Strong demand at two weekend condo previews

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Published July 13, 2009

No fear of property gains tax on show

Investors, home seekers throng property launches over weekend

By EMILYN YAP


FEAR and uncertainty over how gains from property sales would be taxed vanished as quickly as they came last week.

Home seekers still thronged showflats over the weekend and smaller apartments remained popular picks.

Turnout at property launches was healthy, observed DMG & Partners Securities analyst Brandon Lee, who visited a handful of showflats in the last few days.

News that the government could change income tax laws on profits from property sales did not seem to have an adverse impact, he said.

Word got round last Wednesday of a proposal to make current laws clearer - by guaranteeing that anyone who sells only one property in any four-year period will not be taxed on the gains.

This left many industry players wondering if sellers who failed to meet the criterion would automatically be taxed. Their fears were eased when the government said that this was not the case.

Given how much property prices have fallen, there is still a chance to profit - with or without taxes - said Mr Lee in a note last Thursday. 'Even if a maximum 20 per cent personal income tax rate is levied on profits, the seller should still reap healthy income.'

Investors seemed to recognise this and joined genuine homeseekers at showflats for new projects, such as Parc Imperial at Pasir Panjang, Ascentia Sky along Alexandra Road and Sophia Residence at Mount Sophia.

According to agents, buyers had taken up around 80 per cent of Parc Imperial's 138 units by yesterday afternoon.

Studio and two-bedroom apartments at the freehold project were the most popular, with prices starting from $1,200 psf.

At Luxus Hills, a recently-launched 999-year leasehold landed development at Ang Mio Kio, 63 of 78 units have been sold. Prices ranged from about $1.75 million for intermediate terrace homes to $2.05 million for corner terraces.

Existing properties also found buyers. In four days, The Straits Trading Company sold 10 units at Gallop Green, a freehold estate near Farrer Road which received Temporary Occupation Permit in 2002.

Prices averaged $1,400-$1,435 psf and buyers comprised owner-occupiers and investors, said the company's executive vice-president Eric Teng.

http://www.straitstimes.com/Money/St...ry_402770.html

July 14, 2009 Tuesday

Strong demand at two weekend condo previews

By Joanna Seow


DEMAND for new private property developments remains strong, judging by the interest generated at two previews held over the weekend.

At high-end condominium Ascentia Sky's preview for selected clientele, over 90 per cent of the 80 units released were snapped up for as much as $1,250 per sq ft (psf), according to developer Wing Tai's spokesman.

'We received strong public demand at the launch,' said the spokesman, citing the prime location in the Alexandra-Tanglin area as a key selling point.

A public preview is set to be held this weekend before the official launch, which is likely to take place over the following weeks.

The high-rise development has 373 units comprising two- to four-bedroom units, two five-bedroom penthouses and three super penthouses.

Mass-market-priced freehold condominium The Gale, located at Flora Road, was already 65 per cent taken up after its preview that began last Friday. Units were sold at an average price of between $650 and $700 psf.

Hong Leong Holdings had originally planned to release 80 units at the preview, out of a total of 329, but ended up opening 135 more units to interested buyers.

It had employed a novel marketing strategy by setting up a Facebook page featuring information about the property and the preview dates.

The official launch will be held on Saturday, where units including one-bedroom and two-plus-one types - the largest being four-bedroom apartments with a roof terrace - can be viewed.

Buyers have the option to join the Interest Absorption Scheme, meaning they have to pay only 20 per cent of the price of the unit upfront and the remainder upon the condominium's completion.

The Gale is the latest project from Tripartite Developers' Upper Changi properties. Tripartite Developers is a joint venture involving Hong Leong Holdings, City Developments, and Trade and Industrial Development.