SHENYANG developer Kingsford Development sold 140, or about 40 per cent, of its 320 launched units at the mixed-use Kingsford Waterbay at Upper Serangoon over the weekend.
Prices for the condo units ranged from S$1,050 to S$1,180 per square foot (psf). In addition, it also sold one strata terrace house, two strata semi-detached houses, and six retail shops. The shops, ranging from 431 to 452 square feet, were sold at about S$2,700 psf.
Consultants said tha it was "quite good" that the developer was able to move a three-digit sales within a single day (on Saturday) amid the moribund property market. Some suggested that attractive agent commissions could have helped. R'ST Research director Ong Kah Seng also put it down to the attractive pricing for a suburban leasehold project in a typical HDB upgrader locality such as Serangoon.
The two-to-three bedders were the most highly sought-after units, as has been the trend with "quantum-friendly" units since the onset of the Total Debt Servicing Ratio (TDSR) framework that started to tighten credit conditions.
But Kingsford Development board chairman Cui Zhengfeng told The Business Times that it could also be because a larger percentage of the two-bedders were facing the river.
The 1,165-unit project is being built on two amalgamated government land sales (GLS) sites with a combined 400-metre direct frontage of Sungei Serangoon.
Among the units transacted, one-bedroom units started at S$514,000; two-bedders at S$650,000, three-bedders at S$893,000; four-bedders at S$1.073 million; and five-bedders at S$1.432 million.
Semi-detached homes (1,948 sq ft) cost about S$2.1 million, while the retail shops cost about S$1.2 million in quantum. Mr Cui said that most of the buyers were Singaporeans. RST's Mr Ong added that in this location, buyers would tend to be owner-occupiers buying for future long-term capital gains, rather than investors buying to lease.
Asked when he is planning to push out subsequent launches, Mr Cui said that he needs to monitor sales from this initial launch first and study market demand conditions before he can decide. But the difficult market will probably limit his ability to raise prices in subsequent launches, he added.
In addition to its condo units, the 99-year leasehold Kingsford Waterbay has six strata terrace houses and two strata semi-detached houses, as well as its own childcare centre and six shops.
Meanwhile, at GuocoLand's 1,024-unit Sims Urban Oasis project at Aljunied, some 29 units were sold over the weekend. This brings the total tally to 170 units sold, out of 200 units launched in the first phase.