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About Perfect Ten Luxury Condo Sales at Launch | Perfect Ten luxury condo sold 5% of its unit on Sunday 19th December. This was after the government announced new property cooling measures. This condo is situated in Bukit Timah Road, which recorded a muted launch on Sunday 19th December as reported by the Straits Times (ST) citing industry sources. ST continued and said that this development witnessed many potential buyers via the project’s sales gallery window.
Nonetheless, the project developer of Hong Kong CK Asset Holdings refused to reveal the sales figures. And, so, the additional Buyer’s Stamp Duty (ABSD) rates and (TDSR) Total Debt Serving Ratio threshold were the new measures revealed by the government concerning this development. On the other hand, the ERA Realty Head of Research and Consultancy Mark, holds the view that it is too early to decide the new measures impact on the sales.
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He said, “selling over 10 units in one weekend is really an awesome result, having in mind the cooling measures.” Apart from the festive season deemed as the period for the property market, Mark said that buyers might still be absorbing the implications of the new measures. Nonetheless, he anticipates those who require to buy real estate, especially for their personal use, return to the market.
On top of that, the CEO of Huttons Asia, Mark Yip said that this development has managed to establish a new benchmark of over $3,000 (psf) within the vicinity of Bukit Timah, in spite of the lower initial launch price. Units within these areas usually hold a psf price that exceeds $2,000. In addition, Yip said as quoted by ST that most projects would have postponed their launches following the cooling measures that were imposed by the government. And, so, the CK Asset Holdings opted not to alter its launch date following the announced measures by the government.
