Weekend sales update: Business as usual...?

By The Folks @PropTalk - January 17, 2011 No Comments

The ST today report that it was business as usual at property show-flats at the weekend, as crowds continued to flock to new launches despite the Government announcing stricter rules to cool the market last Thursday.

But not all the show-flat visitors were there to buy homes: many were checking out the market and waiting to see what impact the measures would have.

Still, developers managed to move units at projects ranging from high-end bungalows to suburban condominiums.

At Five Chancery at Chancery Lane, 2 out of 12 freehold strata bungalows have been sold since sales started on Saturday, at prices starting from $5.9 million a house.

Amid a steady stream of visitors, Far East Organization sold another 8 units of its recently launched project, The Tennery in Bukit Panjang, at the weekend.

This brings the total number of units sold so far to 313, with the average price at $1,200psf.

Over at Kovan, agents said they sold about 20 out of 64 units at the preview of iSuites@Palm off Glasgow Road.

Prices for a one-bedroom unit start at $557,000, or about $1,295psf.

Following the property measures, some marketing agents have stepped up their sales tactics. Far East Organization is now offering furniture vouchers to encourage sales, while iSuites @Palm dangled a 17% discount at its launch.

Despite the supposed “healthy turnout” last weekend, one can certainly see that new launches are no longer “flying off the shelves” as they have been prior to the latest cooling measures. The wife and I wonder if developers will start giving out car for each purchase soon…



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