New project sales status: Q Bay Residences 61% sold!

By The Folks @PropTalk - January 22, 2013 No Comments

Q Bay Residences at Tampines has sold 312 out of its 510 launched units as of Monday, after its launch last weekend.

The project is jointly developed by Fraser and Neave (F&N), Far East Organization and Sekisui House.

It is the first private residential project to be launched since the latest round of property cooling measures introduced by the government.

According to a statement released by F&N on Tuesday, the units were sold at an average price of $1,007psf.

Q Bay Residences was launched at an average selling price of $985psf from an originally planned price of $1,050psf.

Excluding Q Bay Residences, F&N said it has a total unsold inventory of 299 units, or about 5% of projects currently under development.

The unsold inventory is primarily from the eCo, Palm Isles, Seastrand and Flamingo Valley private residential projects.

F&N said it plans to launch its remaining site in Woodlands by the second quarter of 2013.

The conglomerate acquired the site in October 2012 at $302psf ppr.

This will be jointly developed with Lum Chang Binjai Holdings, and is expected to yield around 500 units.

F&N has a 70% effective interest in this site.
Source: Channel News Asia

So who says a little more discount won't work...?

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