Observers say sales below figures achieved during March/April height
(SINGAPORE) In a widely watched property release, developer Kheng Leong had sold about 180 units of The Minton condo in Hougang as of 6 pm yesterday.
This is out of a batch of more than 300 units that Kheng Leong has released since last Friday in the 1,145-unit development at Lorong Ah Soo/Hougang Street 11 at an average price of $850 per square foot.
Property agents marketing the project told BT that the sales result, while encouraging, was below what they would have expected during the recent height of the property market in March/April. The peak was prior to the fallout from Europe's economic problems and the Singapore government's announcement in May that it will deliver a bumper land sales programme for the second half of this year to meet hot demand in the residential property market.
A new release like The Minton would have sold closer to 300 units in its first weekend and at about 5-8 per cent higher pricing, said CB Richard Ellis executive director Joseph Tan.
Knight Frank managing director (residential services) Peter Ow, also reckoned the 99-year leasehold project could have sold about 300 units in its initial weekend had it been put on the market a couple of months ago. He said: '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.'
As has been the case with other launches, the most popular units at The Minton's holiday-extended weekend preview were one and two-bedroom units.
Kheng Leong's general manager (property) Luk Kwok Wing said prices of one bedders sold (as of 6 pm yesterday) ranged from about $480,000 to $590,000 per unit. Two bedders cost $750,000 to $870,000. The project also has three and four bedders, penthouses as well as dual-key units.
Buyers were predominantly young Singaporeans, including families. Generally, buyers have HDB addresses, including Hougang, Serangoon and Tampines (all in the north-east part of Singapore).
Mr Luk said buyers were drawn by The Minton's lush landscaping and generous facilities afforded by the large site area of close to half a million square feet.
The Minton will have a 50-metre lap pool, a 20-metre heated pool, a treehouse playground, a tennis court and an air-conditioned badminton hall that doubles as a function room. It will also boast a big library, a sky-terrace and spas/gyms. The grand clubhouse will accommodate activities like yoga, karaoke and billiards/table soccer, apart from an indoor children's playground.
Kheng Leong, a privately owned property group controlled by the family of banker Wee Cho Yaw, is developing The Minton on the former Minton Rise site that it bought in 2007 through a collective sale.
Source: Business Times, 31 May 2010