Sunday, December 9, 2012

Bonuses drive year-end property demand: analyst


SINGAPORE: December is normally a lull period for the property market, but some developers have now picked this period to launch their units and this includes three new executive condominiums (ECs).

The Topiary, an EC development in Sengkang, was launched on Friday. Within a day, more than 200 units were sold.

"Usually at the end of the year, people probably will travel and go for holidays. But the fact was that on the first day of launch which was yesterday, we sold 200 over units. It proves that there are still many people in Singapore waiting to buy houses," said Mark Teo, senior group division director at ERA.

"And of course, the second thing is that at the end of the year, usually we will have the certainty of getting some bonuses, so this is also another consideration."

Chris Koh, property analyst at Dennis Wee Group, said: "Many of the developers who've launched their projects recently have reported good sales. So, for a developer, if you have everybody buying at this point of time, you wouldn't want to hold back your launch."

About 10 per cent of the Topiary are million-dollar units. These include the 4-bedroom apartments and 4-bedroom dual-key units.

So far, all 16 penthouse units have been sold.

"The purchasers of penthouses are both the first-timers as well as the upgraders," said Mr Teo. "But there is one common thing, which is usually, there are more family members and some of them may be multi-generation."

Two other developments located in Woodlands and Tampines will be open for bookings after Christmas.

Industry watchers said the low interest rates have contributed to the upbeat mood.

They added that it is one reason why so many buyers turn up for viewing during the weekends.


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