Who's afraid of the big bad Property Market Interventionary Measures indeed!

By The Folks @PropTalk - February 25, 2010 No Comments

The Business Times today reported that the buzz in private home sales appears to be continuing even after last Friday evening’s government announcement of new measures to cool the property market.

WATERSCAPE @CAVENAGH: About 45 units are said to have been sold since Saturday – the bulk of them one-bedders and some two and three-bedroom units. The majority of buyers of this 200-unit freehold project located in Cavenagh Road are understood to be Singaporean. Foreigners made up about 15 – 20% of purchasers.
The average price achieved is understood to be around $1873psf, with prices ranging from $1738 - $2010psf. The lowest-priced unit sold was a one-bedder of 581sqft on the second level that fetched $1.03 million or $1778psf.

L’VIV: Wing Tai is also understood to have sold slightly more than a dozen units over the weekend. This takes the total sales to about 35 units.
The 147-unit freehold project in Newton Road comprises almost entirely of one and two-bedroom units (both come with Study). The average price is said to be about $2000psf and buyers can purchase on the old deferred payment scheme (DPS) - They pay 20% of the purchase price initially with the rest deferred till the 32-storey project receives its TOP, which is expected around 2013. Developers that had obtained approval from the authorities to sell projects on DPS prior to the scheme being scrapped in Oct 2007 are still allowed to offer DPS.

THE LAURELS: Just hours before the government’s announcement last Friday, a joint venture between Sing Holdings and Forum Partners is said to have sold more than 40 units in this freehold project developed on the former Hillcourt Apartments site on Cairnhill Road. The units were sold at a one-day preview held for former owners of Hillcourt Apartments as well as the developers’ staff and business associates.
The price range quoted at the preview is around $2500 - $2900psf, although a one-bedder on the 18th floor is said to have been sold at just a shade below $3000psf. In absolute quantum, the highest- priced unit transacted was a penthouse with four bedrooms and a garden that fetched almost $9.9million or about $2040psf.
The buyers were mostly Singaporean, although some Indonesian who had formerly lived in Hillcourt are also said to have bought. THE LAURELS will be next previewed in a fortnight, on March 13.

THE VISION: Agents marketing this project are said to be collecting cheques ahead of the 99-year leasehold project’s preview planned in the second week of March. Those issuing cheques are said to have been told prices could be in the range of $1000 - $1200psf, although there will be an early bird discount.
THE VISION comprises 281 apartments housed in two 33-storey towers and 14 strata houses. The development will not have any one-bedroom apartments – units will be two, three and four-bedrooms as well as penthouses. The majority of the apartments are 3-bedders, ranging from 1259 – 1313sqft, with 3 ground floor units (inclusive of PES) of 1776 to over 2000sqft.

So does that mean that there is really no bubble forming in the property market? The wife and I think that the judgment is still out on that one. And besides, we still have 8 more months to go on our “price correction” prediction...  :)


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