There are a lot of units which dropped under $1 million, Whistler Grand Condo which stood right in West Coast Vale sold 150 out of the 240 units successfully launched November 3@ 5 pm, reported the prestigious Straits Times.
Lee Mei Ling, the head of property development of City Developments Limited (CDL) credited the competitive take -up from the luxurious 716-unit development to “a collaboration of design, best area location and its affordable price.”
The sold-out 150 units imply a take-up rate of 21 percent, which can be considered as competitive but healthy. Following the introduction of TDSR or Total Debt Servicing Ratio way back 2013, the take -up rate was only half of the previous day’s take-up rate, explained by the Senior director, Alan Cheong of Savills Singapore.
Usually, the en bloc sellers and first-time buyers interested in replacement homes were driven by the available average selling price which is more or less $1,380 psf. Special prices start as low as $608,000.for one-bedders only.
” $1,380 psf is not a bad figure considering the unpredictability of the HSR or High-Speed Rail project between Singapore and Kuala Lumpur, which acted as the selling point,” told Cheong.
Jarvis Goh, an associate executive of PropNex told that HSR is one of many details of Jurong site’s rejuvenation which includes switching it into a classy Singapore’s second central business area.
Jonathan Kee, a first-time buyer agrees recent prices are appealing considering Jurong’s property development proposals. A well-motivated buyer bought one -bedroom unit, with a 99 -year leasehold development that anchors towers of two in 36-storey for as high as $700,000 in form of an investment.
A certain Leow, an en bloc-seller, 45 years old bought $1.4 million three-bedroom unit although his latest condo has yet to reach the 80 percent directive to introduce and present a collective sale. ” If ever the en bloc sale doesn’t work well then our condo will be sold and shift to Whistler,” he explained.
The positive take -up rate around Whistler implies that the technique used by CDL to offer a highly competitive prices post- cooling measures is really effective,” said, Ismail Gafoor, the PropNex Realty CEO.
Gafoor further added, ” Among the 150 interested clients that the agents of PropNex got, there were over 80 buyers who are sincere to purchase, which can be a sign of a conversion rate that is good. Ideally, the effective conversion rate of expression over interest to actual buy is likely to 40 percent only. But our dynamic agents hit more than 50 percent efficient or successful conversion.”