The relaunch of The Panorama in Ang Mo Kio witnessed robust interest from buyers, after the developer cut prices by 12 percent, said media reports.
Out of the 95 units released for balloting, Wheelock Properties sold 80 to 85 units as of 7:30pm last Friday, said Tan Tee Khoon, Executive Director of Residential Services at Knight Frank, the project’s marketing agent.
The figure is notably more than the project’s total sales registered since its initial launch in January when it moved 58 units, or just eight percent of the 698 units available, at an average price of $1,343 psf.
By the end of April, URA data showed that the project sold 56 units, implying that buyers returned some of the units.
Although there the sales breakdown for the relaunch was not available, agents revealed that one-bedroom and two-bedroom units emerged as the most popular.
A price list showed that a 431 sq ft one-bedder go for $564,080 to $629,200. This translates to around $1,309 to S$1,460 psf, the highest psf price on the list.
A 775 sq ft two-bedder plus study had the cheapest psf price at $1,127 psf, or slightly over $873,000.
Analysts noted that the condominium’s new pricing was attractive, considering that it is located in a part of Ang Mo Kio which is known for landed housing.
“It has a more exclusive feel and is a good location for home buyers and investors… Once they priced it right, people who were waiting on the sidelines saw their opportunity,” said Christine Li, Research Head at OrangeTee.
The success of The Panorama’s relaunch could also see other developers relaunch their projects, said analysts. A recent report by HSR showed that at least eight projects on the market here have sold less than 10 percent of their units, with some none at all.
Credits: Property Guru