Wednesday, March 28, 2012

High-end, completed, leased out

Straits Times: Wed, Mar 28
A SIGNIFICANT number of recently built new homes, many of them luxury units, are languishing unsold, as wealthy potential buyers watch nervously as global economic confidence ebbs and flows.


Ever pragmatic, developers have turned to a logical solution to keep the cash coming in: They are leasing out unsold apartments at projects that have been completed.


This way, the developers earn some income until buying confidence returns to this elite part of the market.


About 25 projects have at least 10 units unsold, and a large number are upscale projects in the prime districts of 9, 10 and 11, which include the Orchard, River Valley, Bukit Timah and Tanglin areas.


The figures were released by property consultancy Savills Singapore, and were based on an analysis of the Urban Redevelopment Authority's fourth-quarter data.


Projects with units remaining unsold include Reflections at Keppel Bay, with 290 units unsold; Hilltops in Cairnhill Circle, with 208 units; Scotts Square in Scotts Road, with 74 units; and The Clift in McCallum Street, with 63 units available as at the end of last month...

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