Whistler Grand condominium in West Coast got off to a flying start on the first day of its sales launch
Some 150 of 240 units launched yesterday - out of 716 units in total - were snapped up as of 5pm, its developer, City Developments Limited (CDL), told The Sunday Times.
CDL head of property development, Ms Lee Mei Ling, cited "a combination of affordability, good location and design." Many of the units were priced below the "sweet spot of $1 million", she added.
Savills Singapore senior director Alan Cheong said: "The 150 units sold represent a 21 per cent take-up rate, which is healthy. After the total debt servicing ratio (TDSR) was introduced in 2013, the take-up rate was only about half of (yesterday's) rate."
A number of first-time buyers and en bloc sellers seeking replacement homes were drawn by Whistler's average selling price of $1,380 per square foot (psf). Special prices started from $608,000 for one-bedders. In May, Twin Vew, also in West Coast Vale, sold 87 per cent of 520 units at a median price of $1,385 psf.
"$1,380 psf is a good number, taking into account the uncertainty over the High-Speed Rail (HSR) project between Kuala Lumpur and Singapore, which used to be a selling point," Mr Cheong said.
PropNex associate group director Jarvis Goh believes the HSR is only one component of the blueprint for the rejuvenation of the Jurong area which includes turning it into a second central business district.
His client Jonathan Kee, 40, an engineer and a first-time home buyer, believes current prices are attractive given the redevelopment prospects in Jurong. He bought a $700,000 one-bedroom unit at the two 36-storey 99-year leasehold tower project as an investment.
"Given that the upcoming regulations on shoebox units will clamp down on supply, and also because of the loan amount I can get, I prefer to buy one now," he said.
One en-bloc seller, who wanted to be known only as Mr Leow, 45, bought a three-bedroom unit for $1.4 million although his current condo has not achieved 80 per cent mandate to launch for a collective sale. "If the en bloc sale doesn't go through, we will sell our condo and move to Whistler," he added.
PropNex Realty chief executive officer Ismail Gafoor said Whistler's strong take up-rate shows that CDL's "strategy to offer sensitive prices post-cooling measures is working".
"Of the 150 expressions of interest that PropNex agents got, more than 80 committed to buy, which is a good conversion rate. Typically, the successful conversion rate of expressions of interest to actual buy is about 40 per cent. But our agents had slightly over 50 per cent successful conversion," he said.