Far East Organization is best-selling developer again

Far East Organization has topped the list of property developers in Singapore yet again for best sales figures last year at 2,181 private homes, or around 10 percent of the total number of 22,290 new units sold.

Among its best-selling projects were The Hillier in Hillview Rise and Watertown in Punggol, according to DTZ Research.

In second place is City Developments Limited (CDL) and parent company Hong Leong Group with 1,674 units, mainly accounted for by Bartley Residences and The Palette in Pasir Ris.

Frasers Centrepoint, Qingjian Group and Hoi Hup Realty also placed in the top five.

Of the top 10 developers, two were Chinese firms – Qingjian Group and Hongkong Land. Qingjian landed in the list for the first time, helped by sales from River Isles in Punggol, Nin Residence in Potong Pasir and Riversound Residence in Sengkang; while Hongkong Land was behind the launch of Ripple Bay in Pasir Ris through its subsidiary MCL Land.

According to Lee Lay Keng, Associate Director (Research) at DTZ, majority of the best-selling projects from the top 10 developers came from Government Land Sales (GLS) sites.

Sales of private residential properties were backed by demand in suburban areas, experts said. As a result, developers who focused on luxury homes failed to make it in the top 10.

On the other hand, smaller players like Fragrance Properties and Macly Group made the cut.

Fragrance saw robust sales at its smaller projects with less than 150 units except for its largest project – the 689-unit Parc Rosewood in Woodlands. Macly’s sales activities were also supported by projects with smaller-sized units such as Guillemard Edge, Eon Shenton and Natura@Hillview.

Source : PropertyGuru – 14 Feb 2013

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