Optima sold out in 3 days

297-unit Optima homes sold for around $810 psf; other launches also see strong demand

By Joyce Teo

 

SINGAPORE may still be mired in recession, but tell that to the home hunters who are flocking to the latest launches.

 

In the east, a new 297-unit condominium development on the doorstep of Tanah Merah MRT station completely sold out in the three days that followed its preview last Thursday.

 

Units at Optima went for an average price of around $810 per sq ft, or from $470,000 to $2.06million per unit.

 

Demand remained strong even after developer TID - a joint venture between Hong Leong Group and Mitsui Fudosan - raised prices by 5 per cent, from $790 psf on Thursday to $830 psf by Friday.

 

Keen buyers were already seen queueing days before the launch of the 99-year leasehold condominium.

 

And TID had to conduct a ballot of 120 units for 300 buyers just before midnight on Thursday to prevent them having to camp out overnight for the public launch the next day.

 

Buyers were a good mix of HDB upgraders and investors, said the Hong Leong Group spokesman. City Developments has now put on fast track the launch of its 396-unit project at the former Hong Leong Garden condominium site.

 

Over in Ang Mo Kio, another new suburban launch has attracted relatively strong demand, though some price resistance may have settled in over the weekend.

 

The 329-unit Centro Residences has sold 93 out of the 144 units that were released for sale last week. Most of the units sold were two- to three-bedders. The smallest two-bedders have been sold, leaving those from 872sqft and above, and priced from $1million.

 

Far East Organization said on Monday that 50 per cent of the buyers are HDB upgraders from nearby towns, while the rest are residents from private estates.

Source: The Straits Times – 04 Aug 2009