Condo launch draws the crowds

05:55 AM Sep 11, 2010
by Joanne Chan

SINGAPORE - Almost two weeks after the Government unveiled its latest round of property cooling measures, demand was high for the newest condominium project to hit the market.

On Friday, the afternoon rain did not deter the interest of home-seekers who flocked to NV Residences in Pasir Ris, the latest condo to be launched.

Huttons, the marketing agent for NV Residences, said the cooling measures have weeded out the speculators but there was still a "healthy demand" from those looking for a unit for owner-occupation or mid- to long-term investment.

One buyer, a 48-year-old IT trainer, bought a 2-bedroom unit for rental investment. He said the recent changes, which includes a higher cash outlay, meant he had to lower his expectations and buy a smaller unit.

Huttons Asia senior associate director Daniel Lim noted a greater interest from permanent residents in the project - and he attributed this partly to the anti-specutive measures.

Said Mr Lim: "In order for them to buy an HDB resale flat now, they would have to give up their properties back home ... So perhaps due to this, PRs are more keen to buy private property now."

At 5pm on Friday, the condo's developer, City Developments Limited, said 40 units have been sold since Wednesday's launch. This brings the total number of units sold to 200, out of the 250 units released so far.

Suntec Chesterton International head of research and consultancy Colin Tan observed: "For some investors and buyers who are on the margins, (the cooling measures) would make them think twice or even go for smaller flats. But there are still lots of other people who are interested, so they probably more than make up for those who fall by the wayside."

Mr Tan said the response to NV Residences would probably give other developers the confidence to go ahead with their launches. And prices are likely to maintain at current levels or even rise further, fuelled by continued demand, he added.

Source: http://www.todayonline.com