New showflats attract crowds

New housing development projects were flocked by thousands of people this weekend, which clearly showed a boom rather than a recession.

“The mass market is still moving. If you price it correctly and reasonably, people will still buy,” said an industry watcher to The Straits Times.

The Parc Lumiere was the most popular project in town, which attracted 6,500 visitors during the weekend.

Last Friday, buyers had started lining prior to the project’s viewing period on Saturday, having 829 people in line for units in the estate that is being developed under the Design, Build and Sell Scheme (DBSS).

Balloting was not applied in the project. Buyers only need to show up and register.

Sim Lian Group, the project developer, said that 306 units have already been sold out of the 360 available units. All of the four-room flats, with price a range of $378,000 to $425,000 have already been purchased.

Only five-room flats are left, which are priced between $462,000 and $575,000.

According to Diana Kuik, executive director of Sim Lian, "After going through Premiere Tampines, we thought we would try another way of selling. When you do it by ballot, a lot of people just try for fun. A lot who were keen didn't get the chance to book.”

However, some buyers saw the sale method of walk-in selection, which was considered a first-come, first-served type of sale, as an inconvenient method. One buyer said the notice for the sale was too sudden for him to travel and book. A parent complained that her son had been expecting the project but was in Europe at the time of the launch.

The Peak Toa Payoh, the second project of DBSS, also became in demand this weekend having attracted 1,711 applicants as of 6:00 pm yesterday for its 1,203 flats.

Hoi Hup Sunway, the project developer, sold the units by ballot, and until Tuesday next week, it is still open for applications.

Over 22,500 people had attended the showflat since Wednesday until its closing yesterday, said the project’s executive director, Ms Kellie Liew of HSR Property Group, The Peak’s marketing agent. Most of the applications are for the five-room flats, and 30 percent were looking for four-roomers, Liew added.

In the private home sector, developer of City Developments (CDL) said the freehold The Arte located in Jalan Datoh drew an approximate of 1,000 people during the weekend.

The 336-unit project boasted comparatively large flats at an average price of $880 per square feet, or below $2 million for each unit.

CDL said 20 units have been purchased for over $30 million, which makes 170 of the total sales.

Based on Chia Ngiang Hong, group general manager of CDL, “The sales volume indicates that buyers have greater confidence in the property market and in the future of their investment.”

“This reinforces CDL's view that the current market is now attracting savvy but cautious investors,” he added.

Most of the buyers have private homes, he said, and they want to have investment in another property or transfer into a 'new and upscale residence'. The interest absorption scheme of CDL has been extended for these buyers.

Last month, two big projects were also launched and had sales that could attract many applicants.

Furthermore, 22 apartments were booked at the Mi Casa condominium located in Choa Chu Kang last week. There were 202 units sold out of the 457-unit with prices at $635 per square feet.

Simei’s Double Bay Residences sold more than half of its 646 units. This was considered the best-selling project for last month, having sold 264 units.

In Holland Road, the Verdure, which had its preview about two weeks ago, also sold 60 percent of its 68 units.