Product sales of upmarket condo units perk up

Singapore-listed property developer GuocoLand has sold all the 210 units in its Bukit Timah condominium project Goodwood Residence.

The company, controlled by Malaysian tycoon Quek Leng Chan, told The Straits Times last Friday that it has moved its last three penthouses in the development, although it declined to reveal the timeframe in which these were sold.

The three penthouses, which range between 3, 900 and 9, 600 sq ft, were sold to both Singaporeans and foreigners at prices between $6. 5 million and $14. 23 million, said the company via e-mail.

A spokesman said that the average price per sq ft (psf) at the development was about $2, 300. He added that no deferred payment system or sweeteners were given for the last few units.

He said that about 70 per cent of the buyers were buying for investment.

Separately, the GuocoLand spokesman said that its other freehold completed project, the 381-unit Leedon Residence, is selling well.

About 100 units are left, with an average price per sq ft of slightly below $2, 000. The development has two-, three-, four- and five-bedroom units, with prices from $2. 3 million.

The company recently sold six five-bedroom units for prices ranging from $8. 5 million to more than $10 million, although it declined to reveal the timeframe. The spokesman added that the group is exploring the idea of a bulk purchase for the remaining units.

GuocoLand’s next high-end non commercial project in this article will be a 450-unit condo in Martin Put on a site this clinched in June.

Experts were carefully optimistic regarding the sophisticated property marketplace.

One of them stated that the part has taken care of this year. In comparison with last year, there is an 70 per cent embrace transactions of non-landed homes with rates of $2, 000 psf and over, he documented, citing tricks lodged.

Even though the sales of this two GuocoLand projects had been encouraging, the improved belief was basically due to improved opportunities for the purpose of buyers, instead of overall confidence in the sophisticated market.

Curiosity for sophisticated properties may possibly have much better recently, nonetheless it is mainly motivated by affordability snap-ups.