GIC
switches
to
name
Private units
under
$1,000 psf
still available
OrangeTee Research identifies 10
such projects with unsold apartments
By RACHEL SCULLY
units sold since 2011.
The development is near Punggol MRT station on the
PRIVATE home units going for North-East Line.
less than $1,000 per sq ft (psf)
The project has nine unsold
may seem rare these days but units, including ground floor
there are still projects offering units as well as penthouses,
homes at this level.
priced from $1.04 million as of
Property consultancy Or- yesterday.
angeTee Research has pinpointed
It also had the lowest transact10 developments with units below ed price – $609 psf – for units
what has become a key price point sold at the 10 projects since Janufor buyers.
ary.
Ms Christine Li,
The Interlace at
head of research
Depot Road has the
and consultancy at
highest transacted
OrangeTee, told
price this year at
The Straits Times: SMALL IN DEMAND
$1,312 psf among
“It has become less
the 10 developcommon for devel- I’d expect sales of
ments singled out
opers to sell at this smaller homes to
by OrangeTee.
price level (or under take the lead in the
Units at the
$1,000 psf) amid ris- market once the
1,040-unit condo
ing land prices.
have been sold at a
appetite for new
“Our estimates
median price of
for
u p c o m i n g homes returns.
$1,053 psf since its
launches in the sec- – Ms Christine Li, head of
launch in 2009.
ond half of this research and consultancy
There are 216 unyear, assuming de- at OrangeTee
sold apartments at
velopers get a 20
The Interlace –
per cent profit marthreeand
gin, show that none
four-bedders, pentof them are selling units at less houses and garden homes.
than $1,000 psf.”
The Beverly at Toh Tuck Road,
However, new units selling at in the west, also has units selling
less than $1,000 psf do exist.
at under $1,000 psf.
OrangeTee cites the 882-unit A
Each apartment in the 118-unit
Treasure Trove condo at Punggol development is served by a priWalk, which has had a median vate lift.
transacted price of $916 psf for
As of yesterday, seven units
Units at The Interlace have been sold at a median price of $1,053 psf since its launch in 2009. There are 216 unsold
apartments at the 1,040-unit condo. ST FILE PHOTO
PROJECTS WITH BALANCE UNITS SELLING BELOW $1,000 PSF
Project name
Street Name
Total no.
of units
Remaining
units *
Median
price psf ($)
Price range
psf ($) **
A Treasure Trove
D’Nest
H2O Residences
Palm Isles
Riversails
Riversound Residence
Stratum
Seastrand
The Beverly
The Interlace
Punggol Walk
Pasir Ris Grove
Sengkang West Ave / Fernvale Link
Flora Drive
Upper Serangoon Crescent
Sengkang East Ave
Elias Road
Pasir Ris Link
Toh Tuck Road
Depot Road
882
912
521
429
920
590
380
473
118
1,040
9
88
26
17
108
4
78
21
7
216
916
959
954
873
854
865
937
931
826
1,053
609 - 930
738 - 1,299
871 - 1,027
719 - 1,109
712 - 1,103
659 - 1,021
755 - 1,282
868 - 1,071
761 - 830
754 - 1,312
NOTES: * Balance units including those which are yet to be launched
** Price range of units sold this year
Sources: URA, ORANGETEE RESEARCH
were still on the market.
The condo had transacted prices ranging from $761 to $830 psf
for units sold this year.
OrangeTee’s Ms Li sees a more
subdued market ahead, with developers likely to be more nimble
with pricing to avoid hitting buyers’ resistance levels.
She believes this trend will be
more pronounced following the
implementation of a 60 per cent
total debt servicing ratio thresh-
old last month.
“This new framework could potentially cause sales volumes to
fall by as much as 40 per cent
(this month) due to the initial
knee-jerk reactions to the tighter
lending rules, as buyers adopt a
wait-and-see attitude before purchasing their next property,” Ms
Li added.
She foresees a trend of existing
home owners who are still keen to
invest in real estate looking to-
ward smaller homes which are
priced at a lower quantum.
“Prices are unlikely to be affected much as developers have
strong holding power... (and can)
hold back some project launches
in view of the cautious market sentiment,” she said.
“I’d expect sales of smaller
homes to take the lead in the market once the appetite for new
homes returns.”
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