Although private residential property prices saw one of the worst declines in the first quarter of this year, analysts noted that the mass market segment is still well supported by HDB upgraders.
This can be seen by the sales of units at Mi Casa, the first private condominium in Choa Chu Kang Town Centre in eight years.
It has been one week since the developer pre-launched 200 units, and 65 per cent of these units have been sold. Eighty per cent of the buyers were HDB upgraders.
Chief operating officer of Far East Organisation, Chia Boon Kuah, said most of the buyers were people who were upgrading, but there was also a significant number of investors. “We are expecting to inch up our prices as we continue to sell steadily,” he added.
Source : Channel NewsAsia – 4 Apr 2009