THE stream of new property projects being launched continues to be strong. Another mass-market development, Oasis@Elias, has officially hit the market, after a quiet round of sales.

The 388-unit condominium near Pasir Ris beach was launched yesterday after it sold 71 units - or half of the units previewed - at $670 per sq ft on average at last week's preview.

CB Richard Ellis, which is marketing the condo, said units with a sea view were popular. Some 80 per cent of the buyers were HDB upgraders. The units are fairly large, ranging in size from 947 sq ft to 2,659 sq ft.

Generally, developers are rushing new launches to capitalise on the strong buying wave, particularly for affordably priced mass-market developments.

Releases in the past three weeks include Vista Residences in Jalan Datoh, Residences@Killiney and the already sold-out 8@Woodleigh.

Developments that are available for sale this month include Ascentia Sky, next to Metropolitan condominium in Alexandra Road, Silversea in Amber Road, The Gale in Loyang and Sophia Residence on the former Sophia Court site near Selegie Road. An 85-unit development in Balmoral Road is also coming to market soon.

The 373-unit, 99-year leasehold Ascentia Sky is expected to hold a public preview in the middle of the month, said a Wing Tai spokesman. The indicative price before the preview discount is $1,300 psf to $1,500 psf, he said.

Wing Tai and Greatearth Developments had bought the Ascentia Sky site for a bullish $639 per sq ft per plot ratio in late 2007. Property analysts had said then that the land price would translate into an estimated breakeven price of $1,000 psf to $1,100 psf for the future condo, and the units there should sell for at least $1,100 psf to $1,200 psf.

Projects such as Ascentia Sky, Silversea and Sophia Residence have been lined up for launch for some time now.

In late 2007, developer GuocoLand had said it hoped to push out the 272-unit Sophia Residence in the third quarter of last year. But that did not happen.

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