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.