Singapore home buyers snapping up units at projects launched before last year. A check with developers found that those which enjoyed buoyant sales last year – Hong Leong Group, MCL Land, Qingjian and MCC Land, for example – got a sizeable boost from selling apartments released in 2015 and earlier.
Hong Leong sold 1,140 units last year for a total value of about $1.45 billion. Earlier projects, such as Commonwealth Towers in Commonwealth Avenue and Coco Palms in Pasir Ris, which were both launched in 2014, accounted for 715 of the units sold.
Chinese developer Qingjian sold 768 units last year, with 466 coming from two projects rolled out in 2014 – Bellewoods in Woodlands and Bellewaters in Sengkang.
A Qingjian spokesman told The Straits Times that the average price per square foot of the units sold at Bellewaters last year was $786, which is within the $750 to $820 psf range announced at the launch.
Earlier projects, including Commonwealth Towers which was rolled out in 2014, accounted for 715 of the 1,140 apartments sold.
Analysts said there were several reasons for the popularity of existing projects.
Dr Lee Nai Jia, head of South-east Asia research at Edmund Tie and Company, noted that there was a "spillover" effect from successful new launches in the area. "A case in point is The Santorini. With the successful launch in September of The Alps Residences in Tampines, some of the sales spilled over to the nearby Santorini," he added.
Mr Tan Zhiyong, managing director of MCC Land, said it sold 106 Santorini units last year, versus 32 in 2015. In all, MCC Land sold 745 units last year – 360 at The Alps Residences, 277 at The Poiz Residences and the rest at Santorini and TRE Residences.