RESIDENTIAL PROPERTY | Krisana Gallezo-Estaura, Singapore

Q Bay Residences 90% sold over the weekend

Prices averaged S$985-1,050psf after discounts.

According to analysts from DBS Vickers Securities, their visit to the Q Bay Residences showflat over the weekend showed that crowds continue to flock to new project launches even after the  recent cooling measures. 

Far East Organisation/ Frasers  Centrepoint/ Sekisui House’s JV project, Q Bay Residences, located near Tampines Ave 10 and Tampines Ave 1, is a 630 unit development, which is accessible to major arterial roads such as the TPE and PIE and is about 10mins walk from the new Tampines West MRT, scheduled to open in 2016.

It also has shopping and  schooling amenities such as UWC close by. It is also in  close proximity to the Tampines Quarry Park and Bedok  Reservoir Park. The developer has released 388 units  comprising the smaller SUITES 1-2BR units, 3-bedder Verandah units and larger TRIO units.

Of these, DBS understands an estimated 90% had been taken up since its preview launch on Friday. Developers respond with more incentives, buyer  profile leaning towards upgrader/investment  demand.

According to DBS, Prices averaged S$985-1,050psf, after taking  into account total discounts of up to 23-24% including early bird discount of 14-15%, another 4% incentives from loyalty, HDB upgrader, special vicinity or multiple purchase discounts as well as a 7% stamp duty discount.

"We understand buyers were largely Singaporeans, and for this development, there was interest from upgraders as well as investment demand from those who are looking for investment units but still qualify for up to 80% LTV. Mortgage rates are still at sub 1.5% for the  first 3 years. Elsewhere, in other developments such as D’Leedon, developers are also dangling more incentives  with higher discounts of 10% for the 1-2 bedders to
15% for the 3-bedders or 3+study units."   

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