Condo units snapped up

Units in mass- and higher-market projects snapped up

By Jessica Cheam

STRONG sales in the property market continued over the weekend as mass- and upper-mid- market launches drew crowds of buyers.

 

Within three days of its preview launch last Friday, the 68-unit Residences@Killiney project sold 39 of 60 released units - with sales ongoing, a spokesman for developer Hoi Hup Realty said yesterday.

 

Preview prices at the Killiney Road condominium ranged from $1,700 per sq ft (psf) to $2,000 psf.

 

Opposite the condo at Devonshire Road, Allgreen Properties' One Devonshire has sold more than 95 per cent of its 36-storey, 152-unit freehold condo since its launch about two weeks ago.

 

In the Thomson Road area, Far East Organization sold 84 per cent - or 74 homes - of an initial batch of 88 units at a private preview of its Vista Residences over the weekend.

 

The 280-unit freehold project offers a range of accommodation from one bedroom to penthouse units starting from $960 psf.

 

Far East will release another 45 units tomorrow - its official launch date - said Mr Chia Boon Kuah, chief operating officer of the firm's property arm.

 

HSR Property Group executive director Eric Cheng noted that the buying activity - which started in mass-market new condo launches - seems to have moved into the higher market segments.

 

'This is undoubtedly due to the stock market rally, more positive sentiment, and is enabled by the interest absorption scheme,' he said.

 

The scheme allows buyers to pay a deposit and postpone monthly home loan payments until the project is completed.

 

Source: The Straits Times – 30^th June 2009