170 Spottiswoode 18 units sold despite cooling measures
By Cheryl Lim
SOME property buyers shrugged off the latest cooling measures to take up flats at yesterday's preview of Spottiswoode 18, which will be built on the old Dragon Mansion site in Tanjong Pagar.
Around 68 per cent or 170 units out of the 251 units up for grabs were sold, said developer Roxy-Pacific Holdings.
The units sold were mainly smaller flats. Average prices were $1,900 per square foot (psf) and the price of a 387 sq ft, one-bedroom unit started from a relatively affordable $688,900.
More than half of the units at the project near Tanjong Pagar MRT station are 'shoebox' apartments - less than 500 sq ft in size.
While the response was strong, its average psf prices were also marginally lower than what nearby Spottiswoode Residences had been fetching recently.
Some former Dragon Mansion owners told The Straits Times they were interested in the new property for sentimental reasons while many others said they were still keen to buy for investment, given the low interest rates.
One show-flat visitor, who wanted to be known only as Mr Tan, said he found the project's smaller units attractive because of the good rental potential.
'As long as I continue to spend within my means, I won't be concerned about the (cooling) measures,' he said.
One former owner of Dragon Mansion said the measures did not dissuade her from buying because she and her husband can afford the investment.
The couple, who own four properties, settled on a two-bedroom unit for more than $1 million.
Roxy-Pacific's executive chairman and chief executive Teo Hong Lim told The Straits Times that he expected the good turnout for yesterday's launch.
He said the impact of the cooling measures may be hard to gauge but his firm's strategy is to go back to the fundamentals of developing land.
'This means we should not overbid for land, we should select sites carefully and effectively maximise the land's potential,' he said.
'We take the view that we should not be overly aggressive in our business model... If I don't buy a plot of land for a high price, if I control my costs well and design a product that the buyers like, the project is likely to do well.'
Developer Macly Group said it is closely monitoring the Spottiswoode 18 launch as it regards it as an indicator of how buyers are reacting to the cooling measures.
Separately, executive condominium project Austville Residences, which caters to mainly first-time buyers, has had a more muted response.
Since its Jan 13 launch, 20 per cent of its units have been sold.
All 540 units were released through a first-come-first-served system.
Units at the Sengkang project are priced at about $680 psf, with the smallest two-bedroom flat sized at 785 sq ft. The project is offering buyers a deferred payment scheme.
Austville was launched on the same day the new cooling measures were announced - last Thursday.
A spokesman for its developer, United Engineers, said it has seen a dip in interest as buyers are still digesting the new rules but he is confident that sales will pick up soon.
Buyers thronging the showroom of Spottiswoode 18 yesterday. The project will occupy the former Dragon Mansion site, near Tanjong Pagar MRT station. Average prices are $1,900 per sq ft and the price of a 387 sq ft one-bedroom unit starts from $688,900. -- ST PHOTO: NEO XIAOBIN
Posts
No comments:
Post a Comment