Massive sales at Mass-market condominiums

Over the weekend, buyers turned up en-masse for a series of mass-market launches. Some were completely fresh out of the oven and some were launching a new round of units. These new properties are sprinkled across different districts and each had their plus points and investment value.

The 3 strongmen of the new condominium market this round are:

WhitehavenWhitehaven sold more than half of their 121 units. 70 apartments were picked up by eager buyers at an average price of $1,470 – $1,480 psf. A five-storey project developed by Roxy-Pacific Holdings, it does not have the bulk and density of other bigger condominiums but it does provide an exclusive and private atmosphere. And as a freehold project, prices are considered reasonable.

If you wish to go bigger, there is the 380-unit Stratum in Pasir Ris. It is a 99-year leasehold property, with a wide range of apartment sizes ranging from a 432 sq ft studio to a 2, 446 sq ft five-room duplex penthouse. In their first phase launch, 190 of 250 units released were sold over the weekend alone.

Corals at Keppel Bay previewed to intense response as well. Almost all of the 100 units released were sold and majority of the buyers were Singaporeans. Most of the units which moved were the one to three-bedders. As expected, buyers are savvy enough to recognise the investment value of this property, with it being near the HarbourFront MRT Station, and a number of amenities, entertainment spots and schools nearby. Prices at this 366-unit 99-year leasehold condominium were well spread across $1, 800 to $3,000 psf. And this is only the preview. What response will their official launch this weekend bring?

Belgravia villasAnd to whet the buyers’ appetite even further, a selection of other launches coming up include:

The long weekend is here. If you’re out house-hunting, there might be lots to look forward to.

Have HDB flat. Will buy Private Condominium

More are doing just that, it seems. A recent analysis of property market trends by DTZ Research has revealed telling signs of how many HDB upgraders out there are buying a second private property. In fact, out of the number of buyers who bought private homes last year, more than half currently live in HDB flats. 9, 380 private property units were purchased by buyers with HDB addresses whereas only 8, 239 units were purchased by those who are already in the private property market.

Shoebox apartments were top sellers for HDB upgraders. Seen here is the Bartley Ridge condominium.

Shoebox apartments were top sellers for HDB upgraders. Seen here is the Bartley Ridge condominium.

Industry players speculate that most of these buyers could be singles living with their parents in HDB flats or parents who were buying properties for their children (or under their childrens’ names). There could also be buyers who bought private properties to live in whilst renting out their HDB flats to help pay for the mortgage. Under the current HDB rulings, HDB flat owners who fulfill their Minimum Occupation Period (MOP) are allowed to purchase private properties.

With that in mind, one of the most sellable properties were none other than the shoebox apartment. Strong demand for new private homes fell mainly into this lucrative category as these small units were mostly under $1 million and were considered to have high rental yield. A record 1, 675 shoebox apartments were sold in 2012, 17 per cent more than 2011.

Rising resale HDB flat prices could be the reason for driving HDB upgraders into the private property market. And mainland Chinese took first place in Q4, taking up 20 per cent of all foreign property purchases. That is one in four units bought by overseas buyers.

What does this really tell? Are the property cooling measures targeted at the right folks or have they left the essential market unchecked?