The residential real estate market is being stirred with much interest again amidst some buying euphoria among potential buyers sitting on the fence awaiting hopefully for some relaxation of government property cooling measures and this comes in the wake of developers dishing out attractive marketing efforts to attract such buyers. With the recent brisk sales experienced at the recent new condo launch projects, existing projects enjoy a spike for both the months of March and April.
There is a rebound of sales momentum for executive condominiums or ECs in short with some popular ECs projects recording brisk sales of 50 to 70 units in each such type of new condo projects as compared to the same period last year, the recorded sales was only a mere figure of 44 units transacted.
The Terrace Executive Condominium in Punggol sold 37 units in March and more than another 37 units in April with a combined total of at least 74 units for both months. Total sales volume could be higher but this can only be confirmed once the caveats lodged in the last week of April has been made available to the public by Urban Redevelopment Authority.
In its buyer referral scheme, the developer of The Terrace Executive Condominium, Kheng Leong which is also Principal Garden developer, offers incentives through cash vouchers from which both the buyer and the referrer stand to gain $10,000 cash voucher each when a unit is successfully transacted. Such is the scheme entitlement for both the buyer and the referrer.
Looking at Urban Redevelopment Authority caveats, about seventy five percent of the caveats lodged since the month of February showed a reduction of $10,000 reflected in the nett price of the transactions. Several other new launch condo projects in the EC markets also experienced good sales record in the past two months. In March and April, The Amore sold 69 units. The Vales sold 62 units and The Brownstone sold 58 units. Urban Redevelopment Authority caveats did not indicate any discount with some projects offering star buy units.
Along with The Terrace, The Vales, The Brownstone, Bellewaters and Bellewoods, The Armore is one of the few remaining EC projects which buyers need not have to pay resale levy and they are exempted from paying because all the EC projects were launched before 9 December 2013.
With affordable price quantum, ECs tend to attract buyers who are seeking for larger units. Buyers paid less than $1 million on average for a four bedrooms new condo units with average size of 1,227 sqft. This is nearly forty percent of the sales in March and April for such four bedrooms new condominiums in The Amore. At the recent Wandervale new launch condo in Choa Chua Kang, all eighty two units of its four bedrooms new launch condo units were completely sold. One factor influencing such sales is the close proximity to the MRT stations, and being new condo near MRT, sales is always encouraging. The Vales is located with minutes of walking distance to SengKang MRT while The Brownstone is just sitting next to the upcoming Canderra MRT station.
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