More launches in the offing as residential market picks up
More launches are in the works in the coming months as the residential market continues to show signs of waking from its slumber.
Two projects where sales started last weekend had decent take-ups while bookings for an executive condominium begin this weekend.
"Buyers have all along been very interested in property despite the measures, but they are very selective," said ERA Realty key executive officer Eugene Lim. "Project attributes and pricing are important, and developers are likely to price attractively."
New launches last weekend included The Visionaire Executive Condominium (EC) by Qingjian Realty. The project in Canberra Link sold 158 of 632 units at an average price of $811 per sq ft (psf).
The Sturdee Residences in Jalan Besar, by Sustained Land, sold 122 of 305 units at an average price of $1,550 psf at its preview. It will be officially launched on Saturday. Most of the units sold were one to two bedders while three of eight penthouses have been taken. Two of these were 1,830 sq ft units that went for $3.2 million each.
This weekend, Frasers Centrepoint and Keong Hong Holdings will launch Parc Life EC, for which they have received over 700 e-applications. The 660-unit Sembawang Crescent project is priced from $770 to $800 per sq ft (psf).
The show gallery for Gem Residences by Evia Real Estate, Gamuda and Maxdin is opening this weekend as well. Bookings for the 578-unit project in Toa Payoh start end-May with average prices at about $1,480 psf.
Pre-sales for Stars of Kovan by Cheung Kong Property are also expected to start next month. Condo prices at the mixed-use project, which has 390 condo units, five strata terraces and 46 shops, are about $1,550 to $1,600 psf.
The Urban Redevelopment Authority has reminded developers to comply with the new rules for showflats.
The rules, which came into effect on July 20, govern maps, plans, models and show units.
For example, disclaimer notes regarding the accuracy of the site plan, unit models or unit floor plan are not allowed.
All door frames, cupboards, cabinets and wardrobes in the actual unit must be installed in the show flat, among other rules.
This article was first published on April 26, 2016.
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