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buyers, undeterred by recent tough market cooling measures, turned up
in strong numbers at the preview of Watertown in Punggol Central
yesterday.
Far East Organization said more than 160 units out
of the 250 units launched were snapped up, with Singaporeans making up
more than 90 per cent of buyers.
The enthusiastic response
means that the official launch, originally scheduled for next week, will
now be brought forward to tomorrow.
Industry analysts say developers seem eager to push out projects quickly, possibly before more uncertainty emerges.
In
the case of Watertown, the developers bought the site for the 992-unit
project less than a year ago and have yet to finish the showflat.
But
agents had been fielding inquiries on the mixed-use development even
before the authorities' approval for the launch had been given, sources
say.
They say at least 100 buyers were ready to hand over
cheques on Tuesday. But building plan approvals were issued yesterday
and only then could agents collect cheques and grant options to purchase
last evening.
The $1.6 billion project is being jointly
developed by Far East, Frasers Centrepoint and Japanese firm Sekisui
House. It will be integrated with a mall of 370,000 sq ft of net
lettable shop space and a Shaw Theatres Imax cinema.
Developers had earlier said that prices will start from $1,080 per sq ft (psf), which they said included a discount.
Even
so, the development will still set a benchmark in Punggol, trumping Sim
Lian Group's A Treasure Trove, priced at $866 psf at its launch last
September.
Buyers were unfazed at picking units off the plan as the showflat is not yet up.
Key
attractions are the waterfront location and the fact that the project
is integrated with Punggol MRT station, experts say. Recent mixed-use
launches like Bedok Residences have also seen robust sales and benchmark
pricing at a median of $1,359 psf.
SLP International research
head Nicholas Mak said that developers are pushing out projects as
quickly as possible before more uncertainty hits the market.
'Especially
in the Punggol area, developers face increasing competition as the
Government has pushed out a lot of land there,' he added.
He said the 11-month turnaround for the site, bought in February last year, was 'fairly quick'.
It typically takes a year or more for integrated projects of this size to be launch-ready, he added.
The
Dec 7 cooling measures included an extra stamp duty of 10 per cent on
all home buys by foreigners. Some analysts tip price falls of 10 per
cent to 20 per cent this year.
Separately, Sekisui House said
it will tap its network of retailers to introduce new-to-market brands
and concepts from Japan into the upcoming mall.
Source: The Straits Times