SALES at a mass-market condominium project in Ang Mo Kio drew a lukewarm response from homebuyers today, with just half of the 120 units released for sale being booked.
The Panorama, a 698-unit, 99-year leasehold project located at Ang Mo Kio Avenue 2 is developed by Wheelock Properties.
Still, Wheelock senior executive director Tan Bee Kim said in a statement that she is "encouraged by the market response."
The property market is still feeling the effects of the series of cooling measures, Ms Tan said, though she noted the World Bank has raised its forecast for global growth.
"Hopefully we may be looking at a more upbeat market sentiment and sustainable recovery," Ms Tan said.
Prices of the units sold ranged from $650,000 to almost $2.4 million. The average price per square foot was not immediately available.
Wheelock said that buyers were mostly professionals with young families, with ages ranging from their 30s to 50s.
Many are also residents of nearby areas like Ang Mo Kio, Thomson and Bishan.
A lack of major private home developments in Ang Mo Kio of late added to The Panorama's appeal.
Civil servant Soh Chung Wei, 37, who bought a three-bedroom unit, said: "I've lived here for close to 40 years. This area usually does not have many sites available for condominiums, so it's a rare opportunity."
Recent projects in Ang Mo Kio include Centro Residences, which went on sale in 2009 and is still under construction, as well as Grandeur 8, which was completed in 2005.
Most bought units with the intention to live there, though some have done so for investment purposes.
Among them is educational officer Nina Ng, 32, who bought a one-bedroom unit and will continue living with her parents at their Ang Mo Kio flat.
"I'm confident I can rent it out to cover the monthly repayment installment," she said.