The sales of luxurious condominiums located in the prime districts rose over the past month. This was a good run since the second half of 2016.
“The higher sales are attributed to the fact that buyers get the feeling that prices have reduced and it is the perfect moment to purchase homes,” said Benson Koh Singapore Realtors managing partner.
Gramercy Park is one such project that has got people talking. The 174-unit is a project of City Development Limited that was completed and subsequently launched. During its preview, a record 50 units were sold with two and three bedroom units being the most sought after by the buyers. Prices for the units ranged between $2.98 and $5.9 million.
(An artist's impression of Gramercy Park)
However, in January, a few units located in the mid floors of the residential complex were sold with three and four bedroom units being the preferred choice.
According to the caveats by URS Realis, three bedrooms unit on the 10th floor was sold off for a price of $5.47 million, while the four bedrooms unit was sold at a price value of $7.27 million.
At Wallich Residence a project by Guocoland which will be completed soon, a 42nd floor one bedroom unit was recently sold at a price value of approximately $1.9 million. This was according to a caveat lodged on January 25th 2017.
To date, the total number of units sold at the Wallich residences stands at 17 from a total of 181 units.
This magnificent residence is yet to be launched even after the sales were conducted back in January of this current year. Before that, a one bedroom unit that was located at the 51stfloor was sold at a price of $5.26 million back in March 2015 with its floor size spanning 1,625 sq. ft.
More bulk sales are expected as buyer sentiment improves and developers get optimistic due to continued sales. According to Feb 7 Credit Suisse report, developers faced with ABSD or Qualifying certificate charges are opting for non-price strategies that include bulk deals and deferred payment plans.
Leedon Residence, a 381 unit freehold project by GuocoLand that was completed in the third quarter of 2015 is likely to face QC charges if it does not sell the 91 units remaining by end of June. However, sources have it that the developer is negotiating with private funds to buy the remaining units.
TwentyOne Angullia Park is also searching for a bulk purchaser for its luxury condo tower’s 38 units remaining. The project with 54 units had its completion in 2014.
Wheelock Properties has been giving buyers a discount of 15% and ABSD assistance package of 15% for its Ardmore Three project since April 2015. The 84 units freehold project whose completion was in 2014 has had almost 60 units sold and more than 20 units unsold.
The developer launched a deferred payment plan in late January where buyers pay a booking fee of 1% and 2 weeks later pay 4%. After 4 weeks, the buyer pays another 15%. The 80% remaining should be paid 2 years from when the option to purchase is signed. Buyers get a 12% ABSD rebate under the DPS instead of the 15% in normal scheme.