Tuesday, January 26, 2010

Private home sales gather pace in January 2010...

The Business Times today reported that developers have sold more than 900 private homes so far this month. With another week to go, the tally is easily expected to cross 1,000 units by month end.

Besides Allgreen Properties’ Holland Residences, which will be previewed this week, Wing Tai is said to be making advanced preparation for an imminent preview of L’Viv at Newton Road. The average price is touted at $1,900-$2,000psf, which is significantly higher than the $1,700psf average price at which Ho Bee is selling its Trilight condo nearby.

Wing Tai is eyeing a higher psf price by offering smaller units. This will keep the absolute lump sum price per unit “affordable” to potential buyers. Deferred payment scheme will also be offered, as Wing Tai had clinched approval for it before the scheme was scrapped in 2007.

L’Viv has a total of 147 units, comprising 1+Study (72 units) of around 600sqft+, and 2+Study (72 units) of about 1000sqft. There are also three penthouses (all 3-bedders).

Trilight does not have any 1-bedders. It has two, three and four-bedrooms units as well as penthouses. The 2-bedders range from 1100 to 1200sqft.

Fortune Development is also slated to begin previewing this week RV Edge in the River Valley/Shanghai Road vicinity. The 108-units freehold project comprises mostly smaller apartments ranging from 1-bedders to 2+Study units, with the smallest unit measuring just 400sqft. Prices are expected to start from $600,000+ per apartment.

And as of yesterday, City Developments Ltd (CDL) has sold 85% or about 150 of the 177 units in total at its Cube 8 condo at Thomson Road, which it began previewing last week. 75% of the units sold are bought by Singaporean, with an equal mix of owner-occupiers and investors. This district 11 freehold project was initially priced at $1250psf on average, but prices were upped 2 – 3% for subsequent releases.

Other than the buying buzz created this month from the release of new projects, a steady stream of activity is also seen at existing projects that have been on the market for at least a few months:

• Ho Bee investment has sold about 60 units at its Parvis condo at Holland Hill and 10 units at Trilight since the start of the year.

• CDL is also understood to have sold more than 50 units at its Livia condo in Pasir Ris this month and the 724-units project is now left with about 10 units.

• UOL Group has sold 25 units at Double Bay Residences in Simei and 18 units at Meadows @Pierce along Upper Thomson Road so far this month.

The UOL Group plans to launch two projects in the first half of this year - a 99-years leasehold condo with 600+ units at Dakota Crescent (near Old Airport Road) and a project with some 170 units on the Rainbow Garden site in the Toh Tuck area.

If any developer is reading this blog, can the wife and I politely request that you spead your launches more evenly over the year? The will certainly help us reduce the existing backlog in our "To View" list, thank you very much!
Smiley Face



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