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Singapore Property : Ho Bee, MCL sell 51 units at Parvis

Posted on 11 Nov 2009 | Comments Off

Ho Bee Investment and MCL Land last week sold 51 units at their Parvis condo at Holland Hill at an average price of about $1,480 per square foot (psf).

Unlike the recent trend of smallest units in a project selling out first, what happened at Parvis was quite the reverse, with four-bedroom apartments accounting for the most number of units sold – 19. This was followed by two-bedders (15 units) and three-bedders (14 units).

MCL and Ho Bee even sold three penthouses in response to buyer interest, although these were not part of the initial batch of 85 units they released for the preview.

They are now proceeding to do an official launch of the project at the weekend, when they will release more units in the freehold condo, which has a total of 248 units. The 12-storey project is being built on the former Holland Hill Mansions site.

Ho Bee general manager Chong Hock Chang revealed that ex-owners of Holland Hill Mansions had picked up seven apartments.

Singaporeans bought 39 of the 51 units sold. Permanent residents and foreigners acquired the remaining 12 units; they were mostly Malaysians, with some Indonesians, Mr Chong added.

The three penthouses sold comprise two single-level units of 2,300 square feet each, with three bedrooms and costing about $3.3 million apiece, and a 2,800-sq-ft duplex unit with four bedrooms, priced at about $4.1 million. The duplex was picked up by a foreigner while Singaporeans bought the two single-level penthouses.

Last month, Ho Bee released the freehold Trilight condo on Newton Road. To date, it has sold 61 units in the 30-storey project at an average price of $1,650 psf.

Source : Business Times – 10 Nov 2009

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Posted in Developers, New Launches

Tagged Developer Sales, Ho Bee, MCL Land, New Launches, Parvis, Parvis at Holland Hill, Parvis Launch, Parvis Singapore, Singapore Property, Singapore Property Market

Singapore Property : Managing property cycles

Posted on 11 Nov 2009 | Comments Off

PROPERTY cycles in Singapore are hard to predict, but the Government will try to minimise the ups and downs in the real estate market as far as possible, said Finance Minister Tharman Shanmugaratnam on Tuesday.

‘We will keep our eyes on the ball and use every tool at our disposal in a calibrated fashion to try to manage that cycle as best as we can,’ he told about 80 business leaders in a forum held to garner feedback on the Economic Strategies Committee. Mr Tharman is heading this committee to look into new ways for Singapore to grow.

The Government will probably not use ‘macro tools’ to manage property cycles, such as changing the interest rate or exchange rate, because these rates affect businesses as well, said Mr Tharman in his concluding remarks at the forum.

But there are other options. These include tweaking rules on credit, adjusting land supply, and – in extreme cases – amending tax policies, he said.

‘We do want to manage the property cycle as best we can, prevent boom and bust,’ said Mr Tharman, adding that this is ‘not easy’ as it is difficult to anticipate Singapore’s property needs four or five years in advance.

Source : Straits Times – 10 Nov 2009