Lacklustre weekend sales at private condos

Buyers seemed keen on private projects a couple of weeks ago but the interest has since taken a dive, going by the lacklustre results on the weekend. Only a fraction of units were sold at the 181-unit Clermont Residence (pictured) in Tanjong Pag
Buyers seemed keen on private projects a couple of weeks ago but the interest has since taken a dive, going by the lacklustre results on the weekend. Only a fraction of units were sold at the 181-unit Clermont Residence (pictured) in Tanjong Pagar when it opened for private preview on Saturday. -- PHOTO: GUOCOLAND

Buyers seemed keen on private projects a couple of weeks ago but the interest has since taken a dive, going by the lacklustre results on the weekend.

Projects that posted brisk sales at their debuts two weeks ago had been mainly relying on price cuts to move units, said consultants.

Only a fraction of units were sold at the 181-unit Clermont Residence in Tanjong Pagar when it opened for private preview on Saturday.

"More than 10" units at the project were moved at an average price of slightly over $3,000 per sq ft over the past weekend, said Ms Felicia Ang, an executive director at marketing agent Savills.

Developer Guocoland said yesterday that the 99-year leasehold project was meant to be a "trophy piece of real estate". Clermont Residences will likely be Singapore's tallest residential project with a height of 290m once completed in 2016.

PropNex chief executive Mohamed Ismail said only projects that were priced relatively cheaply have sold well in recent months since many buyers are increasingly cost-conscious.

The 99-year leasehold Alex Residences at Redhill also moved several more units over the weekend, though the initial buzz surrounding the project has tailed off.

Mr Michael Ng, group manager of SingLand's parent company UIC, said on Monday that just over 20 units were sold over the weekend at an average price of $1,680 psf.