Private home sales have been moving relatively slowly recently – with less than 400 units sold in each of the last two months.
Despite this, developer UOL Group is going ahead with its 797-unit condominium, Botanique at Bartley, citing encouraging signs in recent weeks.
“Beginning this year, the launches were a little bit more muted but of late, the last few weeks we can see a lot more traction in other launches as well,” said president of property at UOL Group, Mr Liam Wee Sin. “So that is why we are going forward with ours. For most developers, as long as we are launch-ready, we size up the market, we have our agent to be market-ready and we see healthy interest, we will proceed to launch.”
Located near Bartley MRT station, the development is said to have more than 70 per cent of its units priced below S$1 million. A one-bedroom unit starts at S$598,000, a two-bedroom unit starts from S$798,000, while a three-bedroom one starts from S$1.16 million.
This works out to just under S$1,300 per square foot.
Sizes for a one-bedroom unit range from 495 square feet (sq ft) to 689 sq ft, a two-bedroom unit ranges from 657 sq ft to 958 sq ft, and a three-bedroom one ranges from 926 sq ft to 1,356 sq ft.
It will be opening its showflat for public preview this weekend and the development is expected to be completed in 2019. Botanique at Bartley will be the third condominium in the area, after Bartley Residences and Bartley Ridge.
PRIME LOCATION AND PRICE
One analyst said the location and price point could still attract prospective buyers.
Said Mr Mohamed Ismail, CEO of PropNex: “At that location, there has been strong demand based on the past two developments, which have been 100 per cent sold out or about 97 per cent to 98 per cent sold.
“And the strong demand comes from the fact that this is situated at the fringe of the core central region, and because of its closeness to the MRT, we see a strong take-up rate. And if you say the price is about S$1,300, it is a fair price for that location and I think there will be strong interest as well.”
Source : Channel NewsAsia – 20 Mar 2015