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
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