Tag Archives: Hiap Hoe

50 projects record poor sales

Despite the encouraging sales at some new launches, more developers are expected to slash their prices due to poor take-up or zero sales for existing projects, according to HSR International Realtors as reported in the media.

The property firm looked at a list of 50 residential projects that sold fewer than half of their units. There are at least eight with sales numbering less than 10 percent, while two have not found any buyer since launching last year.

These are the 48-unit Treasure on Balmoral that was released by Hiap Hoe in January 2013 and Regal Development’s 8-unit Victory Ville cluster-housing project, which was launched last September.

Other projects with poor sales include Ivy Lee Realty’s freehold condo in Devonshire Road. Known as Devonshire 8, the development only sold one of its 30 units at a median price of $2,500 psf.

Likewise, Popular Holdings only moved two units out of 26 at its 8 Raja project at a median price of $1,336 psf, while only seven units out of 91 were taken-up at Hong Leong Holdings’ One Balmoral at a median price of $2,411.

Consequently, the average take-up rate has merely inched up by 2.9 percentage points from 23.6 percent in December 2013.

HSR Research Analysts Tong Kooi Ong and Penny Yaw, said, “We expect more property developers to follow the step taken by CapitaLand to cut prices, especially for slow-moving projects.”

Slashing the price by 15 to 20 percent could be the key to attracting buyers, they said. For example, Sky Habitat sold 106 units after decreasing its prices by 12 to13 percent, from $1,622 to $1,267 psf.

Source : PropertyGuru

Discounted Penthouses for sale

Amid another round of cooling measures, Singaporean developers are luring buyers with discounts on their completed penthouse units. Savills Singapore reported that City Developments Limited has offered five percent discount on some of its completed penthouses including units at Shelford Suites, a 77 unit exclusive freehold condominium development on Shelford Road;

Wilkie Studio, a contemporary freehold development in the popular District 9; and The Glyndebourne, a 150 unit freehold condominium development on Trevose Crescent. Prices start at S$2.9 million (US$2.3 million) after discount.

Meanwhile, Hiap Hoe is offering 28 percent discount for four penthouses at Skyline 360, translating to S$9 million to S$12.3 million (US$7.1 million to US$9.7 million). The freehold condominium project is conveniently located close to Somerset MRT station and the Orchard shopping belt. The units are serviced by private lifts and fitted with high quality materials including marble and timber floors, and full height, sliding window and door panels. The development offer expansive views over Orchard Road and Marina Bay.

25 percent discount is also offered by Hiap Hoe’s Signature at Lewis which comprise two- to four-bedroom penthouses. Prices are estimated at S$1,500 (US$1,184) per square feet, or between S$4.6 million to S$5.2 million (US$3.6 million to US$4.1 million).

Source – PropertyReport – 3 Jul 2013