Tag Archives: Centro Residences

Home sales pace subsides

Posted on 25 Oct 2009 | Comments Off on Home sales pace subsides

For the first time in months, supply outstrips demand but supply glut is unlikely
The stock of available homes for sale is beginning to outstrip demand for the first time in months. — ST PHOTO: ALPHONSUS CHERN

A quiet period is always a good time for taking stock – and the rare breather in the housing market right now is allowing buyers to size up the state of home supply.

As the feverish pace of new home sales begins to subside following price hikes and the Government’s efforts to cool the market, the stock of available homes for sale is beginning to outstrip demand for the first time in months.

Last month, developers sold fewer units than they launched, only the second time they had done so since the property market started picking up in February this year.

The last time this happened was in July. Even then, however, the take-up rate was still almost one for one, at 96 per cent. Continue reading →

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Prices of Nuovo cross $600psf on ‘Centro-effect’

Posted on 10 Oct 2009 | Comments Off on Prices of Nuovo cross $600psf on ‘Centro-effect’

There’s been a spurt in sales at Nuovo in Ang Mo Kio recently, after the executive condominium (EC) crossed the five-year minimum-occupation period. Seven units changed hands from Sept 4 to 11, according to caveats lodged with URA Realis. In 2006 and 2008, there was only one transaction each, and two deals in 2007. Owners who sold recently are taking advantage of the “Centro-effect”, caused by the launch of giant property developer Far East Organization’s 329-unit Centro Residences in Ang Mo Kio Avenue 8. Units there have been sold at an average of $1,179 psf from its launch in August to Sept 11, according to figures from URA Realis. Between Sept 4 and 11, an 893 sq ft unit sold for $1.07 million, or $1,199 psf.

Given that it’s a private condominium, Centro Residences doesn’t have the same restrictions that Nuovo, an EC, has. Under HDB rules, owners of ECs are only allowed to sell their units to Singapore citizens or permanent residents five years after the project receives Temporary Occupation Permit (TOP), which, for the 297-unit Nuovo, was in 2004. It’s only 10 years after TOP that units in ECs can be traded like any other private condominium in the resale market, with sales to foreigners allowed as well. Continue reading →

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Posted in New Launches, Property Price

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