Serangoon condo sells like hotcakes
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Hundreds of eager buyers braved the morning rain and thronged the public launch of Hong Leong’s The Scala, as mass market condominums prove to still be hot property.
Units at The Scala, in five residential towers, are between 472 and 2,142 sg ft each and range from one to four-bedroom apartments. They were sold at a whopping average price of S$1,150 per sq ft (psf), setting a new benchmark price for the area.
Demand for the remaining 300 units of the 99-year leasehold project near Lorong Chuan MRT station was so strong that organisers had to resort to balloting to decide who entered the showflats first.
By late morning, more that 800 potential buyers and property agents had packed the balloting tent at the condo site in Serangoon Avenue 3. This proved to be the biggest turnout at a mass market public launch since Toa Payoh’s Trevista and West Coast’s Hundred Trees late last year.
At a private preview held on Tuesday for Hong Leong staff and buyers who had registered interest with the developer, nearly 150 units were sold.
In a statement, Hong Leong said more than 75 per cent of the project’s 468 units had been sold. This adds up to more than 350 units, of which 200 were sold on Wednesday alone.
Hong Leong said the buyers comprised a good mix of HDB flat upgraders and investors and were mostly local.
Most buyers listed the close proximity to newly opened Lorong Chuan MRT station and the range of amenities like the NEX mega mall due to be completed next year as key selling points. In addition, the condo’s proximity to the Australian International School and the Stamford Amercan International School could mean high rental yields.
The Scala is expected to be completed in the first quarter of 2014.
Mr Nicholas Mak, a real estate lecturer at Ngee Ann Polytechnic, told The Straits Times the condo had set a benchmark price for new projects near MRT stations in the north-east.
“There is a demand for mass market homes among investors and generally feel more comfortable buying projects near MRT stations,” he said.
Research and consultancy director of Chesterton Suntec International, Mr Colin Tan, explains that worries over the euro debt crisis had receded so buying sentiment had turned positive again.
”The market is still hungry, and the proximity of the project to the Circle Line has given (buyers) a reason to buy,” he adds.
The strong demand for mass market homes is expected to continue, with prices set to rise about 7 per cent in the second half of this year, according to property experts.
The government is rolling out a record number of residential sites in the second half of this year, and has assured buyers there will be no shortage of homes.
jeffreypeter01 on July 29, 2010 at 12:02 pm
Yeah?!? For who,m? How many are FT?!? LMAO.
darklight12345 on July 29, 2010 at 12:32 pm
Buy lah buy lah. Use up all the CPF ordinary account
baliprince on July 29, 2010 at 12:45 pm
Great… people are spending..the economy is on the march..!
1961telf on July 29, 2010 at 12:58 pm
Careful don’t get burned fingers like The Parc Condo, 95% still up for resale. Only as valuable as someone is willing to pay on the resale market.
latte323 on July 29, 2010 at 12:59 pm
Property inflation always brings about false illusions of prosperity in the beginning. In reality, if left unchecked and unrectified, will be harmful to society in the end. Good luck Singaporean.
99fire on July 29, 2010 at 1:41 pm
Don’t be surprise there are many agent buying up these units. Or represent some China client to speculate here….Or those HDB upgrader who sell at high price but also buy high price.Actually there is no gain, real stupid to believe in what those agent said. Sooner most will get their finger burnt when recession comes & don’t ask for help. Especially those Singaporean agent…
buy1get1free on July 29, 2010 at 3:00 pm
s’goon?
not interested at all.
save my money for rainy dayssssss
terencetan1978 on July 29, 2010 at 4:59 pm
I personally feel that they describled that 5 minutes walk to NEX mega mall at Serangoon Mrt is a lie.
If they walk from that location to the Mall at 5 minutes, than i will be in the mall in 1 minutes than since i am just oppsite it and the MRT station of Serangoon is just at the downstairs directly to my flat building.
Good school that they claims around the area but 1 school i do not agreed to is St Gabriel which i had seen with my own eyes boys fighting at my house coffee shop there smoking and teaseing women and school girls at my flat downstair since MRT entrance is only at my door steps.
underage, fighting, disturb girls etc is call good school omg…..
samuel49 on July 29, 2010 at 5:15 pm
Even the Govt release thousands of flats – it is still not enough to cater to the huge population here….must build 10 times the current nos.
latte323 on July 29, 2010 at 5:24 pm
In property markets, buyers behave very differently. Instead of being more uneager to buy a property that is rising in price, buyers reason that they better get in quick and buy while the property is still within their reach. So higher prices actually stimulate demand, and this behavior often reaches an excitement a short time before an property bubble deflates.
In other words, prices have a perverse impact upon property markets, and it is simplistic to translate how property prices behave simply on the basis of “demand and supply” analysis. Good luck Singaporean.
swimwithsue on July 29, 2010 at 5:35 pm
its a fixed up !!!!!!!
kannina on July 29, 2010 at 5:38 pm
AS LONG AS THE HOME LOAN RATE IS LOW, THIS CRAZY FRENZY WILL LAST TILL WHEN 1 DAY DUE TO THE STRONG ECONOMIC RECOVERY, IT WILL RAISE ITS INTEREST RATE LIKE THE USA SUB-PRIME CRISIS. THEN THESE BUYERS INCLUDING THE BANKS WILL GET HIT AND THAT’S WHERE THE PROBLEMS COME!!!!!!!! HA, HAHA, HAHAHA…………
BY THEN, THE GE ELECTION IS OVER, HA,HAHA, NOBODY TO BE BLAME EXCEPT THE BUYERS THEMSELVES!!!! HA, HAHA………..
