Developers report healthy sales made in the past week, proving that buyers are less affected by superstition than before.
New condominium launches have fared well in the past two weeks despite the Hungry Ghost Festival, property analysts say.| It is common for buyers to hold out until the end of the Chinese festival when investing in property as the seventh month of the lunar calendar is traditionally deemed inauspicious. However, property developers are reporting healthy numbers for sales made during the Hungry Ghost month this year. V on Shenton, which is selling at an average of $2,200 per sq ft (psf) sold 27 units in just one week, The Straits Times (ST) reported. General manager of UIC, Mr Michael Ng, told ST that sales were given a boost after the announcement of the Thomson MRT line as a station for Shenton Way will be located just behind the estate. Another 15 units for Parc Centros at Punggol were also sold for prices of $800 to more than $1,000 psf. About 85 per cent of the condominium has been taken up since its launch in July. While Far East Organisation also reported 34 units from various projects sold in the past week, Upper Changi condominium Parc Olympia sold 15 units in the past week at an average price of $840 psf. Observers say that younger buyers are less interested in following superstition and are more inclined on buying based on prices and investment opportunities. Mr Png Poh Soon, head of research at Knight Frank, told ST that earlier generations of property buyers were more cautious when it came to superstition. “For the younger and more affluent buyers, their concern is really the affordability and investment opportunity,” he said. The Hungry Ghost month started on Aug 17 and will end on Sept 15.
ljessica@sph.com.sg
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Source: AsiaOne Tue, Sep 04, 2012 |