Robust property sales over weekend
Influx of newly launched homes and commercial units draws buyers
By: Cheryl Ong
BUYERS were out in force over the weekend to take stock of an influx of newly launched homes and commercial units in a mixed development.
Sales were particularly brisk at Jewel @ Buangkok, although KAP Residences in King Albert Park and Liv on Sophia near Dhoby Ghaut also fared well.
Knight Frank head of research and consultancy Alice Tan noted: “Buyers are interested to look at residential projects that have good location attributes, such as close proximity to transport nodes like MRT stations and good schools. Projects are likely to see healthy performance, provided they are priced reasonably.”
Home-seekers took a shine to the Jewel with 203 out of 280 released units snapped up at its preview launch last Saturday.
Ms Tan noted: “To sell above a take-up rate of 70 per cent within one weekend is commendable.”
The project near Buangkok MRT station has a total of 616 units and is priced at about $1,150 per sq ft (psf).
Developer City Developments (CDL) said two of the penthouses were among the homes sold, adding that “84 per cent of the buyers were Singaporeans, with a majority comprising young couples, PMEBs (professionals, managers, executives and businessmen) and HDB upgraders”.
Ms Tan added: “The track record of the developer plays a part, and CDL has a good track record. Projects that it’s launched have seen good take-up rates.”
She also noted that the average resale price of The Quartz, which is next to Jewel, is $1,070 psf this year.
CDL group general manager Chia Ngiang Hong said Jewel’s attractions lie in its proximity to Buangkok MRT station and the upcoming Seletar Aerospace Park, which will boost potential for rent and capital appreciation.
While owner-occupiers seemed taken with Jewel, investors were to the forefront in two other projects on the weekend.
Sales were robust at KAP Residences, a reflection of how such mixed-use developments have become increasingly popular.
The Straits Times understands that 92 per cent of the released units were snapped up at the project, which is being built by a consortium led by Oxley Holdings.
The preview launch for the commercial units was held last Tuesday while the flats were put up for grabs last Thursday.
The freehold development is in District 21 and near popular schools like Methodist Girls’ School and National Junior College.
Oxley said that 93 of the 107 commercial units released were sold at an average price of $5,446 psf, while 135 of the 142 flats launched went at an average price of $1,705 psf. This brought the total number of units sold at the project to 228.
Investors were also keen on Liv on Sophia where about 15 homes were sold over the weekend, including some bulk sales, said Roxy-Pacific Holdings chief executive Teo Hong Lim.
The 64-unit project, which has now sold 40 units since the launch two weeks ago, comprises only two-bedroom, dual-key flats, ranging from 527 sq ft to 710 sq ft. Dual-key units have two separate entrances with their own keys, making them popular with investors looking for two streams of rental income.
Mr Teo estimated that Singaporeans made up 53 per cent of the weekend buyers, permanent residents comprised 42 per cent and foreigners the rest.
There is even more choice coming for home-seekers with the 512-unit executive condominium (EC) Ecopolitan being built by China-based property developer Qingjian Realty in Punggol Way expected to launch later this month.
E-applications for a Sing Holdings EC, expected to be named Coral Edge Residences and near the Coral Edge LRT station in Punggol, are expected to begin at the end of the month.