Tag Archives: Qingjian Realty

Developers lure buyers with diamonds and sports cars

In a bid to generate sales amidst a sluggish residential market, developers are offering coveted prizes to lucky home buyers, such as diamonds and sports cars, according to media reports.

For example, Qingjian Realty will be giving away one-carat diamonds to 20 valid e-applicants for its Bellewoods Executive Condominium (EC) project. The winners will be chosen randomly on 15 November.

About 1,000 potential buyers have applied for Bellewoods, which comes with 561 units with indicative price ranging from $750 to $820 psf.

“The EC market has many first and second timers, and we felt a diamond would be appropriate – for a fiancee, for example,” said Qingjian Realty’s Head of Sales and Marketing Donald Ng.

At UIC and SingLand’s Mon Jervois, buyers of three-bedders or bigger units in October can purchase Aston Martins at a discounted rate.

So far, 32 percent of the project’s 109 units have been taken up at an average price of $2,059 psf. But about half of its unsold units are three-bedders and above.

Over at Highline Residences by Keppel Land, buyers are entitled to a free three-year ‘lifestyle membership’, which includes biannual complimentary golfing at Ria Bintan Golf Club and two single-trip limousine services per year.

The developer also offered similar incentives for its other projects such as Reflections at Keppel Bay and Caribbean at Keppel Bay.

Experts explained that these promos have become a part of the marketing campaign for new launches. They also rekindle the buyers’ interest in completed projects which may have lost their novelty.

“Usually this comes with the view of trying to protect their price line, and not upsetting [those who bought] during the initial launch phases,” noted Donald Han, Managing Director at Chestertons.

“While earlier buyers might not have benefited from perks, they had the opportunity to handpick units with the best views, or had early bird discounts,” he added.

EC site in Woodlands attracts seven bids; top bid of $216m by Qingjian Realty

An executive condominium (EC) site in Woodlands has attracted seven bids from developers, according to the Housing & Development Board (HDB).

The 99-year leasehold site at Woodlands Avenue 5/Woodlands Avenue 6 fetched a top bid of S$216 million from Qingjian Realty (South Pacific) Group.

That’s about 9 percent above the second highest bid of S$198 million tabled by Bellevue Properties, a wholly-owned subsidiary of City Development’s Verwood Holdings.

Analysts say the top bid of S$216 million works out to about S$341 per square foot per plot ratio (psf ppr).

And that is higher than previous bids for nearby sites at S$318 psf ppr and S$302 psf ppr last year

HDB says the site, which spans over 21,000 square metres, can potentially yield 590 residential units.

Desmond Sim, Associate Director of CBRE Research, said, “The relatively higher bid reflects developers’ renewed confidence in the area following the government’s announcement on Woodlands as Singapore’s new commercial hub in the land-use plan in January 2013… we expect interest in the next few EC plots this year to remain strong as there is a genuine need and demand for ECs. Developers are still positive about the EC market.”

ERA Realty Network expects selling price for units built on the site to start at $830 psf.

“This is the first EC land sale allocated after the new cooling measures were introduced. It can be seen that developers are still hungry for land sites to build up their land bank,” said Eugene Lim, key executive officer at ERA.

Cooling measures introduced in January this year will apply to this site.

Among them are restrictions on the maximum size of EC units and guidelines on private enclosed spaces or private roof terraces.

Under the new rules EC developers will also only be able to market their projects 15 months from the date of award of the sites.

Including this latest site, there are now four EC projects in Woodlands. The other three are La Casa, Forestville and Twin Fountains.

HDB says decision on the award of the tender will be announced at a later date.

Source CNA – 9 May 2013