Property market all abuzz as new condos go on sale

By February 9, 2017Property News
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The property scene is stepping up the pace over the next few weeks with two new condominiums poised to hit the market.

Sales will be closely watched for signs of how the sector might fare in the new year.

The opening gambit comes on Saturday when the show-flat opens for the 505-unit Clement Canopy project in Clementi.

A week after, 720-unit Grandeur Park Residences in Tanah Merah will open its show-flat for viewing.

Sales for Clement Canopy kick off on Feb 25, while Grandeur Park Residences will go on sale in early March.Two other condos – Park Place Residences at Paya Lebar Quarter and Seaside Residences in Siglap – are expected to be on the market by April.

Grandeur Park is being developed by CEL Development, part of Chip Eng Seng Corporation.

Chip Eng Seng chairman and chief executive Raymond Chia told a briefing yesterday that the company is hoping for a similar level of success as that it had enjoyed at its High Park Residences in Sengkang, which had sold like hot cakes. The project has just eight units left after selling nearly 1,100 of the 1,399 units in its first weekend of sales in July 2015.

Mr Chia said that High Park faced competition from new launches in the area, but managed to grab the market’s attention with “good product and affordability”.

Grandeur Park will ride on the same success formula, he added, but with a focus on wellness. The condo has tied up with Amore Fitness to offer fitness classes and spa facilities.

CEL executive director Chng Chee Beow added: “With good location and good design, we think that, in this challenging market, we should do well.”

Mr Chia said that the average price for the project will be about $1,350 per sq ft (psf).

Units range from one- to five-bedders, with prices from $550,000 for a one-bedroom unit. The two-bedders, which make up 45 per cent of the total units, start from $700,000.

While home sales were subdued in December with just 367 units sold, the number of new private homes sold last year hit 7,972, up 7 per cent from 2015.

Cushman & Wakefield research director Christine Li said that CEL is adopting a “priced-to-sell” strategy for the large development, given the uncertainties in the market. “I am surprised that this new project is priced below $1,400 psf when the market sentiment has improved,” she said, noting that the average median transacted prices for projects in the vicinity were higher.

The Glades sold for $1,440 psf while Urban Vista recorded average prices of $1,487 psf.

However, she added that it faces competition from the 843-unit Seaside Residences and Park Place Residences, which will have 429 units and is part of a massive integrated development with office towers and a retail mall.

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