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Buyers drawn to small units at the new launch

The just launched Gem Residences recorded most sales of new private homes last weekend while projects launched earlier had slow but stable sales.

Developers Maxdin, Evia Real Estate and Gamuda sold 55% or 315 units of the Toa Payoh development at $1426 on average. Approximately 300 of the units were sold on Friday at the VIP sales booking day.

According to experts, given the current market conditions, a project selling more than 50% of its units in its first month is deemed very good.

As noted by Mr. Joseph Tan, CBRE Residential Services executive director, most sales of a newly launched project take place in the first 2 or 3 weeks.

Even with cooling measures of additional buyers stamp duty and loan curbs to mute demand, demand is project specific. If it is in a good location, it will have demand.

There was high demand of smaller units at Gem Residences with approximately 60% of 471 units smaller than 1000 square feet sold while only about 20% of the 107 units bigger than 1000 square feet sold.

Mr. Chow Chee Wah , Gamuda Land managing director said that they believe the fair prices played a big role in attracting buyers.

Gem Residences has been outstanding for some of its concepts that include trios or tri-key units of which 5 of the 37 units have been sold.

The project features 24-hour concierge service, which can fulfill challenging requests such as residents getting a limited edition Hermes bag.

Stars of Kovan sold about 10 units past weekend at its public launch. Sixty units were sold at its VIP pre-sale the previous weekend at $1408 average price.

Sturdee Residences, The Trilinq, Principal Garden, The Poiz Residences, Symphony Suites and Botanique at Bartley recorded a few sales.

Sol Acres, Bellewaters, The Amore and The Terrace are the executive condominiums that recorded sales.

Mr. Alan Cheong, Research Head Savills Singapore noted that even though the Singapore Property market may not accelerate, there remains steady demand.

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