Good response to Prive

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It's always "strong" interest - so the property market will remain buoyant? Undecided

Business Times - 08 Dec 2010

Good response to Prive

PRIVe, the first executive condominium (EC) project to come up in Punggol, has attracted strong interest from home buyers.

The developers, NTUC Choice Homes Co-operative and Chip Eng Seng, received 1,011 applications for the 680 apartments available as at 8pm yesterday. Applications have closed and bookings will start on Friday.

The 99-year-leasehold development offers two to four-bedders across four 17-storey towers, and the average selling price will be between $660 and $690 per square foot (psf).

The developers are offering a deferred payment scheme, although buyers who opt for that will have to pay 2 per cent more.

DMG & Partners analyst Brandon Lee, who visited Prive's sales gallery over the weekend, said in a report that the turnout was buoyant. 'We thought overall pricing of $680 psf is reasonable, which equates to a slight 8 per cent premium over the $630 psf fetched by nearby completed ECs.'

Response to ECs launched this year has been moderate. When Frasers Centrepoint launched Esparina Residences, it received 1,155 applications for the 573 units available. Actual take-up was lower as some potential buyers could have backed out after their preferred units were sold. At MCC Land's The Canopy, around 450 applications had come in for the 406 units available.

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