Tuesday, June 8, 2010

Buyers snap up condo units despite stock jitters

DOZENS of house hunters signed on the dotted line to buy new homes over the weekend, despite a jittery stock market hitting property market sentiment.

Most notably, the 1,145-unit The Minton in Lorong Ah Soo sold another 120 units over the weekend, taking total sales at the recently released condominium project to 300 units.

Prices were unchanged at $850 per sq ft (psf) - the price at which the first 180 units were sold the previous weekend.

In absolute terms, the prices ranged from $480,000 to $690,000 for the one-bedroom units, $750,000 to $990,000 for the two-bedroom units, $950,000 to $1.32 million for the three-bedroom units, and $1.3 million to $1.65 million for the four-bedroom units.

The sales included three penthouses priced at $1.7 million to $2.1 million.

Developer Kheng Leong said 85 per cent of the buyers were Singaporeans and 10 per cent were permanent residents. Foreigners made up the rest.

It said it has started releasing another 180 units at the 99-year leasehold condominium.

At the freehold Flamingo Valley in Siglap that was launched last month, buyers picked up another eight units.

This brought total sales to 48 units, out of 120 units that were released for sale, said developer Frasers Centrepoint.

Prices remained at $900 psf to $1,580 psf.

'In the absence of new major launches, the general rate of sales in the market of existing launches is quite healthy,' said CBRE executive director (residential) Joseph Tan.

'If you compare last year's January to May sales with this year's numbers, the volume is consistent.'

The market will be quieter this month, given that there are fewer launch-ready projects compared with the March to April period, said Mr Tan.

One possible launch later this month is Twin Peaks, on the former Grangeford condominium site in Leonie Hill Road, he added.

Unusually, the units there will be sold on a fully furnished basis.

Source: Straits Times, 8 Jun 2010

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