Big Draw Opportunity for Small Units at New Launch-Take the deal
For sales at the Toa Payoh, 55% of the units were sold. This performance is considered healthy for 315 units in actual figures went up for grabs in the first month of sales. The sales also made a good impact.
The average price of the units sold was $1426 psf. On Friday, at the VIP sales booking, 300 units of the houses were sold. This is customary, when a condo for sale is launched; it is customary in the first two to three weeks to record a rise in the sales index. Most of the best units such as Parc life, Stars of Kovan, Sturdee Residences, and Poiz Residences have recorded a similar trend at launch.
The journey was smooth for these executive condominiums until the bubble burst due to the policy direction of the government.
The reversal in sales fortunes came when the government introduced some cooling methods. The demand has drastically been reduced and in some cases has become non-existent occasioned by reduction in loans given as well as extra costs on stamp duty which the buyers are compelled to pay for.
Smaller new launch condo units have taken over leadership of the sales at the Gem residences. There were 471 units that were put up for sale out of which about 283 units were sold which are more than 1000 sq ft. There are also units that occupy a space that is less than 1000 sq ft. Of these, out of 107 units only about 20% went up for sales.
What is the magnet that is attracting the buyers to these smaller variants? The price is a huge factor. The developers have carefully put the price tag at a figure that most buyers will find hard to resist.
There are also a lot of varieties in the design of the housing. This luxury of having unique designs is another major point of attraction that is pulling the buyers into buying into the smaller units. Developers of other condo units such as Botanique at Bartley and Symphony Suites, Principal garden, The Terrace, and Sol acres seem to understand the power diversity in design has over buyers. They capitalized on this a great deal.
Small units in virtually all the variants are having the needed leeway in the number of units sold. There are many factors hindering the populace from buying into this Condo for sale. Among these factors are the uncertainties over the economy which has reduced the purchasing power of the buyers. There are no jobs around; for those that have a job at hand, there is no job security.
For now the property market is in a state of comatose. The economy is not having the best of times- no thanks to the global economic meltdown. But even in these unfavorable conditions, for small units in this sales condo, the buyers are coming, steady and the developers are making good progress.
Appropriate prizing is the joker and the fact that the design of these smaller units gives the buyer the liberty of choice.