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Thread: 60% of Hong Leong's Penrose condo sold over launch weekend

  1. #1
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    Default 60% of Hong Leong's Penrose condo sold over launch weekend

    60% of Hong Leong's Penrose condo sold over launch weekend


    The units at Penrose condominium were sold at prices starting from $788,000 for a one-bedroom apartment.PHOTO: HONG LEONG GROUP

    Published 36 min ago

    Ann Williams

    https://www.straitstimes.com/busines...launch-weekend

    SINGAPORE - The Hong Leong group sold 60.3 per cent of its Penrose condominium over its launch weekend, with the reception among buyers in line with recent data showing bullish new home sales defying the ongoing coronavirus pandemic.

    As at 5pm on Sunday (Sept 27), 341 units out of 566 in the 99-year leasehold development in Sims Drive had been taken up, said Hong Leong in a media release.

    The units were sold at prices starting from $788,000 for a one-bedroom apartment, $943,000 for a two-bedder, $1.33 million for a three-bedder and $2.11 million for a four-bedder, said Hong Leong in a media release on Sunday.

    The condo's apartments sizes range from 474 sq ft for a one-bedroom unit to 1,389 sq ft for a four-bedroom unit.

    Take-up was good across all unit types, with the selling price working out to $1,500 to $1,700 per sq ft, said Hong Leong.

    It added that nearly 85 per cent of the weekend's buyers were Singaporeans, with permanent residents and foreigners making up the rest. "Keen interest was also seen from HDB upgraders across areas islandwide," the company added.

    Sales of new homes - mostly newly-launched condominiums - hit an 11-month high last month, defying the Hungry Ghost Month, and more importantly, the pandemic, the resultant recession and a surge in job losses.

    Market observers have ascribed this to pent-up demand after Singapore's two-month circuit breaker upended sales and planned launches. But other reasons given for the surge in new home sales were more buyers parking their money in property, which they see as a safe-haven asset amid an uncertain economy and volatile markets, and record-low interest rates making it seem a "good time" to get a home loan.

    Ms Betsy Chng, head of sales and marketing at Hong Leong Holdings, said "timing and sensitive pricing" were the main factors behind the good response to the Penrose's sales launch.

    "Given the current climate, it is crucial to identify the right timing and price our projects thoughtfully according to market sentiments and each project's value that includes location, design, and quality interiors," she added.

    The project is jointly developed by Hong Leong Holdings and City Developments, another member of the group. The District 14 development, which comprises five 18-storey towers, is a short walk to Aljunied MRT station and near the Pan-Island Expressway and Kallang-Paya Lebar Expressway. The Central Business District and Orchard Road are about 15 minutes' drive away.

    Property experts said new home sales may start to moderate in the coming months as pent-up demand from local buyers is absorbed into the market. But the gradual reopening of the economy and the setting up of fast lanes for essential travel could also result in more foreign demand for private homes here.

    In line with Covid-19 preventive measures, balloting and booking of Penrose units were done virtually via Zoom. Online balloting began on Friday to determine the queue sequence of buyers for booking day, which started on Saturday.

  2. #2
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    Default Re: 60% of Hong Leong's Penrose condo sold over launch weekend

    What recession?

  3. #3
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    Default Re: 60% of Hong Leong's Penrose condo sold over launch weekend

    Hong Leong's Penrose project about 60% sold

    Good take-up seen across all unit types, with average selling price ranging between S$1,500 psf and S$1,700 psf; nearly 85% of buyers were Singaporeans

    Mon, Sep 28, 2020

    Claudia Tan

    https://www.businesstimes.com.sg/com...-about-60-sold

    HONG Leong Holdings sold 341 units of its 566-unit Penrose condominium over the weekend as at 5pm on Sunday.

    Nearly 85 per cent of buyers were Singaporeans and the rest were Singapore permanent residents and foreigners. Keen interest was also seen from HDB upgraders across areas islandwide, said Hong Leong in a media statement on Sunday.

    The staggering sales numbers were the result of timing and sensitive pricing, said Betsy Chng, head of sales and marketing at Hong Leong.

    "Given the current climate, it is crucial to identify the right timing and price our projects thoughtfully according to market sentiments and each project's value that includes location, design, and quality interiors," she said.

    Penrose, which is located at Sims Drive in District 14, is a 99-year leasehold condominium jointly developed by Hong Leong and City Developments Limited. The development comprises five 18-storey towers.

    Sizes start from 474 square feet (sq ft) for one-bedroom units, 646 sq ft for two-bedroom units, 936 sq ft for three-bedroom units, and 1,389 sq ft for four-bedroom units.

    Prices start from S$788,000 for a one-bedder, S$943,000 for a two-bedder, S$1.33 million for a three-bedder, and S$2.11 million for a four-bedder. In terms of per square foot (psf), the average selling price ranges between S$1,500 psf and S$1,700 psf.

    The group said that the take-up was good across all unit types. The balloting process took place virtually on Friday between the developer and its appointed property agencies to determine the queue sequence of buyers for booking day.

    Buyers were then called by their agents according to their balloted sequence, and the booking of units commenced on Saturday via Zoom.

    Other projects being marketed in district 14 is the 99-year leasehold, 265-unit The Antares at Mattar Road and freehold development Tedge at Changi Road.

    The Antares transacted between S$1,550 psf and S$1,882 psf from January to September while Tedge transacted between S$1,508 and S$1,742 across units sold from March to August.

    Meanwhile, 99-year leasehold 1,024-unit Sims Urban Oasis was transacting between S$1,400 psf and S$1,654 psf for units sold this year.

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