Weekend launches draw big crowds

New private residential projects launched over the weekend received healthy interest from potential buyers, according to media reports.

J Gateway in Jurong which is being developed by MCL Land received 1,400 blank cheques as of Saturday, while 1,500 people showed up for the balloting. Overall, 736 of the 738 available condo units were snapped up.

Koh Teck Chuan, Chief Executive Officer of MCL Land, said most buyers had local addresses around Jurong. They were especially drawn to the project due to its proximity to Jurong East MRT station and new amenities planned within the area.

On average, units were going for S$1,480 psf, Koh said. One-bedroom units were selling for about S$1,778 psf which was higher than the expected S$1,650 psf, while four-bedders were priced at S$1,400 psf.

While the psf prices were slightly high, they were worth it due to expected strong rental demand from expats, said buyer Shirlyn Ng.

MCC Land has also relaunched its Forestville EC after it was briefly halted due to unapproved development changes. The first day of sales for the Woodlands project ended with 210 of the 653 units sold as of 5pm.

Meanwhile, Hong Leong Holdings has unveiled One Balmoral in District 10. With prices starting at S$1.5 million, the 91-unit freehold project offers one- to four-bedroom unit types at between 592 to 1,657 sq ft.

Source – PropertyGury – 2 Jul 2013

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