be a challenge this year. Hopefully, the moderation of residential home supply through government land sales programme will help developers sell more unsold units – a Hong Leong group spokesman said.
Source: http://www.straitstimes.com/business/buyers-home-in-on-condos-launched-in-2015-and-earlier
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