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Keen buying interest at two new residential launches

Keen buying interest at two new residential launches.

Two new projects put on the market this year - The Clement Canopy and executive condominium iNz Residence - attracted keen buying interest over the weekend.

The 505-unit The Clement Canopy in Clementi sold 195 units on the first weekend of its launch, accounting for about 78 per cent of the 250 units released for sale, developer UOL Group said yesterday.

"There was healthy interest across all the unit types. I believe this is due to the pent-up demand in the vicinity and reasonable pricing," noted UOL Group general manager for marketing Anthony Wong.

The Clement Canopy, a 50:50 joint venture between UOL Group and Singapore Land, comprises two 40-storey blocks with two- to four-bedroom units from 635 sq ft to 1,539 sq ft. The developers said earlier this month that the average price ranges from $1,330 psf to $1,360 psf.

About 40 per cent - or 194 units - of the apartments are two-bedders ranging in size from 635 sq ft to 732 sq ft. They are priced between $850,000 and $1.2 million.

Prices for the three-bedroom units start from $1.28 million, and $1.62 million for the four-bedders. Buyers were offered discounts when they picked up units over the weekend.

UOL Group told The Straits Times there was a $6,000 discount for the two-bedder, $8,000 for the three-bedroom unit, and $12,000 for the four-bedroom apartment.

Mr Wong said: "Given the positive response, we will be extending our early bird discount for another weekend."

Some buyers told The Straits Times they were attracted to the location and features such as the lush landscaping at the development.

Ms Christina Ng, 40, who works in the healthcare sector, has been shopping for a new property for about a year but did not find a suitable unit until now.

"There aren't many new launches in Clementi. I like the project, the greenery. I think it has resale potential," said Ms Ng who bought a two- bedder for $989,000.

Another buyer, Mr Jason Phua, picked up a three-bedroom apartment for about $1.4 million.

"I stopped house hunting for a while after the cooling measures came out... I don't think anything is going to happen in the next one or two years, so I decided to buy the unit," said the 39-year-old manager.

Analysts said that sales at The Clement Canopy were within expectations and could set the tone for the rest of the year. According to one, this was a fairly good start to the year and it looks like there is a continuation of the sales momentum seen last year.

At iNz Residence in Choa Chu Kang - the first EC project this year - its developer Qingjian Realty said it has received more than 450 e-applications for units since Feb 24.

E-applications run till March 5 and unit bookings start on March 11.

Adapted from: The Straits Times, 27 February 2017