Qingjian Realty (South Pacific) Group sold 25 per cent or 158 units of its executive condominium project in Sembawang, The Visionaire, during the first weekend of launch.
Those with "smart home" package were sold at an average of S$811 per square foot (psf). Close to 70 per cent of the buyers opted for the package, while the rest who opted out were given price cuts of S$6,500 to S$8,000 depending on the unit size. More than 60 per cent of the buyers were first-timers.
Qingjian Realty general manager Li Jun said that such a high take-up rate for the "smart home" package among price-sensitive executive condominium (EC) buyers show the readiness of Singaporeans to adopt "smart" living.
"With our partnerships with the systems integrators and technology companies already in place, we will ride on these synergies to reach out to our other homeowners who may also want to be early adopters of 'smart' living," he said.
The group will start rolling out "smart home" packages for homeowners at all its condominium and executive condominium projects that have received temporary occupancy permit (TOP), including Riversound Residence and River Isles, as well as for current launches including Bellewaters and Bellewoods. They will also be available at upcoming launches.
Qingjian had earlier received an astounding 859 number of e-applications, however. Commenting on the conversion rate and sales, Mr Li said these were "satisfactory and within expectations" in view of current market conditions.
He felt that this is also comparable to Brownstone, an adjacent 638-unit project by City Developments that sold some 185 units or about 29 per cent during its weekend launch.
Mr Li believes that some potential buyers are adopting a wait-and-see approach given the looming launch of another EC project in Sembawang, Parc Life by Frasers Centrepoint Limited (FCL) and Keong Hong Holdings.
Parc Life is scheduled to start selling this weekend at a lower indicative average pricing of S$770-800 psf. FCL said on Monday that it has received more than 700 e-applications as of April 24 for its 628-unit Parc Life EC. "Feedback from potential buyers have been very positive and we look forward to the bookings on April 30," FCL said.
FCL and Keong Hong bought the land in Sembawang Avenue for S$214.08 million or S$320.11 per square foot per plot ratio (psf ppr) in July 2014; while Qingjian acquired its Sembawang site in September that year for nearly S$229.38 million or S$353 psf ppr.
This article was first published on April 26, 2016.
Get The Business Times for more stories.