Bellewaters, Kingsford Waterbay tops June sales chart

By Feily Sofian / The Edge Property | July 15, 2016 1:00 PM SGT
In the absence of a new launch amid the June school holiday, developers sold 768 units in June including executive condominiums, 45% lower than May's 1,392 units. On y-o-y basis, however, developer sales spiked 58% from 485 units in the same period last year.
A few developments bucked the m-o-m decline. Qingjian Realty sold 43 units at Bellewaters, its EC project in Sengkang in June and another six units so far in July. This came after it sold 40 units in May.
According to market sources, the developer has offered a waiver of the premium payable under the deferred payment schemes. Bellewaters is also one of the few remaining projects in the area which do not attract a resale levy.
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In the private home segment, 34 units at Kingsford Waterbay found buyers in June versus 22 units in May. The developer could be offering an attractive commission.
Prices for these units were higher than those sold last year. For example, a shoebox unit was transacted at $1,218 psf in June. In comparison, another shoebox unit of the same size and stack, located just four storey below, fetched $1,107 psf in 2015. Similarly, an 850 sq ft unit on the third floor changed hands at $1,088 psf in June. In March 2015, another unit of the same size and stack located on the sixth floor fetched $1,077 psf.
Keppel Land, meanwhile, moved 32 units at The Glades in June at an average price of $1,395 psf after selling 23 units in May. The developer is said to have offered discounts for units on lower floors as well as those with less desirable facings.
Sales momentum also continued at Kingsford Hillview Peak with 31 units sold in June, on par with May’s 30 units.
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Among the delicensed projects, OUE Twin Peaks chalked up the highest sales in June with 25 caveats lodged, but lower than the 72 caveats seen in May. One-bedroom units accounted for more than 40% of the caveats with an average price of $2,671 psf.
Desmond Sim, CBRE head of research for Singapore and South East Asia, notes that the private residential sales volume in 1H2016 is approximately 10% higher than in 1H2015, at 3,763 units. This is despite the fact that there have been fewer new launches. In the sustained absence of new launches, buyers have been turning to existing projects, he says.
Developer sales are expected to rebound in July with the launch of Lake Grande near Lakeside MRT station and two EC projects – Northwave and Treasure Crest. The launch of Lake Grande coincides with the request for a master plan proposal by the URA to transform the Jurong Lake District into a distinct mixed-use business precinct that is inclusive and sustainable.
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Separately, Treasure Crest EC in Sengkang drew 1,077 e-applications for the 504 units available by the end of the e-application period on July 10. Developer Sim Lian Group announced that the units will be priced at an average of $742 psf. Prices will start from $649,000 for a three-bedroom unit.