Hungry Ghost Festival fails to dampen property demand

Some consider the seventh month of the lunar calendar an inauspicious time to buy a property.

But it seems like the Hungry Ghost Festival is not going to spook homebuyers and property investors in Singapore.

A 99-year condominium at Toa Payoh was open for sale on Saturday and within a couple of hours, about 85 per cent of the 400 units available in the first two phases were snapped up.

In response to the strong demand, developer NTUC Choice Homes released another 60 units. The property development has a total of 590 units.

Market watchers said the average sale price of S$898 per square foot is lower than market expectations.

Ng Ser Miang, board chairman, NTUC Choice Homes, said: “A big majority of those who buy our units will have their homes here. As for price difference, I think we can expect some speculative elements, but I hope that these will be in the minorities.”

As for homebuyers, it seems that they are not going to pass up on good deals!

Said one homebuyer: “I don’t follow those superstitions. We’ll buy as long as the price is reasonable.”

Industry observers said they are confident that property sales during the seventh lunar month will remain strong, and they expect home prices to inch upwards over the next few months as the economy continues to improve.

Source : Channel NewsAsia – 29 Aug 2009

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