Property sales off to a strong start this month
By Cheryl Lim
NEW property launches and robust sales have given this usually sleepy month a surprisingly strong start.
December is traditionally a slow one early on, but the way buyers came out in force at the weekend overturned that notion.
However, it is too soon to tell whether this market enthusiasm will stay the course of the month, said one analyst.
'It's usually a trend to see people travelling and going on holidays in December, especially in the second half of the month,' said Credo Real Estate executive director Tan Hong Boon.
The big winner was Robinson Suites, which chalked up a 97per cent take-up within the first two hours of its weekend launch, said DMG & Partners analyst Brandon Lee. The freehold project in Robinson Road has 167 flats, primarily 600 sq ft and below. Prices range from $2,300 to $3,300 per sq ft (psf).
CapitaLand's d'Leedon also enjoyed a good response and has offloaded 205 units since its public launch last weekend - about 82per cent of the 250 units on sale.
Prices have been about $1,680 psf. So a 635 sq ft one-room plus one-study apartment went for $1.1million, while a 1,055 sqft two-bedder cost $1.5million or so.
The development in King's Road, on the former Farrer Court condominium site, consists of 1,703 apartments and 12 semi-detached houses.
CapitaLand said Singaporeans made up 80per cent of buyers with foreigners and permanent residents making up the rest.
Executive condominium (EC) Prive at Punggol Central is another hit, with more than 800 applications as of last night.
Prive is the first EC in the area and will feature about 680 units. Applications close today, with balloting due on Friday.
The busy start to the month has confirmed to CBRE residential director Joseph Tan that the concept of anticipating property trends by 'seasons' is outdated.
'It used to be that people would avoid buying property during the seventh lunar month,' said Mr Tan. 'But if the (economic) climate is good, the product is good, there's good expectations for a development, then there's no reason to wait.'
Meanwhile, a survey out yesterday from the non-profit Urban Land Institute and PricewaterhouseCoopers found Singapore has emerged as a top real estate investment destination among 20 Asian cities.
Based on the responses of more than 280 property professionals, strong economic growth here and brisk activity in the financial and high-tech industries set it apart from Osaka, Bangkok, Mumbai and other centres.
Analysts agree that all indicators point towards a more positive local property market next year. 'Property is directly linked to the economy, so when the economy performs well, property as a subset also performs well. Now with liquidity and low interest rates, buyers who are looking to buy property are also fuelling the demand,' said Mr Tan.
Small indicators, like the expansion of the financial market and staff movements, also support the prediction, he added.
On another front, CapitaLand unit The Ascott has been awarded the master tenancy of 33 black and white bungalows at Mount Pleasant for residential use. The serviced residence firm submitted the third highest bid of $435,000 per month.
The bungalows are being offered for an initial tenancy of three years with an option to renew for two more three-year terms. They are popular with diplomats and business executives, said Ascott.
The show gallery for CapitaLand's d'Leedon, which stands on the site of the former Farrer Court condominium. Out of 250 units released so far, 205 have been sold since its public launch last weekend. -- ST PHOTO: KEVIN LIM
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