Tag Archives: Sky Habitat

Outside Central Region (OCR) units most sought after in August

Sales in the Outside Central Region (OCR) made the greatest contribution to new home sales in August, according to an OrangeTee report.

Sales in the OCR totalled 223 units making up 51.6 percent, while sales in Core Central Region (CCR) went down to 44 units and the Rest of Central Region (RCR) also dipped to 165 units, translating to 10.2 percent and 38.2 percent respectively.

“In August, the aggregate number of sales eased 42.9 percent, compared with the same period of last year.”

The report also noted the bestselling project in August was The Panorama , which sold 40 units out of 54 units launched at a median price of $ 1,249 psf.

Best-selling projects in August 2014

Located at Ang Mo Kio, the 698-unit residential project is developed by Wheelock Properties Singapore and will be ready in 2019. The project is near CHIJ St Nicholas’ Girls School and is a short walk away from the upcoming Mayflower MRT station on the Thomson-East Coast Line.

Coco Palms in Pasir Ris was in second place, selling 23 units out of 30 units launched at a median price of $1,046 psf. “Noticeably, this development has seen quite decent monthly sales so far this year,” the report added.

The 944-unit project by City Developments Limited is slated to be ready in 2019.

Image source: thepanorama.org

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