Home sales brisk during Lunar New Year holiday

Home sales were brisk during the Lunar New Year holidays.

Five buyers each bought a unit at La Fiesta in Sengkang between 9 and 11 February. They are four Singaporean Chinese, who are first-timers, and one Indonesian.

Mr Lim Yew Soon, managing director of EL Development, which developed La Fiesta, observed the crowd during the Lunar New Year was similar to any “regular weekend.” But he admitted that the latest cooling measures has dampened buying sentiment.

In total, property developer Far East Organization sold some 20 units at its projects like eCO in Bedok South, The Seawind in Telok Kurau and The Lanai at Hillview.

Other developments like Frasers Centrepoint’s Q Bay in Tampines saw six units sold over the long weekend and another four units on Wednesday.

Lee Sze Teck, senior research manager at DWG said: “The sales figures that we know of are encouraging, especially in this type of market environment. Moreover, this is also a holiday period. Some of the projects sold are not new project launches, they have been known for some time. So some of these choice units have been snapped up by earlier buyers.”

CapitaLand saw a steady stream of visitors to their showflats over the long Lunar New Year weekend. But its latest sales figures will only be made known when its full-year results are announced next Thursday.

Another developer, City Developments Limited said its showflats are usually closed unless there are launches close to the Lunar New Year Holidays.

Experts say Lunar New Year promotions like discounts have lured buyers to sign on the dotted line.

The successful launch of Watertown condominium in Punggol during the last Lunar New Year was a sign that buyers are keen to shop during the festive season.

Mohd Ismail, CEO of PropNex said: “The numbers were not as large as last Lunar New Year when Watertown was launched, where take-up rate was in the hundreds. But after cooling measures, there were no new launches, developers still had their showflats open for leftover units.”

First-time buyers remain unscathed despite the seven rounds of cooling measures.

Source : Channel NewsAsia – 15 Feb 2013

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