The M and Luxus Hills (Contemporary Collection) both sold well despite the COVID-19 outbreak. Photo: Bukit Sembawang Estates
Two property projects in Singapore bucked the cautious sentiment brought about by the COVID-19 outbreak, with Luxus Hills completely sold out, while The M saw another 32 units snapped up.
Bukit Sembawang Estates revealed that it registered 100% sale for its Luxus Hills (Contemporary Collection) project following two weeks of sales.
Featuring 39 houses, the project in Seletar set a new benchmark for pricing as its inter-terrace homes achieved an average price of $3.35 million or $2,070 per sq ft (psf), said the developer.
Wing Tai Asia’s The M, on the other hand, sold 75% or 392 units out of its 522 units over the last two weekends.
Cushman & Wakefield’s Head of Research for Singapore & Southeast Asia Christine Li believes the projects bucked trends for two reasons, reported The Business Times.
The final phase of Bukit Sembawang’s 999-year leasehold landed development, Luxus Hills, the Contemporary Collection offers 39 landed units that are ready for occupation given that the project has already obtained Temporary Occupation Permit (TOP).
Several flexible payment schemes are also offered, which include a Stay & Pay scheme that allows buyers to move in right away for just a 20% down payment and a Reservation Scheme that enables buyers to reserve their preferred unit with just a 10% deposit.
“The developer is also smart to push out completed units to target those who have sold their properties in the previous en bloc cycle and are flush with cash. This is also the reason the earlier phase was also fully sold within days after it was launched in August,” said Li.
In 2019, Bukit Sembawang’s Signature Collection was fully sold out by 1 September as the flexible payment schemes proved popular among buyers who bought 71 or over 90% of units during its first launch weekend.
Meanwhile, The M – which posted an average price of $2,450 psf – is fairly under-priced compared to new sales within Districts 1, 2 and 7, said Li.
Midtown Bay moved 46 units at $2,926 psf since the project’s launch in Q4 2019, while Marina One Residences sold 78 units at $2,540 psf starting from Q1 2019 to February 2020. One Pearl Bank moved 255 units at $2,371 psf since its launch in Q3 2019.
“Singaporeans can still smell good deals even with masks on,” quipped Li.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org