The brisk demand for new private homes here continued unabated, as more than half of the apartments at Le Quest, a mixed development in Bukit Batok, were snapped up over the weekend.
Chinese developer Qingjian Realty moved more than 280 of the 516 units available, with 200 of them sold within hours of launch on Saturday.
Qingjian told The Straits Times yesterday that the sales gallery will be closed from today until phase two of the sales launch, which will be announced at a later date.
Its robust sales come amid a strong pick-up in home sales this year. Developers here sold 6,039 new units in the first half, a 64 per cent surge from the 3,675 moved from January to June last year.
Last month, an executive condominium project - Hundred Palms Residences in Hougang - sold out all 531 apartments during its launch weekend.
Sales at the 99-year leasehold Le Quest far exceeded Qingjian's rather-conservative sales projection of 150 units at a briefing last month.
Mr Alan Cheong, senior director of research and consultancy at Savills, noted: "Not many new developments are expected to launch in the area in the short term, so that is definitely a main factor in buyers' consideration."
The developer said average selling price achieved was about $1,280 psf. The majority of the sales ranged from studio apartments to three-bedroom units.
PropNex Realty, one of the marketing agents for Le Quest, said that most of the buyers are Singaporeans, with a handful of permanent residents and foreigners.
"There was good demand for the smaller units, which appealed mainly to investors," added Mr Benjamin Tan, senior associate district director at PropNex.
Mr Stewart Lim, who bought a one-plus-study unit for $652,000, said he was drawn to the mixed development. "I am buying partly because prices may go up in the future... I may rent it out, but if rents are soft I will live in the unit," added Mr Lim, 28, a real estate agent.
International Property Advisor chief executive Ku Swee Yong said the ample liquidity in the market has been fuelling sales at new launches.
Mr Ku noted: "Buyers of this project are betting on future capital gains with the Jurong Innovation District and Tengah Forest Town coming up. But rentals in the Bukit Batok area remain weak in the near term." The leasing market in that area could also become more competitive as supply from Tengah Forest Town comes on stream in the future, Mr Ku added.
Apart from the residential units, Le Quest has more than 6,000 sq m of retail space on the ground floor. The development is expected to be completed at the end of 2021.