50 units sold at TRE Residences for $1,416 psf

Muneerah November 18, 2014

TRE Residences (pictured), a condominium project in Geylang East, sold 20 percent of its 250 units during its launch over the weekend, reported the media.

Unit prices stood at an average $1,416 psf, inclusive of a five percent early bird discount.

A spokesperson revealed most of the units sold were one and two-bedders, while buyers were a mix of investors and occupiers.

However, he declined to comment on whether prices will increase from thereon without the early bird discount.

Jointly developed by MCC Land, Greatview Development and Sustained Land, the 250-unit project was originally priced at $1,560 psf on average.

PropNex and Huttons are its official marketing agents.

PropNex CEO Mohamed Ismail Gafoor considered the sales result as positive “given that there wasn’t a major advertisement campaign like for Lake Life where developers go on TV and radio.” In fact, the project had a relatively quiet campaign.

He believes the developer of TRE Residences is likely to continue to offer the condo at reduced prices, but repackage the “early bird discounts” into something else.

Meanwhile, R’ST Research Director Ong Kah Seng noted the lower launch prices imply that investors can lower their asking rental prices to lure expats amid weak rental environment.

“The original $1,560 price was probably a bit steep, given that Central Grove (another condo nearby) is reselling at about $1,000 psf. The post-discount $1,410 is more within buyers’ expectations,” he added.


Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg


You may also like these articles

Nature-inspired condo to launch this weekend

TRE Residences (pictured), offering tranquil homes in central Singapore, will launch on 15 November. Comprising two blocks with a total of 250 units, the project at Geylang East Avenue 1 offers one

Continue ReadingNovember 10, 2014

More high-end homeowners default payments

The number of houses placed on the auction block by banks has increased by nearly five-fold as borrowers struggle to sell their luxury units amid the falling prices and the government’s tough coolin

Continue ReadingNovember 17, 2014

New private home sales improve mildly

Sales of condominiums launched by developers reached 765 units in October, revealed fresh data from the Urban Redevelopment Authority (URA). Including executive condominiums (ECs), the number of un

Continue ReadingNovember 17, 2014