Park [email protected] gets over 1,000 applications so far

Some 20,000 people have visited the showflats at Park [email protected], Singapore’s third condominium-style public housing development.

The project, launched last week, has received over 1,000 applications so far, marginally lower than City [email protected] Keng, a similar development nearer the city that went on sale earlier this year.

Applications for Park Central units will close on August 5.

David Liew, managing director of United Engineers Developments, said: “The people coming here, they are more cautious, they are more serious. They are asking about the qualifying criteria. What we are seeing is more genuine interest.”

All 578 units at Park Central come with the look and feel of a private residential home but they cost about 40 per cent less, at S$500 per square foot.

The developer says the resale flats around the area will not pose a threat to sales of Park Central. That is because many of the resale units are much older, at between 10 and 20 years old.

The developer believes many home hunters will prefer to buy brand new flats, even though they have to pay about 10 per cent more. The pricing of such projects built by private developers had caused a stir earlier this year.

City [email protected] Keng’s price tag of S$520 per square foot was a record for new public housing flats. Over 3,500 people applied for the 714 units, but only 66 per cent actually bought them.

Six months after its launch, the project’s marketing agent says 20 per cent of the units remain unsold.

Donald Yeo, executive director of HSR International Realtors, said: “If a project has a slower pace to get rid of the units, that does not mean the market cannot sustain the price. It’s still very competitive and I believe the prices are still realistic.”

Industry players expect prices at the next condo-style public housing project in Bishan estate to be even higher, partly due to the spike in construction cost.

Source : Channel NewsAsia – 29 Jul 2008

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