Developer of Potong Pasirs Myra Condo bucks trend by cutting prices for certain smaller units

Aug 13, 2021


DESPITE rising private home prices, a freehold project in Potong Pasir hasnt got onto the bandwagon but instead, is giving discounts to buyers of certain units.

Going against the tide, the developer of Myra Condo is lopping S$80,000 and S$70,000 off the listed prices of its Type A1 one-bedroom and Type B4 two-bedroom units, respectively.

After the price cuts, Myra's 474 square feet (sq ft) one-bedroom apartments will be sold at a median price of S$1.41 million, according to a flyer.

This amounts to about S$2,974 per square foot (psf). Meanwhile, its 667 sq ft two-bedroom units have a median price of S$1.49 million, which translates to S$2,240 psf.

The condominium project stands 12 storeys tall and houses just 85 residential units ranging from one to four-bedroom apartments.

Last month, a newly launched project, Pasir Ris 8, caught the attention of buyers and agents after reportedly increasing its prices six times.

Steven Tan, chief executive officer of OrangeTee & Tie, said that despite its price increases, only "a handful" of Pasir Ris 8 units were transacted for more than S$2,000 psf last month.

"We have to bear in mind the overall average is around S$1,600 psf, which is in line with prices expected for an integrated development in the OCR (outside central region)."

He said Myra is having a "star-buy promotion", which is commonly used in many projects to attract buyers regardless of market condition. "Even in the uptrend market, some developers may still adopt this marketing strategy to accelerate sales."

Nicholas Mak, head of research and consultancy at ERA, said: "In the current property market where some developers are raising prices, a developer which lowers its prices would attract the attention of homebuyers."

Myra is located about 200 metres away from Potong Pasir MRT in District 13, which is part of the rest of the central region.

Developed by Malaysia-listed Selangor Dredging Berhad, the freehold project is expected to be completed in 2025.

Since its launch in September last year, Myra has sold 19 units as of June 2021, according to URA caveats lodged.

That said, property players say price increases are expected overall.

Mr Tan said: "The demand for properties in prime areas is growing and therefore most CCR projects are not cutting prices. Most of the projects in suburban areas are also lowering their discount as they have the confidence to meet the 5-year ABSD (Additional Buyer's Stamp Duty) requirement."

Mr Mak added that it is unlikely for other projects to lower their prices in the near future.