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Hungry Ghost Festival fails to dampen property demand

Posted on 30 Aug 2009 | Comments Off

Some consider the seventh month of the lunar calendar an inauspicious time to buy a property.

But it seems like the Hungry Ghost Festival is not going to spook homebuyers and property investors in Singapore.

A 99-year condominium at Toa Payoh was open for sale on Saturday and within a couple of hours, about 85 per cent of the 400 units available in the first two phases were snapped up.

In response to the strong demand, developer NTUC Choice Homes released another 60 units. The property development has a total of 590 units.

Market watchers said the average sale price of S$898 per square foot is lower than market expectations.

Ng Ser Miang, board chairman, NTUC Choice Homes, said: “A big majority of those who buy our units will have their homes here. As for price difference, I think we can expect some speculative elements, but I hope that these will be in the minorities.”

As for homebuyers, it seems that they are not going to pass up on good deals!

Said one homebuyer: “I don’t follow those superstitions. We’ll buy as long as the price is reasonable.”

Industry observers said they are confident that property sales during the seventh lunar month will remain strong, and they expect home prices to inch upwards over the next few months as the economy continues to improve.

Source : Channel NewsAsia – 29 Aug 2009

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Posted in Developers, New Launches, Property Market / Real Estate

Tagged Developer Sales, Hungry Ghost Festival, New Launches, Singapore Property, Singapore Property Market

Buyers snap up flats at Trevista condo in Toa Payoh

Posted on 29 Aug 2009 | Comments Off

320 of 590-unit project taken up; co-op to release more at weekend

IF it’s priced attractively, it still sells. Hungry home buyers yesterday bought around 320 units at the 590-unit Trevista condo in Toa Payoh.

By around 3pm yesterday, buyers were said to have snapped up some 190 of the total 210 units released in the first phase of the preview, resulting in developer NTUC Choice Homes Co-operative releasing a further 190 units in the early evening to satisfy demand. BT understands that the price was raised by about 2-3 per cent for the second batch from the initial phase’s average price of $898 per square foot (psf). However, some of the price gain also reflects the fact that units in the second batch are on higher floors and have better orientation.

While many people will baulk at this price for a 99-year leasehold project, what has been drawing buyers to Trevista is that the psf pricing is about 20 per cent lower than the closest competition from a comparable recently launched project – Far East Organization’s Centro Residences next to Ang Mo Kio Hub, which was released last month at an average price of $1,150 psf. However, Trevista’s units are generally bigger than Centro’s so Continue reading →