Upgraders grab condos in Mi Casa

Buyers grabbed 97 units in a private preview held at a Choa Chu Kang condo, yet another sign that projects in suburban areas are transacting well with developers.

These deals at Mi Casa, a new development of the Far East Organization in the town centre of Choa Chu Kang, consist about 80% of the 123 released condo units. Mi Casa comprises of 457 units all in all. Prices began at $580 per square foot (psf) and the achieved average price was $625 psf.

Units with two bedrooms, with sizes 990 sq ft and above, and units with three beds, sized from 1,259 sq ft, were all sold. Some have extra study units that make two-bedders up to 1,119 square feet and the flats with three bedrooms to 1,281 sq ft. However, units with four bedrooms are not yet launched.

Most of the buyers were enterprisers and professionals, such as engineers and teachers, according to the private developer last night.

About 80% of the purchasers were 'upgraders' who dwell in the nearby vicinity and neighbouring areas such as Bukit Batok, Teck Whye, and Yew Tee. Malaysian and Chinese Nationals, accounted for almost 12% of sales.

Mi Casa is the new private condominium project developed in the town since The Warren condo was launched eight years ago. The Mi Casa site was purchased last year by Far East. From the site, the train station, community library, the Lot 1 Shoppers' Mall, and bus interchange are just nearby.

Mr. Chia Boon Kuah, chief operating officer (property sales) of Far East, perceives a strong demand for new condo units in the area. ”We are delighted with the preview sales so far,” he said. He also added, “Currently, there are no new sites available in the Choa Chu Kang town centre in the government land sales programme”.

This transforms Mi Casa into "an attractive value proposition to HDB upgraders and private-residence owners in the neighbourhood”, Mr. Chia Boon said.

Buyers will benefit from an early bird markdown until the condominium's official launch to be held on April 10.

The suburban market revealed several signs of life in the previous month when over 300 units were grabbed in three days at Frasers Centrepoint's Caspian condominium in Jurong. Over 70% of its 712 units were sold since.