” It is expected for prices to go up when the market is smooth sailing. Grabbing the chance really makes a sense,” told one visitor.
Amid the pandemic “coronavirus19” the crowd still flock the showroom for the executive condominium (EC) of OLA during the opening preview just recently, 19th of March, excited “to grab” the economic falloff, told Today.
The recent viewing of the attractive 548-unit executive condominium development along Anchorvale Crescent last March 19-20, 2020, attracted as many as 1,000 visits. The public relation team of Evia Real Estate estimated the same number of the crowd which will be seen in the preview on March 20, Friday as well.
“The developers are hesitant on pricing their homes or properties high in times like this because they feel no buyer will be attracted. But if you don’t buy on trying times such as now, when is the best time to buy?” told Mr Lawrence Lee, the property agent, who together with his family visited the preview.
“When the market is good, the estate property prices go up. It is a perfect time for me to grab the chance.”
Evia Real Estate Managing’s Partner, Vincent Ong, strongly believes for developers to be trapped in “big trouble” provided they won’t listen or be sensitive to the world’s phenomenon.
In times of economic uncertainty, people are occupied about food, jobs and how everything runs. So the normal response is to maintain the highest flexibility. We should be compassionate especially this trying time,” he told.
” No wonder Executive Condos (EC) are having very affordable price. Over half or near half of the areas are priced same or lesser than the current EC units, “he further added.
A private-public property housing giants, ECs are created by private business developers, showcasing the facilities visible in private condominiums such as swimming pools.
The developer of Anchorvale divulged, that approximately there were more or less 15% of the total units among OLA will be reduced below $1million.
Prices of a three-bedroom and premium units such as “three-bedroom plus one” start at $999 per sq ft (psf). The said units measures from 1,055 sq ft. to 926 sq ft.
The four-bedders in 1,389 sq ft are given a price of $976 psf.
Ong stressed that the said prices were decreased by 2% to hold the buyer’s interest.
The Public Relations Director, Jeremy Foo jump in the showroom and conveyed, “it is the ripe time” for his dream to be realized, his family, moving to a bigger home.
“I don’t believe that the economic crisis can halt someone from acquiring an upgraded unit if chances in life allow. With a crashing economy, it would be best for ordinary people like us – the millennial couple who plans to upgrade with a reasonable price,” Foo added.
Though they are aware of the crowd’s presence, Elamaran Thiyagarajan, under the bank’s risk department still joined the viewing since this project is one of the few of EC for this year.
“Executive Condominium projects are seldom. And the affordable pricing simply syncs the budget. Anything beyond this, I will not gamble in any private property, thus, this is perfect on what we plan for.”
OLA EC forecasted to complete by 2023, and the preview welcomed the public last February 15, along with the development taking e-applications, starting February 15 to March 01.
Thus, both the walk-ins and e-applicants are welcomed for the viewing of the units on March 19-20. Bookings of the units will start on March 21, Saturday.