Home hunters have been snapping up units over recent weeks and propping up developer sales amid a market slump, but some consultants expect the June tally to be weaker than last month’s. New private home sales for last month were 1,702 units, excluding executive condominiums, but Mr Tan Kok Keong, OrangeTee’s research and consultancy head, said the June figure could come in as much as 10 per cent lower.
The 376-unit newly launched Sea Esta in Pasir Ris has sold about 250 units since its preview on June 10 by Hoi Hup Realty Pte Ltd and marketed by Agency Huttons. One-bedroom units of 517 sq ft pricing from $488,000. The Three-bedroom units of at least 904 sq ft start from $760,000.
Suburban and city fringe projects, in particular, are sought after. The newly launched Cradels, a freehold condominium located near Novena MRT station, sold 65 of its 125 units costing about $1,500 per sq ft (psf) just last Saturday. A one-bedroom unit of nearly 500 sq ft starts from about $600,000.
Tong Eng Group’s Tropika East, which launched on June 9, has sold 59 of its 105 units, with 14 sold in the recent two weeks. Three-bedroom units are price are going from an average of $1.3 million. Qingjian Realty has sold more than 250 units out of the 410 released at its River Isles in Punggol. The 610-unit condominium, launched on June 2, is priced from $830 psf to $850 psf. Far East Organization has sold 27 units over the past week across its projects, with Seahill and Seastrand the top performers.
Sales also held up in the luxury sector. Aurum Land’s 1919 at Mount Sophia has sold out its 75 units since the June 9 launch. Units cost at least $1.12 million, and were sold for $2,000 psf to $2,200 psf. OrangeTee’s Mr Tan said he was surprised at 1919’s showing, given the slump in the luxury segment, although he noted that the project is near schools and other facilities. ‘Mass market sales have been quite good because the pricing is in line with neighbouring launches in those areas… a factor for good sales,’ he said. He expects June sales to dip 5 per cent to 10 per cent from last month, due to the lack of big launches.
Weak sentiment stemming from Europe’s debt crisis and faltering stock markets have also affected buyers, said Chesterton Suntec International research head Colin Tan. ‘It is slow, but still moving… there is still underlying core demand that continues to absorb the supply that is being pushed out,’ he said.
Separately, Bugis Cube, a commercial development, has sold 77 strata-titled retail units, out of 91 available, since its launch last Saturday. Bugis Cube, opposite Bugis Junction, is owned by Griffin Real Estate Investment Holdings. Units there are selling for between $3,000 psf and $7,200 psf. Each unit is priced between $564,000 and $10 million, and will host shops, food and beverage outlets and clinics.
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