Pasir Ris 8's multiple price hikes of up to S$2,000 psf may raise expectations for suburban condo pricing

THE multiple price revisions for the newly launched Pasir Ris 8, which irked some prospective buyers over the weekend, could adjust expectations for suburban residential projects, especially when other developers relook at their own pricing, analysts say.

Developers Allgreen Properties and Kerry Properties sold a whopping 415 units, or 85 per cent of the 487 units at the 99-year leasehold integrated development at an average price of nearly S$1,600 per square foot (as at Sunday). Prices for units ranged from S$1,400 psf to S$2,000 psf, with buyers comprising a mix of HDB upgraders and investors.

However, some prospective buyers were caught offguard by a series of price hikes, with supposedly six rounds of upward revisions having taken place on Saturday itself.