by Millet Enriquez

05:55 AM Jan 18, 2011

SINGAPORE - The turnout of buyers for today's soft launch of Roxy Pacific Holdings' Spottiswoode 18 is likely to be good despite the cooling measures announced by the Government last week, analysts said.

"I think the response would be fairly warm. Of course, it would've been very hot if the project had been introduced prior to the cooling measures," said Mr Donald Han, Cushman & Wakefield's vice-chairman of property brokerage.

The 36-storey freehold residential development near Outram Park comprises 251 units, with sizes ranging from 387 to 1,324 sq feet. Huttons Asia is the sole marketing agent.

Roxy Pacific said yesterday that the price list was still being finalised and disputed a news report that said the cheapest unit would be selling for $600,000.

Mr Colin Tan, head of research and consultancy at Chesterton Suntec International, also expected a good level of buyer interest, given that the development offers some shoebox units.

"The announcement of measures caught many by surprise and most developers have already committed costs to showflats. So these launches cannot be postponed and have to go ahead," he said.

Whether or not there would be more launches would depend on the market's response, Mr Tan said.

Mr Han said the latest round of cooling measures will definitely "knock some wind out of the market". But he added it was still too early to say if developers would reduce their prices, saying it might take a couple of months before prices soften.

Source: www.todayonline.com

Published January 18, 2011

LETTER TO THE EDITOR
Spottiswoode 18 units don't start at $600,000


ON behalf of Roxy-Pacific Holdings Ltd, we refer to the article 'Developers offer price cuts, discounts on new projects' (BT, Jan 17).


The group wishes to state categorically that none of the units in Spottiswoode 18 starts from a lower price range of $600,000, as stated in the article. The price list is being finalised ahead of the soft launch of the 251-unit prime property today.-Pacific Holdings,

Huttons Asia Pte Ltd has been appointed by Roxy-Pacific as its sole marketing agent. Roxy-Pacific will release further information in due course as and when required, in accordance with the SGX-ST Listing Rules.

Koh Seng Geok
Foo Soon Soo
Company secretaries
Roxy Pacific Holdings


Source:www.businesstimes.com.sg