Lower price draws buyers to Parc Rosewood

  January 30, 2012

The launch of Parc Rosewood condominium over the weekend saw 70 per cent of the 236 units that were offered being sold. But this is after developer Kensington Land decided to price the units at between 8 and 10 per cent lower than comparable transacted home prices in the same area.

 

Located close to Woodlands Regional Centre, prices were from about S$398,000 for a one-bedroom unit, S$568,000 for a two-bedroom unit and S$778,000 for three-bedroom units. This works out to be about S$925-S$998 psf.

 

Kensington Land (a joint venture between developers Fragrance Group and World Class Land) said the “very attractive price” is meant to offset any impact on sales from the recently-implemented additional buyers’ stamp duty.

 

The 670-unit Parc Rosewood is marketed by ERA Realty Network and its key executive officer Eugene Lim said that, based on recent transacted prices of comparable condominium units in the area, it could have been priced at between S$1,030-S$1,100 psf.

 

However, to ensure sales, the eventual selling price was reduced. “Developers who are realistic will recognise that this is the way to chalk up sales,” he added.

 

Mr Lim said the buyers were a mix of singles, young couples and PMEBs. “The market is not dead. Buyers are just more discerning now. They know there is more supply coming up and are looking for both pricing and facilities offered,” he said.

 

Mr Nicholas Mak, executive director, Research & Consultancy Department, SLP International Property Consultants, noted that the healthy sales at Parc Rosewood suggest that there is still latent demand for property.

 

“Home buyers are waiting for the right price to come to the market,” he added.

 

Over at the newly-launched 670-unit Tampines Trilliant executive condominium by Sim Lian Group, foot traffic through the showflat was equally brisk.

 

Mr Kuik Sing Beng, executive director of the Sim Lian Group, said there was a mix of first and second-time home-buyers visiting the showflat over the weekend.

 

Prices start from S$682,000 for a three-bedroom unit and from S$971,000 for a four-bedroom unit.

 

Sim Lian also gave updated sales figures for Parc Vera, with 50 per cent of its 452 units sold to date while the 882-unit Treasure Trove in Punggol Central is more than 80 per cent sold.

 

Source : Today – 30 Jan 2012