New Launch of Hoi Hup-Sunway at Parc Central Residences Sold 59% Units
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In Parc Central Residences executive condo (EC), 414 from a total of 700 units were offered to the first day of launching on Jan 23. Typical selling price for units offered in the conclusion of the booking exercise was 1,177 psf.
“It indicates that Parc Central Residences is a value-for-money merchandise as it’s been conceived and created and can be well received by our buyers,” says Koon Wai Leong, general director of Hoi Hup on behalf of their joint venture.
“Although we’re in the middle of a pandemic and a downturn, we think that EC remains a favorite asset category for several upgraders and first time condo buyers”
Having 59% of the units sold in the first day of launching is unquestionably a excellent take-up speed, ” says Ismail Gafoor, CEO of PropNex. “And it was not surprising , notes Gafoor, as there were near 700 cheques gathered as saying of attention throughout the e-application stage”
Among the factors for its powerful sales might be because there has not been a new launching at Tampines because CityLife@Tampines at Feb 2013. “That is nearly eight decades back,” Gafoor points outside.
The earnings at Parc Central Residences”is a favorable indication for the EC market as it demonstrates that there is still healthy need,” says Nicholas Mak, head of consultancy and research in ERA Singapore. “There has not been a new EC project launching since March 2020, when OLA in Anchorvale Crescent at Sengkang surfaced”
“If EC costs continue to grow, it may provide the authorities a reason to intervene,” notes Mak.
In regard to EC development websites available, another EC website that’s been launched for tender under the 2H2020 Government Land Sales (GLS) programme last November, and is closing in May this year, is situated at Tengah Drive. It’s the first EC website in Tengah, adds Mak.
“People are purchasing with a long-term perspective: those purchasing now need to wait another three to four years to the job to finish before obtaining their keys. Upon conclusion, they must match the MOP [minimum occupation period] of five decades, so they will not have the ability to market the job until nine decades later and that is going to be in 2030,” he reckons.
“If they wish to enjoy the entire value of their EC and market just 10 years following completion, once the EC is available to overseas buyers at the resale market, that is going to maintain 2035.”
Therefore, Gafoor considers the buyers of Parc Central Residences aren’t worried about the chance of cooling steps as”they’ve entered the marketplace with a transparent head, and have purchased something inside their budget, and also using a long-term horizon,” he adds.