http://www.straitstimes.com/archive/...condo-20131026

Buyers snap up cheap units at new condo

Two-thirds of 396 units at Inflora sold on first day of sale

Published on Oct 26, 2013

By Cheryl Ong


LOW prices attracted droves of home buyers to The Inflora, Hong Leong Group's latest project, when it opened for sale yesterday.

The Flora Drive condo, not far from Changi Airport, sold like hot cakes with at least 250 units, or nearly two-thirds of all 396 units, sold yesterday.

Buyers favoured smaller apartments, with one-bedders going for just over $400,000.

When The Straits Times visited the showflat at 4pm, all 128 one-bedroom and 136 two-bedroom units had been snapped up at the 99-year leasehold project. One-bedders range from 462 sq ft to 495 sq ft, while two-bedders range from 742 sq ft to 882 sq ft.

Smaller units were such a hit that many buyers went home disappointed at missing out.

One prospective buyer, who wanted to be known only as Mr C.P. Tay, said he was drawn to the project by its low total prices. He had lodged a cheque for a one- or two-bedroom unit but was unsuccessful in the ballot.

The Inflora features 84 three-bedders of between 1,033 sq ft and 1,582 sq ft; 32 four-bedders from 1,302 sq ft to 1,334 sq ft; and 16 dual-key units from 1,463 sq ft to 1,582 sq ft. The project is being developed by a consortium made up of Hong Leong Holdings, City Developments and TID.

Buyers The Straits Times spoke to cited low prices as the main draw. Mr Daniel Ng, a senior marketing director, bought a 474 sq ft unit for $455,500 - or $960 per sq ft (psf). He said he had been surprised by the low prices when his marketing agent contacted him.

"Their marketing campaign also highlighted how much the project is," he said. "The prices are on the low side and, when the neighbouring projects have been developed, I would expect this project's prices to be drawn up to be on a par with everything around."

Industry experts said that units at The Inflora are probably among the cheapest of the slew of launches in recent months.

In the past six months, the lowest transacted price for a shoebox unit - smaller than 538 sq ft - was $1,041 psf at D'Nest in Pasir Ris, said Knight Frank Singapore research head Alice Tan. She said Hong Leong had acquired the site for a historically low price, and had "more room to adjust prices".

The property player had acquired a huge tract of land in the vicinity of Flora Drive in the 1970s. It is behind seven large condo projects there - Azalea, Ballota, Carissa, Dahlia, Edelweiss, Ferraria Park and The Gale.

Property firm OrangeTee's managing director Steven Tan said psf prices of shoebox units tend to be higher, due to their small sizes. "But even the small units in this development are below $1,000 psf, so it's considered attractive," he said.

Mr Tan added that buyers drawn to smaller apartments are likely to have always wanted an investment property. "Because units are on the low side, buyers can take advantage of that to attain their goal."

The Inflora is near the Japanese Primary School and the upcoming Singapore University of Technology and Design.

Elsewhere, Chiu Teng Group's Creek@Bukit condo was open for viewing yesterday. Property agents said indicative average prices of units were between $1,500 psf and $1,600 psf.

The freehold project in Bukit Timah is expected to open for bookings next Friday.

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