It was reported in ST
today that Highline Residences in Tiong Bahru is drawing quite good response
with more than 300 cheques collected from prospective buyers since the preview
held about a week ago.
However, it remains to be
seen how this translates to sales.
Many of the buyers are
investors who are keen on the smaller units, particularly the one- and
two-bedroom types.
The 500-unit development
is being marketed at an average price of $2,000psf but could dip to $1,900psf
after discount.
Pricing of the units has yet to be finalised but the estimated asking price for one-bedroom is
between $1 - 1.2 million; two-bedroom between $1.25 - 1.6 million;
three-bedroom between $1.6 - $2.5 million; and four-bedroom between $2.4 - 2.8
million. The six penthouses are likely to be priced at about $5 million each.
Despite the significant buyers' interest in Highline Residences, recent launches have seen
take-up rate of only 30 to 50% of the units released. New launches nearby
include the 469-unit The Crest and the 429-unit Alex Residences. Both were
launched at about $1,600 - 1,700psf and have sold less than 50% of their units
so far.
Highlight Residences is
expected to launch on Sep 13, and only units in the two 36-story blocks are
likely to go on sale.
When interviewed by ST, a
prospective buyer said that the indicative prices at Highline Residences were "a
bit high" for a 99-year leasehold project. He would prefer to wait as
property prices are likely to ease further.
The wife and I felt that
he is being way too polite with the "a bit high" comment. Even at
$1,900psf, we maintained that Highline Residences is going to be a hard-sell
given the current market climate.
But we will love to be proven wrong as always...
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