Buyers return after waiting on the curb

Feily Sofian
Esther Hoon
/ The Edge Property
May 5, 2016 10:44 AM SGT
The residential market has stirred again as developers step up marketing efforts ahead of the June school holidays. In addition to the brisk sales at recent launches, existing projects witnessed a spike in sales in March and April. Sales also received a boost from pent-up demand as the government reiterated its stance against tweaking the cooling measures.
Executive condominiums led the rebound in sales momentum. Excluding new launches, the five bestselling EC projects in March and April sold 50 to 70 units each. In the same period last year, the top-selling EC project sold just 44 units.
Graphic by Kim SY.
The Terrace EC in Punggol sold 37 units in March and at least another 37 units in April, or a total of 74 units over both months. The total sales volume could be higher as the caveats in the last week of April have yet to be published.
Developer Kheng Leong is understood to have offered cash vouchers for The Terrace units under its buyer referral scheme. The scheme entitles both buyer and referrer to a $10,000 cash voucher when a unit is successfully sold.
The disbursement of the cash vouchers was reflected in URA caveats. About three quarters of the caveats lodged since February showed net prices that were $10,000 lower than the transacted price.
Several other projects also witnessed brisk sales in the past two months. The Amore, The Vales and The Brownstone moved at least 69, 62 and 58 units respectively in March and April. Caveats lodged indicated no discounts, although some projects are offering star buy units. However, a combination of factors could be spurring sales.
The Amore, along with The Terrace, The Vales, The Brownstone, Bellewaters and Bellewoods, are among the few remaining EC projects where buyers are exempted from paying a resale levy as the sites were launched before Dec 9, 2013.
ECs are also known to attract buyers seeking large units because of their affordable price quantum. At The Amore, buyers paid less than $1 million on average for 1,227 sq ft four-bedroom units, which accounted for nearly 40% of sales in March...