Kaeden Ong

Sales momentum drops after launch

Posted by Kaeden Ong on 10th June 2014 in Blog

Property developments that registered brisk sales during their launches seem to have waned as home buyers take their time to snag the best buy.

World Class Land’s Waterfront@Faber condo, for instance, sold 86 units at an average price of $1,280 psf since going on sale two weeks ago.

The 210-unit project moved around 80 units during its launch at an average price of between $1,100 psf and $1,350 psf.

Meanwhile, sales at the Commonwealth Towers improved slightly. Of the 400 units released, the 99-year leasehold development saw sales increase to more than 66 percent from 65 percent during its launch early last month.

“The first few weeks of a launch will see the strongest take-up for any development because pent-up demand would have been satisfied (then),” noted Donald Han, Managing Director of Chesterton International.

“But if better units are already snapped up, market watchers will know that there are other projects coming onstream as well and wait,” said Desmond Sim, Research Head at CBRE.

However, sales at developments priced way below the expectations of buyers are steadily gaining momentum.

During the weekend, Coco Palms in Pasir Ris sold 20 units of three to five-bedders, taking the sales tally to 597, or 63 percent of 944 units.

Notably, City Developments saw buyers snap up around 52 percent of its units during the launch two weeks ago.

The 212-unit Kallang Riverside in Kampong Bugis moved 99 units so far, with two-bedders snapped up at an average price of $1,900 psf to $2,600 psf.

Despite the decline in momentum, Han expects home sales to hit 1,500 to 1,600 units in May.

Credits: Property Guru

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