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Suburban condos drawing buyers

Posted on 28 Jul 2009 | Comments Off

IN THE latest sign of the buoyant suburban property market, home hunters in Ang Mo Kio have been submitting cheques to buy homes at prices rarely seen outside Singapore’s prime central areas.

Buyers are said to be paying prices starting from $1,150 per sq ft (psf) for the upcoming 329-unit Centro Residences by Far East Organization.

This means two-bedroom units cost more than $800,000, while three-bedroom apartments will cost $1.1 million and above.

Consultants said the Centro Residences is one of the few 99-year leasehold projects in the suburban areas that has crossed this level.

Jones Lang LaSalle’s head of South-east Asia research, Dr Chua Yang Liang, said he was ‘a bit shocked’ by the pricing.

‘I’m afraid at this moment there’s a lot of euphoria, so there will be demand for this project even at this price,’ he said.

Plus points for the project include its location in a popular mature estate right next to the Ang Mo Kio MRT station, as well as its proximity to international schools.

But Dr Chua voiced concern over the ‘long-term sustainability of this pricing’, saying that upgraders may not be able to afford it. Continue reading →

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Posted in New Launches

Tagged Market Report, New Launches, Singapore Property Market, Singapore Real Estate

Home-hunters back on the prowl again

Posted on 26 Jul 2009 | Comments Off

Current fizz setting new price benchmarks for property in some suburban areas

Over the past month, Madam Y.M. Chung visited eight showflats in search of the perfect apartment to buy.

She had seen property prices sliding since the financial crisis hit last year and, as she had extra cash, parking it in property seemed like a smart move.

‘It’s so hard to say if prices will go up or down so now is as good a time as any to buy,’ said the 43-year-old retail sales assistant, who is married to a factory manager.

Yesterday, the mother of two teenagers bought a two-bedroom apartment in Far East Organization’s Waterfront Key project in Bedok Reservoir for more than $700,000.

She hopes to earn good rental income when the condo is completed, and is prepared to sell her five-room Sengkang HDB flat and move in if that does not happen.

Madam Chung was one of 45 people who bought units at the development’s official launch yesterday. So far, 173 of the 278 units released at the 437-unit project, which previewed a week ago, have been sold. The average price: $735 per sq ft (psf).

Elsewhere, home-hunters were also on the prowl. More than 1,000 thronged Wing Tai’s Ascentia Sky showflats in Redhill when the 373-unit condo was launched yesterday. It has sold 85 per cent of the 120 units put up, at prices of around $1,300 psf.

The two launches yesterday follow in the wake of other successful ones in recent weeks. Continue reading →