Grandeur Park Residences in Tanah Merah raked in strong sales on the first weekend of its launch, shifting 58 per cent of the total 720 units available.
Its developer CEL Development, a unit of Chip Eng Seng Corporation, said yesterday it sold 420 units, with most of the 96 one-bedders taken. "The sale performance is within our expectation," said CEL Development, adding that the average price for units is around $1,350 per square foot.
The condo project, near Tanah Merah MRT station, comprises one- to five-bedders, with prices from $550,000 for a one-bedroom unit. Prices for the two-bedders, which make up 45 per cent of the total units, start from $700,000.
The development has a theme centred on wellness and features a tie-up with Amore Fitness to offer fitness classes and spa facilities.
Many buyers were attracted to the project's location, citing its proximity to various amenities and potential pool of tenants from Changi Business Park.
"I hope the rental situation and prices will pick up in the coming years but no one can tell where the market is going - you need to try your luck," investor Wong Koh Hoi, 58, told The Straits Times.
Mr Wong, a managing director, bought a 560 sq ft two-bedder for about $821,000.
Another buyer, Mr Y.H. Tham, a 35-year-old executive, picked up a 419 sq ft one-bedroom apartment for about $618,000. He plans to move in once the development is ready. "It is close to the MRT, there are places selling cheap and healthy food nearby and it's close to where my parents live," he said.
Grandeur Park Residences is the second condominium project launched this year following the 505-unit The Clement Canopy in Clementi which hit the market last month, selling nearly 200 units on the first weekend of its launch.
Analysts said the sales performance of the Tanah Merah condo was better than expected but noted that it does not signal that the property market has turned a corner.
"I would be cautious because a lot of the sales are driven by the take- up of smaller units, which have lower overall quantum," said International Property Advisor key executive officer Ku Swee Yong.
Home hunters will be spoilt for choice with two more new projects still to come. Among them, Park Place Residences at Paya Lebar Quarter - part of a mixed-use project by Lendlease and Abu Dhabi Investment Authority - is expected to be launched later this month. The 429-unit project will comprise a mix of one- to three-bedroom apartments, with an indicative price starting from $780,000.
In April, Frasers Centrepoint Singapore will roll out the 843-unit Seaside Residences in Siglap, offering one- to five-bedroom apartments and penthouses.
•Additional reporting by Samuel Chan