Robust sales at new launches

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This is a joke! Cooling measures indeed......they don't seem to be working!

Feb 15, 2011
Robust sales at new launches

270 out of 384 units sold at Waterfront Isle; sales good at other projects too
By Cheryl Lim

Sales have been robust at new property launches across the island, with buyers especially keen on Waterfront Isle near Bedok Reservoir.

Of the 384 flats released for sale at the 561-unit estate, 270 have been sold.

Prices were about $922 per sq ft (psf) when the condominium - a joint venture by Far East Organization and Frasers Centrepoint - was launched on Feb 5, but have since risen to $936 psf.

Waterfront Isle's one-bedroom units of 592 sq ft are selling from $575,000. The Straits Times understands that the prices of some units with a reservoir view have climbed to an average of $1,050 psf.

Preview sales at other new developments paint an equally robust picture.

Oxley Holdings' Loft@Stevens in Stevens Road has sold between 70 per cent and 80 per cent of its 44 units. Most of the apartments at this freehold condo in District 10 are small one-bedders between 335 sq ft and 570 sq ft. Agents said only two or three of these units were left after yesterday's preview sale.

The six-storey development has a mix of one- and two-bedders with prices starting at $720,000 for a 335 sq ft unit.

Nin Residences in Pheng Geck Avenue in Potong Pasir was also well-received, with almost half of the 219 units sold. The 99-year leasehold project is being developed by Qingjian Realty and comprises two blocks, one of five storeys, the other 19.

Nin Residences has one-, two- and three-bedroom units with prices between $1,200 psf and $1,300 psf. A 452 sq ft one-bedder starts from around $700,000.

Meanwhile, experts are about to get a better picture of the market.

The Urban Redevelopment Authority said developers sold 1,332 private homes in December. But market watchers predict the latest figures for last month, set to be out today, will reflect a more subdued market.

Mr Eugene Lim, key executive officer at ERA, expects sales to have dipped below the 1,000 mark.

Although sales last month were off to a strong start, they were dampened in the second half of the month by the twin factors of festive celebrations and the Government's cooling measures, said PropNex chief executive Mohamed Ismail.

ERA's Mr Lim said a clearer snapshot of the market might emerge next month, with this month's data likely to show a carry-over effect from the Chinese New Year period.

"Several projects like The Tennery, Canberra Residences and Waterfront Isle have chalked up respectable sales in the current market climate," said Mr Lim.

"This shows speculators are being priced out and there is a ready pool of serious buyers, with most understanding that property is not a short-term investment."
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