Saturday, July 11, 2009

Strong response from buyers for 2 new condos in eastern suburbs

Private home buyers remain unfazed despite the global economic downturn and the government’s recent proposal to tax speculators who sell more than one property within a four-year period.

Freehold condominium “The Gale” in Loyang has certainly caused quite a storm.

Prices average S$700 per square foot and so far, half its 330 units have been snapped up.
It is an encouraging sign for developer Hong Leong Group, which attributes the response to pent-up demand for freehold properties in the area.

Demand is just as strong at the higher-priced, 99-year leasehold Silversea at Marine Parade.
Prices for the 380-unit condo start at S$1,300 per square foot and so far, 40 per cent of its 80 preview units have been sold.

However, compared to the property frenzy of 2007, developers say that buyers are displaying more caution this time.

Source: Channel News Asia, 11 July 2009

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