Though the prognosis for real estate this year may not seem positive, some properties may still sell well. With bigger mass-market condominium projects slashing prices to bring in the sales, smaller developments with lesser units at a prime location and an exclusive address may take the cake this year.
A recent million-dollar condominium at the Cluny Park area has garnered strong interest from buyers with thickly-padded pockets. With only 52 units for sale, the freehold Cluny Park Residence has already sold 20 – 6 two-bedders and 14 four-bedders. The project slated for completion in 2016 only has two- and four-bedders and is designed by SCDA Architects, the same people behind The Marq on Paterson Hill and Botanika at Holland Road.
Developers are upbeat about the ultra-rich still buying up properties with well-thought-out concepts, attractive locations and a strong potential for development in the area. In other words, those looking for long-term investments will still be on the lookout and may purchase whenever they come across a project worthy of their money.
Surprisingly, bigger units were the draw. A 754 sq ft two-bedder at Cluny Park Residence is going at $2.3 million and up to $8.3 million for a 2,842 sq ft four-bedder penthouse. The next exclusive mixed-use project to be launched is likely to be Ascent @ 456 on Balester Road this weekend. Prices for its 28 three-bedders of 689 to 829 sq ft are expected to be between $900,000 to $1.2 million and may be perfect for the beginner investor.