Wandervale Launch . Strong Sales Outperforms Other Recent Projects
According to a 7 March 2016 Business Times (BT) article, the Wandervale launch over the 5th March weekend saw remarkably strong sales. About half of its 534 units were snapped up in this year 2016’s first executive condominium (EC) launch.
Measured against the poorer showings at the other recent EC launches, the Wandervale sales is testament that ECs can still sell well, even in today’s market, if the layouts, pricing and location are right.
Mohamed Ismail Gafoor, chief executive of PropNex Realty commented that, “In today’s norm, to sell 50 per cent of any launch, all the more if it is an EC, is a commendable performance.” He added, “It also goes to show that there is still demand for ECs at the right price, at the right location.”
The Wandervale EC is within walking distance to the Choa Chu Kang MRT station and bus interchange. It is developed by the Sim Lian Group, a home grown developer with a reputation for understanding what the local homeowner wants.
The Wandervale Launch · Units Sold
Out of Wandervale EC’s 534 units, there are 130 three-bedroom units, 322 three-bedroom premium, and 82 four-bedroom units. Demand at the launch was evenly spread. But given that there were only 82 four-bedroom units to start with, it is hardly surprising that after the weekend only 7 units of these were left.
An average price of S$755 per square foot was announced prior to the launch, and Sim Lian kept pretty close to that in its final pricing. Units facing the MINDEF camp commanded a premium, as it offers the chance of an unblocked view and greenery.
The Wandervale Launch · Comparing to Other EC Launches
The healthy sales at Wandervale’s launch stands out against those of the more recent EC launches.
The Brownstone, 3 minutes walk to the upcoming Canberra MRT station, actually fared quite well at its launch last year in July 2015. It sold 185 units, amounting to about 30 per cent of its 638 units.
Sol Acres EC too, in Choa Chu Kang, moved 247 out of 707 units launched, or about 35 per cent, at its balloting day last year August 2015. It had the advantage of tapping pent up demand due to the lack of new ECs in Choa Chu Kang after Rainforest EC sold out in 2012.
As for the 2 most recent EC launches, Signature sold about 100 units on its launch day in September 2015. Criterion next door was estimated to have sold around 30 to 40 units in October subsequently, due partly to the fact there were too many EC launches close to each other then.
The Wandervale Launch · The Market
Wandervale EC’s bright performance at its launch is partly attributable to its unexpectedly low pricing, as Sim Lian adopts a cautious stance on the local property market.
Sim Lian’s group executive director Kuik Sing Beng told BT in an interview last month that they are mulling a stronger presence overseas as the Singapore market softens.
Local developers’ profit margins have been squeezed, prompting many of them to seek new ventures abroad.
Adapted from: The Business Times, 7 March 2016
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