Property hunters becoming more guarded

While the government’s recent cooling measures are expected to affect the HDB resale and entry-level private condo markets, they could also be causing homebuyers in the high-end segment to be more guarded, judging by buyers response to the launch of the Twin Peaks project.
 
Project developer Overseas Union Enterprise is believed to have sold approximately half of the 70 units released to date on the 99-year leasehold condo.

While OUE has been holding previews for the project for some weeks, most of the options are understood to have been released over the weekend. The average price reached $2,870 psf, with prices starting from nearly $1.5 million for a 550-sq-ft one-bedroom unit.

Buyers were mainly Singaporeans, and the developer is also believed to have received strong interest from another 16 or 17 potential buyers.

OUE is probably looking for a further recovery in high-end residential prices before it releases more units in the 462-unit Twin Peaks, said market watchers.

Nearly 60 percent of the total units comprises one bedders with the rest comprises two- and three-bedroom units.

Meanwhile, City Developments has sold around 50 units of the NV Residences in Pasir Ris since last Thursday when the project’s showflat was reopened. This compared to the 250 units sold in the earlier week when the project was launched.

As of September 19, City Developments had sold 300 of the 350 units released of the 642-unit condo. “Given today's market conditions, we are very happy with the continued good response. We believe the sales momentum will continue based on the interest as shown by the crowds at our showflat,” said a spokeswoman for CDL, adding that Singaporeans account for 80 percent of buyers.