RESIDENTIAL

Despite large number of interested parties, units are selling at slower rate

Despite a strong demand for residential property, buyers are becoming more cautious under the gloomy stock market situation. For instance, the 99-year leasehold 493-units private condo project Boathouse Residences at Upper Serangoon, which was launched together by Fraser Centrepoint, Sekisui House, and Far East Organisation, sold only about 90 out of its released 200 units at $880 psf. The rate of sale is much slower as compared to the 99-year leasehold Eight-Courtyards in Yishun, where 202 units at an average price of $795 psf were snapped up within four days during its launch in April. Frasers mentioned that buyers now take a longer time to decide, from 45 minutes in the past to about 60 to 90 minutes now.

More luxury projects are bought by owner occupiers rather than investors and speculators

While the rental yields in ...