[SINGAPORE] Wheelock Properties’s condominium project in Ang Mo Kio, The Panorama, is gearing up for a re-launch this Sunday, with agents saying that new prices could be as much as 10 per cent lower than those at the initial launch.
The re-pricing comes on the heels of earlier price cutting by its rivals to hasten sales amid mounting pressure from upcoming condo launches.
Balloting takes place on Sunday.
A one-bedder at The Panorama could start from $565,000, a two-bedder from $820,000 and a three-bedder from $1,175,000, according to marketing agents of the project.
These guided prices translate to $1,100-1,310 per square foot (psf), depending on the unit size. One-bedroom units at The Panorama are 431-474 square feet, two bedroom units are 678-700 sq ft and three bedroom units are in the 990-1,066 sq ft range.
Bigger units at The Panorama - four-bedders, five-bedders and penthouses – do not come under this “promotion” and are made available only on request from buyers.
The Panorama showflat re-opens today with a new one-bedroom show unit after a seven-week hiatus. Poor turnouts at the showflat after the first couple of weeks prompted the developer to temporarily close the showflat in mid-March for a revamp – barely three months from its January launch.
Some 58 units of the 698-unit project were moved in January at prices ranging from $1,234 psf to $1,591 psf, with a median price of $1,343 psf. Another four units were sold subsequently, with the last median price at $1,457 psf in March.
Also in District 20, CapitaLand relaunched its Bishan project, Sky Habitat, two weeks ago at lower prices of between $1,276 and $1,590 psf – around 10-15 per cent below the initial price range when it was launched two years ago. The tactical move apparently worked – more than 100 units have been sold since the re-launch.
CapitaLand is also dangling a 15 per cent discount for a key District 10 project, D’Leedon at Farrer Road, which is due to receive its temporary occupation permit (TOP) by year-end but has about 700 unsold units remaining. The one-bed plus study units start from $1.3 million, while a three-bedder starts from $2.2 million.
Tepid sales at The Panorama have prompted Wheelock to make a $110 million provision for the project, which pushed the group deeper in the red with a loss of $91.3 million for its fiscal fourth quarter ended Dec 31, 2013, compared with a $30.8 million loss a year ago. For the full year, however, Wheelock posted a profit of $40 million, down nearly 37 per cent from the previous year.
Credits: ST Property