Condo developers dangle discounts in down market

Lower prices have helped to entice buyers in a down market, going by sales at two recent property launches.

Developers have adjusted their expectations in a bid to gain some traction amid falling sales, in the wake of cooling measures and stringent financing rules.

Take Kingsford Waterbay, a 1,165-unit development in Upper Serangoon that sold 140 homes over the weekend.

The average sales price of $1,050 to $1,180 per sq ft (psf) was below an initial expected selling price of $1,200 psf, the project’s developer Kingsford Development told The Straits Times recently.

The weekend sales included that of a 1,949 sq ft semi-detached unit, which was sold for $2.14 million – or $1,097 psf – and a 1,625 sq ft strata terrace unit, which fetched $1.76 million, or $1,080 psf.

The firm said that most of the units sold were two-bedders, spanning 614 to 721 sq ft. Singaporean buyers were in the majority, comprising mostly young couples and upgraders, the firm added.

Kingsford Waterbay includes apartments, six strata terrace houses, two strata semi-detached houses, a childcare centre and six shops.

Meanwhile, GuocoLand’s 1,024-unit Sims Urban Oasis in Sims Drive sold 29 apartments over the weekend, bringing the sales tally to “more than 170 units” since sales began on Feb 14.

Property agents said that discounts of up to 19 per cent were offered over the Chinese New Year holiday. But that has now shrunk to 18 per cent.

GuocoLand said units were snapped up for between $1,295 and $1,595 psf.

Other upcoming launches this quarter include NorthPark Residences by Frasers Centrepoint and Botanique at Bartley by UOL Group.

http://business.asiaone.com/news/condo-developers-dangle-discounts-down-market#sthash.SOA63wx7.dpuf

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