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Condo Launches In Singapore Property Made A Good Start

April 21st, 2012 · No Comments

Contrary to the industry-wide understanding that buyers do not look for homes during the Chinese New Year, what happened in the past week only proved such misconception as false. Condominium launches over the past weekend were  busy with activity.

Watertown in Punggol Central, to mention a few, was able to sell 224 units.

This was in contrast  to the ‘seasonal effect’ that usually plagues the holidays—the property sector commonly undergo sluggish sales during the December school holidays, Hungry Ghost Festival month and Chinese New Year.

In 2010 for instance, the average number of new private homes disposed per  month was 1,358. In contrast, 1,202 homes were sold in the Lunar New Year month of February, 1,259 units was able to found owners in the Hungry Ghost Festival month of August, and 1,332 sales were perfected in December.

Moreover, industry observers detects a new trend over recent years. It seems local homebuyers have a rising eagerness to buy property all year round;  not to mention the increasing percentage of foreign buyers who might be less superstitious.

Nevertheless, despite traditionally lower demand for the duration of  the festive period, developers still took advantage of  their chances and pushed out their launches this past weekend in  expectation of a sales fall next year.

Prominent among the launches was the  massive 992-unit mixed-development project by Far East Organization, Frasers Centrepoint and Sekisui House. The said  joint venture project has moved more than half of its offering (550 units) as last week’s preview. Prices ranges between $980 and $1,500 per sq ft (psf).

One by one , Far East Organization also  launched 15 other showflats, and that includes The Hillier in Upper Bukit Timah. It was reported seeing some 4,900 visitors in the said  development. Last year, it also launched the 748-unit euHabitat in Jalan Eunos for the duration of the Hungry Ghost Festival.

Chia Boon Kuah, Far East chief operating officer of property sales , in an interview said that the varying lifestyles and interests, as well as smaller family units, only means that an increasing  number of buyers have more free time all through the Chinese New Year holidays to search for  homes in Singapore property market.

He said, “One of the activities that occupy their time would be to get up to speed on the latest property launches by visiting show galleries that are open during this period. Moreover, inbound tourist numbers have also been optimistic. This makes it a good opportunity for us to showcase our residential products to the regional community and to better serve this market.”

To  help raise  festive sales, the firm even offered an additional 1% discount on the eve and first three days of the Lunar New Year in every  projects. The  exception was Watertown, as it is subject to certain condition. The end result is that,  it closed 21 units in its other projects like The Hillier, The Greenwich, The Sound, Woodhaven and The Shore Residences.

Other developers also opened on at least one of the two Chinese New Year public holidays.

Industry watchers told The Straits Times that developers are less interested when their projects are launched. They prefer to depend instead on realtors to provide opinion on market outlook.

OrangeTee research and consultancy head Tan Kok Keong said, “It’s also project-dependent, whether a project does well or not during a traditionally slower period. If your project is not well located, it might not do as well.”

Savills Singapore research and consultancy director Alan Cheong further noted  that the  past  two years have also witness new home sales  maintained  momentum by reason attributed to strong genuine demand.

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