Highline Residences: Good buyers' interest = Good take-up?

By The Folks @PropTalk - September 8, 2014 No Comments

It was reported in ST today that Highline Residences in Tiong Bahru is drawing quite good response with more than 300 cheques collected from prospective buyers since the preview held about a week ago.

However, it remains to be seen how this translates to sales.

Many of the buyers are investors who are keen on the smaller units, particularly the one- and two-bedroom types.

The 500-unit development is being marketed at an average price of $2,000psf but could dip to $1,900psf after discount.

Pricing of the units has yet to be finalised but the estimated asking price for one-bedroom is between $1 - 1.2 million; two-bedroom between $1.25 - 1.6 million; three-bedroom between $1.6 - $2.5 million; and four-bedroom between $2.4 - 2.8 million. The six penthouses are likely to be priced at about $5 million each.

Despite the significant buyers' interest in Highline Residences, recent launches have seen take-up rate of only 30 to 50% of the units released. New launches nearby include the 469-unit The Crest and the 429-unit Alex Residences. Both were launched at about $1,600 - 1,700psf and have sold less than 50% of their units so far.

Highlight Residences is expected to launch on Sep 13, and only units in the two 36-story blocks are likely to go on sale.

When interviewed by ST, a prospective buyer said that the indicative prices at Highline Residences were "a bit high" for a 99-year leasehold project. He would prefer to wait as property prices are likely to ease further.

The wife and I felt that he is being way too polite with the "a bit high" comment. Even at $1,900psf, we maintained that Highline Residences is going to be a hard-sell given the current market climate.
But we will love to be proven wrong as always...

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