Published January 10, 2007

Steady sales at mass market condo launches


SALES of units in two mass market condominiums launched recently - Frasers Centrepoint's ClementiWoods on West Coast Road and Allgreen Properties' Blossoms @ Woodleigh in Potong Pasir - are moving along at a good pace.

ClementiWoods: Last weekend's soft launch sees buyers snapping up 120 units of the 240-unit, 99-year leasehold West Coast condominium

At the 240-unit, 99-year leasehold ClementiWoods, about 120 units were taken up during last weekend's soft launch, said Cheang Kok Keong, general manager of Frasers Centrepoint Homes. Apartments are going for 'slightly above' $525 per square foot (psf).

More units will be sold when ClementiWoods is officially launched this weekend. The condo, which is being marketed as an 'eco-development', will face the 12-hectare Clementi Woods Park, and will feature private spa pools in two out of three ground floor units, said Frasers Centrepoint. The project consists of one to five-bedroom apartments, ranging from 560 sq ft to 3,197 sq ft.

Over at Potong Pasir, about 110 apartments in the 240-unit freehold Blossoms @ Woodleigh have been sold at an average of $650 psf since the project's soft launch in December, said Knight Frank, which is marketing the project. About 150 units have been released so far, and the remaining units will be released 'as and when there is demand', said Knight Frank executive director Peter Ow.

Market watchers said the two projects show that buyer demand for mass market projects, while not exactly overwhelming unlike that of luxury developments like the newly launched One Shenton, is nonetheless 'satisfactory'.

The improved sentiment means that more mass-market launches are being planned for the coming months.

This Saturday, NTUC Choice Homes launches its 139-unit, 99-year leasehold Yew Tee Residences on Yew Tee Close. Market observers expect the project, marketed by CB Richard Ellis (CBRE), to fetch around $500 psf.

Developers are also expected to launch more mid-tier projects in the coming months, including the 405-unit One North Residences in one-north, developed by a joint venture between UOL and privately held Kheng Leong; and the 180-unit Pavilion 11 by UOL.

However, developers are still cautious about flooding the market with too much supply, as shown by how they choose to release units in phases.

'At the end of the day, it (the pace of units released) really depends on the take-up rate,' said Knight Frank's Mr Ow. 'If the take-up rate is very strong, as with One Shenton, developers will launch the project all at one go.'