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SINGAPORE – Hong Leong’s group sold 60.3 percent of its Penrose condo during its launch weekend, and the reception among buyers coincided with recent data showing bullish new home sales defying the pandemic. ongoing coronavirus.
As of 5 p.m. Sunday (Sept. 27), 341 units out of 566 in the 99-year-old lease development on Sims Drive had been recovered, Hong Leong said in a press release.
The units sold at prices starting at $ 788,000 for a one-bedroom apartment, $ 943,000 for a two-bed, 1.33 million for a three-bed and 2.11 million for a four-bed, Hong Leong said in a statement. press on Sunday.
Condo apartment sizes range from 474 square feet for a one-bedroom unit to 1,389 square feet for a four-bedroom unit.
Acceptance was good across all unit types, with a sales price of $ 1,500 to $ 1,700 per square foot, Hong Leong said.
He added that nearly 85 percent of the weekend shoppers were Singaporeans, and the rest were permanent residents and foreigners. “There was also great interest from HDB breeders in areas across the island,” the company added.
New home sales, mostly newly launched condos, reached an 11-month high last month, defying Hungry Ghost Month and, more importantly, the pandemic, the resulting recession and an increase in loss of property. jobs.
Market watchers have attributed this to stifled demand after Singapore’s two-month breaker revolutionized sales and planned launches. But other reasons given for the spike in new home sales were that more buyers parked their money on property, which they see as a safe-haven asset amid an uncertain economy and volatile markets, and historically low interest rates that make it seems like a “good time” to get a home loan.
Ms Betsy Chng, head of sales and marketing at Hong Leong Holdings, said that “timing and sensible prices” were the main factors behind the good response to Penrose’s sales launch.
“Given the current climate, it is crucial to identify the right time and price for our projects according to market sentiments and the value of each project, which includes location, design and quality interiors,” he added.
The project is jointly developed by Hong Leong Holdings and City Developments, another member of the group. The District 14 development, comprising five 18-story towers, is a short walk from the Aljunied MRT station and close to the Pan-Island Expressway and the Kallang-Paya Lebar Expressway. The central business district and Orchard Road are about 15 minutes away by car.
Property experts said new home sales could begin to moderate in the coming months as the market absorbs pent-up demand from local buyers. But the gradual reopening of the economy and the establishment of expressways for essential travel could also result in increased foreign demand for private homes here.
In accordance with the preventive measures of Covid-19, the voting and the reservation of Penrose units were done virtually through Zoom. Online voting began Friday to determine the sequence of the shopper queue for the reservation day, which began on Saturday.
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