reporter2
19-08-13, 16:11
http://www.businesstimes.com.sg/archive/wednesday/premium/singapore/more-200-units-sold-tembusu-sources-20130814
Published August 14, 2013
More than 200 units sold at Tembusu: sources
Strong showing may help bring back confidence to market post-TDSR
By Kalpana Rashiwala
http://www.businesstimes.com.sg/archive/wednesday/sites/businesstimes.com.sg/files/imagecache/image_300x200/TheTembusu01.jpg
SALES at The Tembusu, Wing Tai's condo project in the Kovan area, are said to have crossed 200 units by yesterday evening. The average price for the 337-unit freehold condo is understood to be in the $1,400-1,500 psf range - PHOTO: WING TAI HOLDINGS LIMITED
SALES at The Tembusu, Wing Tai's condo project in the Kovan area, are said to have crossed 200 units by yesterday evening. The average price for the 337-unit freehold condo is understood to be in the $1,400-1,500 psf range.
Sales started yesterday although the project's showflat first opened two weekends ago. Entry to the showflat to VVIPs and those who had pre-registered earlier was by balloting. Huttons is marketing The Tembusu. This is believed to be the first residential project to attract a good reception after the Total Debt Servicing Ratio (TDSR) framework took effect on June 29.
Analysts estimate developers probably sold less than 500 private homes last month.
Wing Tai could not confirm Tembusu's sales figures as it was still tallying sales, but its general manager for property, Len Siew Lian, said: "The response was encouraging; we believe it is due to the comfortable sizing of the freehold apartments in the established Kovan area. Most importantly, home buyers appreciate the quality design and finishes."
Knight Frank's head of project marketing, Eugene Lim Ying Jie, said: "This shows there are still buyers out there in the market. This news will help to bring back confidence to the market."
CBRE executive director Joseph Tan also said the initial sales result shows there is still liquidity in the market and healthy demand for competitively priced projects in good locations. "The Tembusu is one of the few larger freehold condo projects in that area. The location is still within walking distance of Kovan MRT. And the showflat is located in a strategic spot opposite the MRT Station."
Mr Tan also described the pricing, which he believed to be $1,500 psf on average, as reasonable for a freehold project relatively close to the city - compared with J Gateway, a 99-year leasehold condo near Jurong East MRT Station that sold like hotcakes at $1,480 psf on average on June 28.
The Tembusu will rise on Wing Tai's former headquarters about 400 metres from Kovan MRT Station. Rising to 18 storeys, the project will have one to four-bedroom apartments, dual-key units and penthouses in five blocks. Unit sizes range from 474 sq ft to 3,886 sq ft. The project features lush greenery throughout and will also have swimming pools and a tennis court.
Meanwhile, sales continue to be slow at Vue 8 Residence, a 99-year leasehold condo near Pasir Ris Beach. Just 70-plus units are thought to have moved, since the project was released last month. The average price is said to be a tad below $1,000 psf.
The Quinn, a 139-unit freehold condo along Bartley Road, also has seen tepid sales. Fewer than 20 units have found buyers since the project's release a couple of weeks ago. The five-storey development's average price is close to $1,600 psf. Absolute prices start from around $850,000 for a one-bedder.
Published August 14, 2013
More than 200 units sold at Tembusu: sources
Strong showing may help bring back confidence to market post-TDSR
By Kalpana Rashiwala
http://www.businesstimes.com.sg/archive/wednesday/sites/businesstimes.com.sg/files/imagecache/image_300x200/TheTembusu01.jpg
SALES at The Tembusu, Wing Tai's condo project in the Kovan area, are said to have crossed 200 units by yesterday evening. The average price for the 337-unit freehold condo is understood to be in the $1,400-1,500 psf range - PHOTO: WING TAI HOLDINGS LIMITED
SALES at The Tembusu, Wing Tai's condo project in the Kovan area, are said to have crossed 200 units by yesterday evening. The average price for the 337-unit freehold condo is understood to be in the $1,400-1,500 psf range.
Sales started yesterday although the project's showflat first opened two weekends ago. Entry to the showflat to VVIPs and those who had pre-registered earlier was by balloting. Huttons is marketing The Tembusu. This is believed to be the first residential project to attract a good reception after the Total Debt Servicing Ratio (TDSR) framework took effect on June 29.
Analysts estimate developers probably sold less than 500 private homes last month.
Wing Tai could not confirm Tembusu's sales figures as it was still tallying sales, but its general manager for property, Len Siew Lian, said: "The response was encouraging; we believe it is due to the comfortable sizing of the freehold apartments in the established Kovan area. Most importantly, home buyers appreciate the quality design and finishes."
Knight Frank's head of project marketing, Eugene Lim Ying Jie, said: "This shows there are still buyers out there in the market. This news will help to bring back confidence to the market."
CBRE executive director Joseph Tan also said the initial sales result shows there is still liquidity in the market and healthy demand for competitively priced projects in good locations. "The Tembusu is one of the few larger freehold condo projects in that area. The location is still within walking distance of Kovan MRT. And the showflat is located in a strategic spot opposite the MRT Station."
Mr Tan also described the pricing, which he believed to be $1,500 psf on average, as reasonable for a freehold project relatively close to the city - compared with J Gateway, a 99-year leasehold condo near Jurong East MRT Station that sold like hotcakes at $1,480 psf on average on June 28.
The Tembusu will rise on Wing Tai's former headquarters about 400 metres from Kovan MRT Station. Rising to 18 storeys, the project will have one to four-bedroom apartments, dual-key units and penthouses in five blocks. Unit sizes range from 474 sq ft to 3,886 sq ft. The project features lush greenery throughout and will also have swimming pools and a tennis court.
Meanwhile, sales continue to be slow at Vue 8 Residence, a 99-year leasehold condo near Pasir Ris Beach. Just 70-plus units are thought to have moved, since the project was released last month. The average price is said to be a tad below $1,000 psf.
The Quinn, a 139-unit freehold condo along Bartley Road, also has seen tepid sales. Fewer than 20 units have found buyers since the project's release a couple of weeks ago. The five-storey development's average price is close to $1,600 psf. Absolute prices start from around $850,000 for a one-bedder.