Straits Times: Thu, May 03
PROPERTY buyers were out in force over the long Labour Day weekend, snapping up units in public and private projects islandwide.
Pasir Ris One, under the Design, Build and Sell Scheme (DBSS), was oversubscribed before e-applications for interested buyers closed at midnight.
The 447-unit development near Pasir Ris MRT station appears set to be the final DBSS project, in which public housing is farmed out to private developers who offer better finishing touches.
Land sales for the scheme were suspended in July last year after a public uproar over hefty pricing for a similar project in Tampines. The scheme was placed under review.
But projects for which land had already been sold, like Pasir Ris One, were still rolled out.
Interest in the 99-year leasehold flats was strong despite some units being pricey, as analysts earlier said. Indicative prices released by the developer, SingXpress KayLim, put a three-room, 700 sq ft unit at between $390,000 and $490,000. This works out to about $557 to $700 per sq ft (psf).
A five-room, 1,130 sq ft flat there works out to about $650,000 to $770,000, or $575 to $681 psf.
Analysts earlier warned that the higher prices put the project in competition with Watercolours, an executive condominium in the area launched on Tuesday. Indeed, there was strong interest in the 99-year leasehold, 416-unit executive condo, which sources said had already been oversubscribed as of yesterday. The deadline for e-applications is next Monday.
Average indicative prices for two-bedders starting from 743 sq ft are between $500,000 and $600,000, while three-bedders starting from 915 sq ft will cost between $600,000 and $700,000. Average unit prices are between $680 and $720 psf, industry sources said.
In Yishun, 1 Canberra, a 665-unit executive condo, saw nearly 500 e-applications by yesterday, sources said. A standard three-bedder there is likely to cost between $680,000 and $880,000. A four-bedder will be about $860,000 to $970,000.
Meanwhile, mass market private condos also recorded healthy sales.
The newly launched SeaHill, along West Coast Link, sold about 145 units out of the 200 released. They were sold at an average price of $1,311 psf. Pasir Ris' Ripple Bay sold 505 units out of 679 units, as of Tuesday. Its apartments were sold at an average of $870 psf...
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Martin Koh/ Sherry Tang
Martin Koh/ Sherry Tang