New project sales status: 140 Kingford Waterbay units sold in one day!

By The Folks @PropTalk - March 9, 2015 No Comments

Shenyang developer Kingsford Development sold 140, or about 40%, of its 320 launched units at the mixed-use Kingsford Waterbay at Upper Serangoon over the weekend.


Prices for the condo units ranged from $1,050 to $1,180psf. In addition, it also sold one strata terrace house, two strata semi-detached houses, and six retail shops. The shops, ranging from 431 to 452sqft, were sold at about $2,700psf.

The two-to-three bedders were the most highly sought-after units, as has been the trend with "quantum-friendly" units since the onset of the TDSR framework that started to tighten credit conditions.

But Kingsford Development board chairman Cui Zhengfeng told BT that it could also be because a larger percentage of the two-bedders were facing the river.

The 1,165-unit project is being built on two amalgamated government land sales (GLS) sites with a combined 400-metre direct frontage of Sungei Serangoon.

Among the units transacted, one-bedroom units started at $514,000; two-bedders at $650,000, three-bedders at $893,000, four-bedders at $1.073 million; and five-bedders at $1.432 million.

Semi-detached homes (1,948sqft) cost about $2.1 million, while the retail shops cost about $1.2 million in quantum.

Mr Cui said that most of the buyers were Singaporeans. RST research director Ong Kah Seng added that in this location, buyers would tend to be owner-occupiers buying for future long-term capital gains rather than investors buying to lease.

In addition to its condo units, the 99-year leasehold Kingsford Waterbay has six strata terrace houses and two strata semi-detached houses, as well as its own childcare centre and six shops.

Source: BT

Just goes to show that if the pricing's right, developers are still able to move units. But it be interesting to see what the sales numbers are like for this project going forward...


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