Monday, May 31, 2010

180 units sold at The Minton

Property developer Kheng Leong has sold 180 units in The Minton condo project in Hougang over the weekend.

The units sold were part of the 300 units released in the 1,145-unit project at Lorong Ah Soo/Hougang Street 11. It has an average selling price of about $850 psf.

Property agents marketing The Minton project said that the sales result was below the expected output, which was patterned in the property market peak in March and April. The peak was prior to the growing eurozone debt crisis and the Singapore government’s announcement early this month that it will release a bumper land sale programme for the second half of 2010 to meet the demand in the residential property market.

A new project release such as The Minton would have already sold about 300 units in its first weekend, and with prices at about five percent to eight percent higher, said Joseph Tan, executive director of CB Richard Ellis.

Peter Ow, managing director (residential services) for Knight Frank, also noted that the 99-year leasehold project could have sold 300 units in its initial weekend if it had been released in the market two months ago.

“The government land sales announcement has definitely had an impact. When we talk to (potential) buyers, they’re now taking a bit longer to decide. They’re worried that with the new supply coming up, prices might fall.”

The most popular units at The Minton’s holiday-extended weekend preview were the one- and two-room units.

Luk Kwok Wing, general manager (property) of Kheng Leong, reckoned that prices of one-room units sold are ranging from $480,000 per unit to about $590,000 per unit. The two-room units, on the other hand, were priced at around $750,000 to $870,000 per unit. The project also comprises three- to four-room units, penthouses and dual-key units.

Buyers who snapped up the project were mostly young Singaporeans, including families. Overall, buyers had HDB addresses, in areas like Serangoon, Tampines and Hougang.

Mr. Luk added that buyers were generally attracted to the project’s lush landscaping and generous facilities situated in a large site area of nearly half a million sq ft.

The Minton condo will have a 20-metre heated pool, a 50-metre lap pool, a tennis court, an air-conditioned badminton hall, which doubles as a function room and a treehouse playground. It will also feature a sky-terrace, a big library and spas/gyms. Its grand clubhouse will accommodate activities such as billiards, table soccer, karaoke and yoga.

The Minton condo project is being developed by Kheng Leong, a privately owned property developer controlled by the Wee Cho Yaw family. It is situated on the former Minton Rise site, which the company purchased through a collective sale in 2007.

Source: PropertyGuru, 31 May 2010

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