Hot Bargains for House Buyers (4 Jan 2009)

The property market is having a quiet start for 2009, with several developers now temporarily closing their flats in response to the decrease in the volume of customers.

However, as the housing prices continue to fall, many house buyers are attracted back to the market and their shopping business.

Some small development projects are coming back to the market, while others that are already launched earlier are now giving away discounts and several buying incentives.

In Balestier area, Roxy Homes is launching two boutique projects, the Nova 48 and Nova 88, both located at Balestier Road.

Nova 48 in Prome Road has 48 units while Nova 88 in Bhamo Road has 88 units. Both of them offer a price of $1,000 per square foot and a bedroom unit with a size of 506 square feet at a starting price of $500,000.

Another upcoming opening is the Alexis in Alexandra Road. Its freehold development is located at less than ten minute walk from Queenstown MRT Station and has around 300 units, according to a property agent.

Indicative prices ranges from $900 to $1,000 per square foot and developer offers a payment scheme more likely similar to a deferred payment whereas, buyers can able to pay 20 percent initial payment and then nothing until completion.

Another developer, the Heritage Group is now holding its private previews for the Vivace, a 99-year leasehold project plan, to be built at old Tong Watt Mansion near the Robertson Quay.

Its 85-unit development project consist mostly with small units and ranges from 388 square feet one-bedroom apartments to a 990 square feet penthouse. Price ranges from $580,000 to about $1,500 per square foot.

Several developers have cut prices and are now offering the lowest prices never seen before.

Just like the Novelty Group for instance, they decreased the price of their Lucida project along Thomson Road. The selling price of its 62-unit development project was around $1,600 per square metre when it launched earlier last year but now, its sells at around $1,200 per square foot. One-bedroom unit is 624 square feet while two-bedroom is 1,066 square feet.

In East Coast, the selling price for Mountbatten Suites has plunged from $1,100 per square foot when it launched to around $900 per square foot now. The developer is also offering a deferred payment scheme and legal fees.

The Frasers Centrepoint also gives renovation vouchers to their buyers on its Woodsville 28 project in Potong Pasir. A Two-bedroom apartment will get a $20,000 while three-bedroom unit gets $30,000 voucher.

For the rest of 2009, interested home buyers can check out offerings from City Developments, including the upcoming launch of Phase 2 of Livia in Pasir Ris, Quayside Isle in Sentosa Cove and The Arte in Thomson Road.

While price starts at $797,000 for Livia’s three-bedroom units, selling price for The Arte and Quayside Isle are not yet finalised.

Meanwhile, the Far East Organisation is also planning to launch its latest cluster of phased houses on their Greenwood landed housing development project as well as a 99-year leasehold project in Choa Chu Kang.