Sunday, March 17, 2013

2 new condos in east see strong sales

The Straits Times  |  Mar 16, 2013

Two condominiums in the eastern region racked up impressive sales at their previews yesterday.

The 582-unit Urban Vista in Tanah Merah sold more than 180 out of the 230 units launched at its preview. The average price per sq ft (psf) was $1,350.

Nearly 280 buyers who had already lodged an interest turned up for the balloting process, joining a lengthening queue that formed after the 10am opening.

Many of the buyers The Straits Times spoke to were investors keen on the location, with Changi Business Park nearby and an upcoming commercial and retail development next door.

A 65-year-old investor from Tanah Merah who wanted to be known only as Mrs Yuan bought a one-bedroom loft because she liked the area for its mainly private homes. "Pasir Ris is congested with ECs (executive condominiums) and Bedok is still a heartland area. The area where Urban Vista is located is a private enclave," she added.

Mrs Yuan already owns more than two properties so she will be subject to the additional buyer's stamp duty (ABSD).

Other buyers at Urban Vista were in the same boat but seemed undeterred.

"We didn't reconsider because the rules keep changing, and it's only our first investment property," said lecturer Lin Mei Ling, 33, who bought a two-bedroom unit.

Singaporeans buying a second property must pay a 7 per cent ABSD while those buying their third and subsequent property will pay an added levy of 10 per cent.

The project, developed jointly by Fragrance Group and World Class Land, comprises one- to four-bedders.

The other project having its preview yesterday was the 912-unit D'Nest, which had a robust response with more than 350 flats of the 450 released sold by 5pm. Average prices were $920 psf.

The Pasir Ris condo is jointly developed by City Developments (CDL), Hong Leong Holdings and Hong Realty.

CDL said in a statement yesterday: "To cater to the strong demand, CDL had to release more units progressively. There was a good take-up rate for the range of apartment sizes, from one- to five-bedroom types, including penthouses."

Urban Vista and D'Nest are expected to be issued temporary occupation permits in 2017.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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