- POSTED: 01 May 2014 22:15
- UPDATED: 01 May 2014 23:53
The Commonwealth Towers condominium near the Queenstown MRT station saw strong demand at its launch on Thursday. Developers said that as at 8pm, 175 of the 400 units launched were sold.
SINGAPORE: The Commonwealth Towers condominium near the Queenstown MRT station saw strong demand at its launch on Thursday.
Developers said that as at 8pm, 175 of the 400 units launched were sold, with at least another 100 buyers waiting in line.
One property analyst said the lack of recent launches in the area may have driven up sales for the project.
Many people took advantage of the May Day holiday to check out the latest property launch in the Queenstown area.
Franky Lim, a potential buyer, said: "This is quite a good location. The psf (per square foot) is slightly over what we thought it would be. The quantum is also not small, so we are still considering."
The most popular are the two-bedroom units, which are going from S$965,000. More than 50 per cent of those units have since been sold.
The launch saw 300 units on offer initially, but developers decided to add another 100 in view of the strong demand.
The development has a total of 845 units consisting of one- to four-bedroom units ranging from 441 to 1,302 square feet.
Prices start from S$721,000 for the one-bedroom units to S$2.2 million for a four-bedroom unit.
An analyst said the lack of recent launches in the area may have boosted sales for the Commonwealth Towers project.
The last condominium in the area was launched some four years ago.
Ku Swee Yong, CEO of Century 21 Singapore, said: "Today's showing is evidence that there are a lot of investors who, firstly they qualify under the TDSR (Total Debt Servicing Ratio) and ABSD (Additional Buyer’s Stamp Duty) rules, and they are also happy to put their investment money to work in a product that is well-located as well as with good interior furnishings."
Attractive prices are also important in drawing buyers, especially for two upcoming projects at Kim Tian Road and Prince Charles Crescent.
Prices have not been released yet but analysts expect developers to take the cue from the market reaction for Commonwealth Towers.
Channel NewsAsia understands that the Kim Tian Road site has the highest land cost at S$1,163 psf per plot ratio, followed by the Prince Charles Crescent plot at S$960 psf ppr.
Another project which opened for preview on Thursday is the Waterfront @ Faber. The 199-unit development at Clementi saw some 400 visitors at its showflat.