Strong sales seen at new condo projects

Principal Garden, a 663-unit condominium at Prince Charles Crescent, saw brisk sales during its initial launch over the weekend.

Around 60 percent of the 200 units released were sold by 4pm on Sunday, at an average price of more than $1,600 psf, reported The Business Times.

Jointly developed by UOL Group and Kheng Leong, the project’s four 24-storey towers are situated right next to the Alexandra Park Connector, which extends towards the central business district and Singapore River.

Over at Thomson Impressions, experts had been predicting strong sales during its launch on Saturday, as over 50 percent of its 288 units are priced below $1.2 million, reported The Straits Times.

Units at the 19-story project in Lorong Puntong have an average price of $1,400 psf, effectively valuing a 43 sqm one-bedder at $670,000.

“Anything under a million is a sweet spot. Above a million, it could be a psychological barrier for some,” said PropNex Realty Associate Director Avis Wong.

Since cooling measures like the Total Debt Servicing Ratio (TDSR) were introduced to restrict lending, buying a property has been less about psf price and more about affordability, Wong explained.

With only 288 units, Thomson Impressions also has an advantage over larger mass market projects, said Chestertons Managing Director Donald Han.

“It’s a fairly small cluster of units so buyers won’t have too many competitors if they are buying for investment. There is also less competition for tenants and resale.”

To be completed in late 2019, the 99-year leasehold development is close to the Singapore Island Country Club, upcoming Bright Hill MRT station as well as Ai Tong Primary School.

It is being developed by NS Property (Thomson), which is a joint venture between China-based Nanshan Group and Vico Construction.


 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg