The Crest "re-previewing" at lower prices!

By The Folks @PropTalk - October 16, 2014 2 Comments

Developers of The Crest, a 99-year leasehold project in Prince Charles Crescent launched in June, have re-opened the showflat, tagging the units at prices said to be 5 to 10% lower than earlier.

This follows sluggish sales since June. About 50 of the 469 units have been sold at a median price slightly above $1,800, based on data on developers' sales from URA.

A one-bedder between 614 and 775sqft now starts at $980,000, and a two-bedroom unit, at $1.28 million. A standard three-bedder starts at $2 million, a four-bedroom units, at $2.5 million and a five-bedder, at $3 million.

The Crest, about 450m from Redhill MRT station, is located in the Jervois precinct, fringing the Good Class Bungalows of the Chatsworth and Bishopgate estates.

Its developers Wing Tai Asia, Metro Australia Holdings and UE E&C had in September 2012 acquired the plot for $516.3 million or $960.28psf ppr.

Under URA Realis system, 132 units have so far been "launched" to date at The Crest. But a Wing Tai spokeswoman said the development was still in "preview" stage, and agents marketing the development are calling it a "relaunch".

Consultants say that developers shy away from calling a launch a launch because of recent dismal showings.
Info source: BT

Potato Potatoe...

2 comments to ''The Crest "re-previewing" at lower prices!"

  1. Still won't sell at this price. The Wing Tai stock which is a little ahead of the developer, is predicting a 20% fall in their property sales price.

  2. how will earlier buyers feel? I was in that earlier buyer position before in 1996. B_TCH