Thursday, January 26, 2012

CNY cheer for condo launches

Straits Times: Thu, Jan 26
THE notion that buyers avoid the property market during the Chinese New Year was shot down in flames over the weekend when 224 homes were sold at Watertown in Punggol Central.


Other projects also held open days over the festive weekend, with many willing buyers heading to showflats.


The so-called seasonal effect - namely that sales slow during the December school holidays, the Hungry Ghost Festival and Chinese New Year - has long dampened real estate activity.


But things have been changing in recent years.


Local home-seekers are more willing to buy all year round while there is also an increasing share of foreigners in the market who might be less superstitious.


Developers keen to shift property in what could be a slow year also seem happy to take their chances.


It added up to a bumper weekend at the 992-unit mixed-development project - a joint venture between Far East Organization, Frasers Centrepoint and Japanese firm Sekisui House...

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