Sales at launches buck 'slow December' trend

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Dec 29, 2010
Sales at launches buck 'slow December' trend

By Aaron Low

THE Christmas buying spree has rubbed off on home hunters who have been snapping up units at Singapore's latest property launch.

Some 181 of the 217 units put up for sale at The Tennery since Monday last week have already been snapped up - and this in the usually slow month of December.

Coupled with other strong launches, an estimated 600 new private homes have been bought so far this month. This means that the total number of homes sold for the year is well on track to reach the 16,000 predicted by real estate firm CB Richard Ellis.

At The Tennery, prices for the one- and two-bedroom units start at $720,000 and range from $950 to $1,300 per sq ft, according to developer Far East Organization.

It said Singaporeans and permanent residents made up 80 per cent of the buyers at the 99-year leasehold site at the junction of Choa Chu Kang Road and Woodlands Road.

PropNex chief executive Mohamed Ismail said the affordability of the small units - as well as the accessibility of the site - made the 16-storey residential development an attractive proposition for buyers.

'Most of the buyers are probably medium-term investors who have a view to renting them out,' he added.

He noted that the site, which will eventually boast 338 units, is near the Ten Mile Junction LRT and the soon-to-be completed Bukit Panjang MRT.

The successful Tennery launch coincides with solid performances at other new launches this month.

Some 232 units of the 250 units offered for sale by CapitaLand at its D'Leedon project on Farrer Road have been bought.

And buyers have purchased almost all of the 167 units at Robinson Suites, which are priced from $2,300 to $3,300 psf.

According to data released by the Government, some 15,025 new private homes were sold during the first 11 months of the year, already an all-time record.

With analysts predicting that full-year sales could hit 16,000 units, this would exceed the 2007 record of 14,811 units by some 8 per cent.

Orange Tee head of research and consultancy Tan Kok Keong predicts that the momentum of sales from November, when 1,909 homes were sold, is likely to continue into the new year.

'The feel-good factor is back, with a more positive economic outlook and the Government reporting good job growth,' he said.

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