roysuper on July 29, 2010 at 6:07 pm
it is good for the developer, but mind you, when you borrow 1 million, you have to work like an amimal to pay back 2 millions.
buyers beware!!!!!!
you are not getting younger as days and years passed, and your imcome will not keep going up but rather down!!!
pdgb101548 on July 29, 2010 at 8:32 pm
Everybody wanna pay and pay the banks, let them lah. If they can afford it, good for them but 1 mil for a pigeon hole…no tks. I will build my own tree house. AT least can avoid the flash floods. Come CPF withdrawal and draw down, no more $$ left but instead still continue to pay the banks to service the loan. After which, they crawl to the govt for help etc no $$ left in CPF, blah, blah, blah…appeals to withdraw from the Medisave to svc bank loans for pigeon hole condos, early draw down from retirement acct to svc loan , blah, blah, blah. This is all in the making. No need to approach a slimy octopus to predict the outcome 30 yrs down the road. Gd luck pigeon hole owners. I am very happy in a HDB flat.
pdgb101548 on July 29, 2010 at 8:43 pm
Can you imagine, you pay hard earn millions to buy your dream condo and you end up with an Ah Beng family as your neighbour(s)…hahahaha. Mahjong practically every night, weekend is karoake. Nowadays, $$ does not equate to from a better society or more cultured family. Even kuay-teow sellers and Ah longs wear Rolexes, drive Benz etc Luckily they did not invade the Jaguar & R/Royce community or else these cars will be worthless to the higher society folks. This myth does not stand anymore. They r everywhere and it all depends on your luck of location.
bigtrumpet on July 30, 2010 at 12:00 am
Most of these property are borrowed money from the banks. That is ok. What is not ok is there is little or no real wage increase. If the property prices are high because of overwhelming demand due to higher earning abilities from property owners, that’s ok. Unfortunately, this is not the case.
Singapore may boost of a higher GDP growth, but this does not translate to benefits to ordinary Singapore. The people end up paying more for utilities, kopi, grocery, petrol, medical expenses etc. There may be more jobs but more of these jobs go to foreign workers. I was at SAFRA Jurong the other day, and the cafeterria employs all filipinos. For those who keep their jobs, the pay gets lower or less increment
Buying a property hoping to make a profit out of it is like playing the musical. If you can get in and get out fast, make some profit…good. But if you are slow, you may end up with no chair. And when that happens, it is going to set you back possibly a lifetime of debts
Not being a sour grapes, but buying a property seems too much of a risk given the current circumstance.s Investing in stocks, gold or forex etc seems relatively less risky
amahalso on July 30, 2010 at 5:31 am
@swimwithsue , Yes you are right !
Plus all the news, all the internet post and all the dealers rumours make the property HOT !
It makes us commoners angry & HOT too !
Going to make myself a tent at changi beach soon
amahalso on July 30, 2010 at 6:12 am
3 to 4 years ago I have been saving and wanted to buy a 3 rms HDB in town area at around $200k. Today the price is almost $400k , a friend just sold his 3 rms at $390k last month ! $390k for a 30+ years old HDB ??! Mr Mah, can you help ??????????????????????????????
Worst still, my salary has not rise !!
stocktradersbp23 on July 30, 2010 at 11:24 am
IS BUYING A CONDO MAKES YOU A RICH PERSON?
roysuper on July 30, 2010 at 8:57 pm
Buying a condo when you can afford and it is within your means, it is Ok.
But if one is following the crowd and and scrimp just to buy, then it is very dangerous.
Dont chase and make the price increase, it is at your own expense!!
sashylimited on July 30, 2010 at 11:19 pm
is staying in condo being seen as rich, high class, differentiated?? those in staying condos and read me, please respond.
rainmans7 on July 31, 2010 at 12:42 am
buying a condo at these prices is crazy. Mind you, it is a 99 year lease property…meaning it is like a car, the older it gets, the value depreciates to a certain extent, therefore after paying off your loan in 30 years, you will realise that your asset will start to depreciate as well.
People, look around, there are still good finds, not necccesary condos..FH landed properties may cost less, worth more and bigger spaces as well…some of the newer condos are like what is termed, mickey mouse apartments, imagine an apartment of 400+sf…thats smaller than your average HDB masterbedroom….
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verene1988 on July 31, 2010 at 5:51 pm
As population increases, so does the sales of condos and flats.
subutex2 on July 31, 2010 at 6:04 pm
a 99 yrs terrace house in Jurong example near Jurong west Ave 5 or Coporstion drive, etc. now 12 yrs old cost $1.2M with 2600 built in. this is about $460 psf of built in area. a newer terrace 99 yrs will be about 15 % more, but there wil be less land for landed house. so my bet is that landed house will appreciate over time as hungry developer would rather sell 600 units of pigeon hole sthen 100 unit sof terrace.
for the $1.5M price tag of a 1300 sq ft The Scala. i would rather buy a 99 yrs landed property… no maint fees to worry. now adays could be abt $400 per mth…
So a 2600 sq ft , 3 storey pigeon hole terrsce wiht ur own land or a single pigeon hole condo unit, with 4 walls almost few metres away (prison like). make a wise choice.
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amd007 on August 1, 2010 at 1:25 am
Big brother behind all these babe!. Beware of their latest property gigs bros and sistas. You’ve been had!!!.