Despite the Government’s announcement last week of the measures to take the bubbles from the property market, the demand of consumers for private homes still remained strong.

Property developers Hotel Properties and CapitaLand stated on Monday that 65 percent or 233 out of the 360 units at the former site of Gillman Heights in Alexandra Road, which were launched during The Interlace project, were sold over the previous week.

The sold units, which range from two-roomer units to penthouses, had a selling price that ranges from $850 per sq. ft. (psf) up to $1,150 psf.

Another developer, Guocoland, which had held a preview launch all throughout the weekend of its freehold Elliot – comprising 119 units – at the East Coast project, sold 75 percent or 45 of 60 units that were launched at a price of $970 psf.

In the market’s upper-mid segment, buyers snapped-up additional 5 percent or 14 units of 289-unit Trizon of Singapore Land at Mount Sinai during the weekend. The said project, which is located at the former site of Himiko Court, is now 70 percent sold, with a selling price of $1,300 up to $1,500 psf.

The long sales over weekend seem to point out that buying interest of consumers is not dampened by the move of the Government to cool down the market, such as scrapping off of the interest absorption scheme (IAS) as well as restarting of the confirmed list of land sales during the first six months of the following year.

According to a spokesman of Guocoland, less than 10 percent of its buyers or 4 out of 45 had taken up the said scheme. Elliot, the East Coast project, was given the IAS-approval before the said scheme was banned by the Government.

“Feedback from buyers indicates that they are not overly concerned with the Government's cooling-down measures, and are confident of the long-term capital appreciation potential for well-designed properties in ideal locations”, the spokesman said.
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