The turnout of buyers for today’s soft launch of Roxy Pacific Holdings’ Spottiswoode 18 is likely to be good despite the cooling measures announced by the Government last week, analysts said.
“I think the response would be fairly warm. Of course, it would’ve been very hot if the project had been introduced prior to the cooling measures,” said Mr Donald Han, Cushman & Wakefield’s vice-chairman of property brokerage.
The 36-storey freehold residential development near Outram Park comprises 251 units, with sizes ranging from 387 to 1,324 sq feet. Huttons Asia is the sole marketing agent.
Roxy Pacific said yesterday that the price list was still being finalised and disputed a news report that said the cheapest unit would be selling for $600,000.
Mr Colin Tan, head of research and consultancy at Chesterton Suntec International, also expected a good level of buyer interest, given that the development offers some shoebox units.
“The announcement of measures caught many by surprise and most developers have already committed costs to showflats. So these launches cannot be postponed and have to go ahead,” he said.
Whether or not there would be more launches would depend on the market’s response, Mr Tan said.
Mr Han said the latest round of cooling measures will definitely “knock some wind out of the market”. But he added it was still too early to say if developers would reduce their prices, saying it might take a couple of months before prices soften.
Source : Today – 18 Jan 2011