Hundreds of eager buyers braved the morning rain and thronged the public launch of Hong Leong’s The Scala, as mass market condominums prove to still be hot property.
Units at The Scala, in five residential towers, are between 472 and 2,142 sg ft each and range from one to four-bedroom apartments. They were sold at a whopping average price of S$1,150 per sq ft (psf), setting a new benchmark price for the area.
Demand for the remaining 300 units of the 99-year leasehold project near Lorong Chuan MRT station was so strong that organisers had to resort to balloting to decide who entered the showflats first.
By late morning, more that 800 potential buyers and property agents had packed the balloting tent at the condo site in Serangoon Avenue 3. This proved to be the biggest turnout at a mass market public launch since Toa Payoh’s Trevista and West Coast’s Hundred Trees late last year.
At a private preview held on Tuesday for Hong Leong staff and buyers who had registered interest with the developer, nearly 150 units were sold.
In a statement, Hong Leong said more than 75 per cent of the project’s 468 units had been sold. This adds up to more than 350 units, of which 200 were sold on Wednesday alone.
Hong Leong said the buyers comprised a good mix of HDB flat upgraders and investors and were mostly local.
Most buyers listed the close proximity to newly opened Lorong Chuan MRT station and the range of amenities like the NEX mega mall due to be completed next year as key selling points. In addition, the condo’s proximity to the Australian International School and the Stamford Amercan International School could mean high rental yields.
The Scala is expected to be completed in the first quarter of 2014.
Mr Nicholas Mak, a real estate lecturer at Ngee Ann Polytechnic, told The Straits Times the condo had set a benchmark price for new projects near MRT stations in the north-east.
“There is a demand for mass market homes among investors and generally feel more comfortable buying projects near MRT stations,” he said.
Research and consultancy director of Chesterton Suntec International, Mr Colin Tan, explains that worries over the euro debt crisis had receded so buying sentiment had turned positive again.
”The market is still hungry, and the proximity of the project to the Circle Line has given (buyers) a reason to buy,” he adds.
The strong demand for mass market homes is expected to continue, with prices set to rise about 7 per cent in the second half of this year, according to property experts.
The government is rolling out a record number of residential sites in the second half of this year, and has assured buyers there will be no shortage of homes.
