The Crest, a 99-year leasehold condominium project in Prince Charles Crescent, has re-opened its showflat, with units priced at five to 10 percent lower than when previously launched in June, reported the media.
The move came after the development witnessed sluggish sales since June. Developers sales data from the Urban Redevelopment Authority (URA) showed that around 50 of the 469 units have been sold at an average price of slightly above $1,800.
Marketing agents of the project revealed that a one-bedder measuring between 614 and 775 sq ft now starts at $980,000, a two-bedder at $1.28 million, and a standard three-bedroom unit at $2 million. Meanwhile, a five-bedroom unit starts at $2.5 million while a five-bedder at $3 million.
It is said that cheques have already been collected, with sales starting on Thursday.
Its developers Metro Australia Holdings, UE E&C and Wing Tai Asia purchased the parcel of land in September for $516.3 million or $960.28 psf ppr.
To date, 132 units have been launched at The Crest so far under the URA Realis system. However, a Wing Tai spokesperson explained the development is still in its preview stage, while agents marketing the project are calling it a relaunch.
Consultants note developers avoid calling a launch a launch due to recent dismal showings.
SLP International Executive Director Nicholas Mak said the supply of new launches around Redhill and Commonwealth resulted to unsold units, which created an overhang within the area.
However, The Crests pricing has breached the affordability of buyers for homes in that locality, said R'ST Research Director Ong Kah Seng.
In such cautious market times, almost no buyer is eager to buy a property unless they can see for themselves that prices are indeed cut, he added.