ST : Condos still see sales over CNY

08 Feb 2011,
Condos still see sales over CNY

New projects draw buyers but market price-sensitive now
By Cheryl Lim

BUYERS continued to pick up units at new condominiums in recent weeks despite the twin distractions of Chinese New Year and the property cooling measures.

Almost half of the 320 units at Canberra Residences, an MCC Land project, have been sold since its soft launch on Jan 22.

The Straits Times understands that almost all of the one- and four-bedroom units at the 99-year leasehold development in Sembawang have been sold.

The project, which is going for around $830 per square foot (psf), has apartments ranging from one- to four-bedders with the smallest at 614 sq ft. Prices start from around $528,000.

Values in the area seem to have headed north in recent weeks. A 1,184 sq ft unit at nearby project The Sensoria sold for $766 psf in December, significantly less than the average prices offered at Canberra Residences.

OrangeTee research and consultancy head Tan Kok Keong said that despite the higher prices, Canberra Residences' success was not surprising given that the launch follows a dearth of new condos in Sembawang.

But analysts say this could be a one-off occurrence.

Cushman and Wakefield vice-chairman Donald Han said: 'There is still confidence in the residential market but the market is very price-sensitive now.

'People are not waiting for prices to crash but they won't buy if units are priced above what is expected of the area.'

The showroom for Canberra Residences will be closed until Saturday but viewings are available by appointment.

Suites@East Coast, being developed by the Fragrance Group, is also attracting interest with apparently 30 to 40 buyers registering for Friday's preview launch.

The freehold project at the junction of Upper East Coast Road and Bedok South Avenue 1 will have 116 units across three blocks, including studios, one-, two- and three-bedroom units and penthouses. The smallest unit is at 355 sq ft with prices starting from $530,000.

Elsewhere, some 166 units of the 284 flats released at Waterfront Isle have been sold. Prices averaged $922 psf at last weekend's public launch of the joint venture between Far East Organization and Frasers Centrepoint.

The 99-year leasehold project has 561 units. Prices start at $575,000 for a one-bedroom unit of 592 sq ft, while two-bedders from 915 sq ft are priced from $820,000. The three-bedders, at 1,163 sq ft, start from $996,000.

cherlim@sph.com.sg