Almost 80 per cent of the units in Hundred Trees have been snapped up ahead of the condo’s formal launch this weekened.
City Developments Ltd (CDL) sold a whopping 316 units last week at its Hundred Trees condo in the West Coast, a quarter of them on interest absorption scheme (IAS). Demand for most other projects, however, seemed to falter.
‘Hundred Trees is amongst the last few developments where buyers may opt for IAS,’ CDL noted in its press release yesterday. The developer has raised the 956-year leasehold condo’s average price from $895 psf initially to about $910 psf. Those who buy on IAS pay a 2.5 per cent price premium.
It was a different story elsewhere as house-hunters ponder the implications of the Sept 14 measures by the government to cool the market. These include scrapping IAS and restarting confirmed list government land sales in first half 2010.
One property consultant even hazarded a guess that ‘a pull-back in demand of 10 per cent is not unrealistic’.
BT understands that CapitaLand and its partners last week sold fewer than 20 units at The InterLace condo which will be developed on the Gillman Heights site, after selling 233 units the preceding week. No IAS is being offered for the 99-year leasehold condo. Continue reading
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