The Straits Times | MARCH 06, 2013
One of the first condominiums to be launched after the most recent round of market cooling measures has drawn strong buyer interest.
Sources told The Straits Times that developer Tuan Sing Holdings has collected at least 400 blank cheques since the showflat for Sennett Residence in Potong Pasir opened last weekend.
This exceeded the 332 residential units in the project.
Homes in the 99-year leasehold condo cost about $1,450 psf, sources said. That translates to about $700,000 for the smallest one-bedder at 485 sq ft to about $6.1 million for the largest penthouse at around 4,200 sq ft.
The project has three shops which are yet to be launched. Its launch was delayed from January due to the announcement of cooling measures on Jan 11.
The strong response so soon after the cooling measures may spark fears of yet another round of measures. But analysts said other factors could have boosted demand for Sennett Residence.
DWG senior manager Lee Sze Teck cited its location next to Potong Pasir MRT station and said buyers had been awaiting its launch for some time.
Savills Singapore research head Alan Cheong added that buyers may believe that "they may need to invest now or they may not be able to afford it later".
The first condo to launch after the cooling measures was the 630-unit Q Bay Residences in Tampines, where more than 210 homes were sold at the preview after its developers cut average prices from $1,050 psf to $985 psf.
Other projects are launching soon. Bartley Ridge, an 868-unit condo at Mount Vernon Road developed by Hong Leong, City Developments and TID, will open for preview tomorrow.
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