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Monday, Jul 1, 2013

Business

Jurong East condo almost sold out on launch day

Monday, Jul 1, 2013
Jurong East condo almost sold out on launch day

TWO property launches drew plenty of potential buyers over the weekend with the J Gateway condominium setting the pace.

The project in Jurong East drew a blistering response from homeseekers although the Forestville executive condominium (EC) had its admirers as well.

The J Gateway showflat has been open for two weeks, allowing buyers to check out the 99-year leasehold development and lodge an interest.

About 1,400 blank cheques had been placed with the developer MCL Land before yesterday and 1,500 people in all turned up for the balloting process.

By the end of the day, 736 units in the 738-unit complex had been sold.

This is the first time since January's tough property cooling measures that buyers have snapped up almost all the units on the first day of a launch.

Units were sold at an average of $1,480 per sq ft (psf), said MCL Land chief executive Koh Teck Chuan. The one-bedders went for about $1,778 psf, beating initial expectations of $1,650 psf, while four-bedders were sold at $1,400 psf.

Mr Koh added that the buyers mostly had local addresses and were living in the Jurong vicinity. Buyers told The Straits Times that they were attracted by the condo's proximity to Jurong East MRT station and four malls earmarked for the area. A hotel to be developed by Resorts World Singapore will also be built.

"No other area has this," said Mr Lee Fatt, 50, who lives in Jurong and bought a two-bedroom unit at J Gateway for $1.2 million.

Another buyer, Madam Shirlyn Ng, 36, said that though prices were slightly high on a psf basis, she had no problem with it as she expects strong rental demand from expats working at the nearby International Business Park.

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