Interest in mid-range properties heating up as developers launch new projects

The spotlight is starting to turn on mass market residential properties.

Following record prices set by the high-end sector recently, developers are seeing good response to new launches at the mass market end, and if recent soft launches are anything to go by, the units are seen being snapped up in no time.

Blossoms @ Woodleigh was launched last weekend, and already some 100 of the 240 units on sale have already changed hands.

Developer Allgreen Properties is citing the close proximity to Woodleigh MRT Station as main draw for the freehold development.

Priced from $658 per square foot and up, it offers good-sized 1,000 sq ft 2-bedroom units to jumbo-sized 3,035 sq ft 4-bedroom penthouses.

While record-breaking prices at the high-end have been creating a buzz in the market – analysts say there is a bigger reason for the growing demand at the mass market end.

“The impact is not so much whether the high-end is affecting the mid-end, but rather the economy is doing well. People are getting more secured jobs, people are getting more contracts from overseas, a lot of investors and tourists are coming to the country. In that sense, the mid-level are people who actually would like to be able to have a different lifestyle from the homes they use to own,” said Cheang Kok Kheng, General Manager, Development and Property, Frasers Centrepoint.

Frasers Centrepoint Homes soft-launched its 99-year leasehold ClementiWoods Condominium last weekend, and it says response has been better than expected.

“We’ve sold 120 units of the 240 units and about 60 to 65 percent come from the HDB in the West. But we see a significant, almost 25 to 30 percent of them who actually work around this area, both in the university and the research institutes around here,” said Cheang.

Frasers say the development being located right next to the Clementi Woods Park is also going to be a major attraction for buyers here.

For this weekend’s official launch, Frasers Centrepoint Homes says there will be choice units available under Phase 2 of the development, and as such, prices will go up by some 5 to 10 percent.

Another development – Yew Tee Residences – by NTUC Choice Homes will also be launched this weekend at Choa Chu Kang, and it is expected to draw a lot of attention due to its close proximity to Yew Tee MRT Station.

Source: Channel NewsAsia, 11 January 2007 

Join The Discussion

Compare listings