Buyers return as Hungry Ghost Festival ends

250 out of 300 units taken up at NV Residences’ preview

With the ghosts month ended, property buyers are coming back.

But the end of the Hungry Ghost Festival isn’t the only reason that there was an uptick in buying activity over the weekend.

A new major launch helped, along with home seekers given more time to think over the new measures.

Most of the deals were concentrated on NV Residences in Pasir Ris. The developers opened the doors of the project for preview last Wednesday. Some 160 units were quickly snapped up at an average price of $830 per square foot.

Since then, the developers have sold another 90 units or so and demand has pushed the average price up marginally. As at 5pm yesterday, a total of 250 out of 300 units launched were taken up.

The developers plan to close the showflat from today onwards to prepare it for the project’s official launch this coming weekend.

At The Minton in Hougang, buyers picked up some 10 units over the past weekend, according to Knight Frank’s managing director (residential services) Peter Ow. The sales number was similar at Oasis@Elias, which is near NV Residences.

Both projects performed better than they did a week ago, Mr Ow said. Buyers have had time to think through the new cooling measures and ‘it looks like people are settling down,’ he explained. ‘Those who are really keen, they are willing to commit.’

Far East Organization, which launched the second phase of sales for The Greenwich in August, sold another nine units at the Seletar project over the long weekend. This brought the total number sold to 225 units, at an average price of $1,074 psf.

Over at Telok Kurau, World Class Land previewed its freehold 46-unit Espira Suites last week. Most of the units are one-bedders, and the average price for these is said to be around $1,300 psf.

Agents have offloaded several units, though the project is not sold-out. When the market was at its hottest several months back, it was common to see small projects dominated by small sized units fully sold in days.

Industry watchers will be focusing on upcoming launches for a clearer view of where the market is headed.

One project to look out for is Vacanza@East at Kembangan. Agents are preparing for its soft launch, and the average selling price could be in the range of $1,100 psf.

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