Property developer MCL Land has seen strong interest for its Ripple Bay condo (pictured) in Pasir Ris, with 270 units sold at the 679-unit project as of 8pm yesterday.
According to a Business Times report, buyers were mostly Singaporeans with a good spread of one- to three-room units snapped up.
Koh Teck Chuan, Chief Executive of MCL Land, said that when sales started in the morning, the average price was approximately S$855 psf. However, when the day progressed and strong interest was seen, the developer decided to increase prices to an average of S$870 psf.
“But we have not done a final tally on our average price,” said Koh.
Located within walking distance to Pasir Ris Beach, Ripple Bay condo is in front of Far East Organization’s Seastrand development, where units are being offered at S$905 psf on average. Far East launched the 473-unit project in June 2011 and around 100 units are still available.
“There’s no plan to lower the price and there isn’t any special promotion for Seastrand. However, buyers receive a reimbursement for the standard three percent buyer’s stamp duty and a furniture voucher equivalent to two percent of the sale price, as is the case for other Far East projects as well,” said the developer.
Meanwhile, 58 of 120 units released at Frasers Centrepoint’s 429-unit Palm Isles condo have been sold thus far. The average selling price for each unit is S$830 psf, lower than the S$870 psf average price of the nearby 501-unit Hedges Park Condominium, which was launched in April 2011 and still has more than 100 units available.
“We currently have no change in plans with respect to pricing and additional incentives at Hedges Park. But we will continue to monitor market trends there,” said a spokesman for Tripartite Developers, the firm behind the project.