Wheelock Properties took advantage of the buying rally in recent launches to move their unsold units.
They have released new stacks at The Panorama on Ang Mo Kio Avenue 2 since October until January and in turn moved an average sales of each unit per day.
Prices discount was the key factor in driving sales momentum.
At The Panorama, more than 85% of units sold up to date.
Developer Wheelock Properties seems to be extending discount rates.
A 1,012 sq ft unit on a low floor, for example, was sold for $1,185 psf in October whereas a comparable unit was sold for $1,270 psf in the first phase of launch. This works out to a discount rate of 7%. In another example, a 1,130 sq ft unit on a low floor was sold for $1,192 psf in November, reflecting a 6% discount to the $1,267 psf fetched by a comparable unit in the first phase of launch.
The Panorama was also a consistent performer in 2015, chalking up close to 30 sales a month on average. The project’s average price of $1,229 psf in 2015 was compelling for buyers, given that several projects located further inland have similar or higher price tags.
The Panorama was launched in January 2014 at a median price of $1,343 psf and is located about 400m from the upcoming Mayflower MRT station on the Thomson-East Coast Line (TEL), due to be opened in 2019.
In addition, the resilience of HDB prices in mature estates is encouraging for those upgraders and private projects in these locations. While the HDB resale price index fell an estimated 1.5% in 2015, the average resale price of four-room HDB flats in Bishan inched up 1% from $526,032 in 4Q2014 to $531,738 in 4Q2015. Meanwhile, the average resale price of five-room flats stayed flattish at $716,000 over the same period. Statistics compiled by HDB showed similar trends. The median resale price for four-room flats in Bishan climbed 2% from $525,000 in 4Q2014 to $537,500 in 3Q2015, according to the latest available data.
In Ang Mo Kio, the average resale price for four-room HDB flats rose 2% from $466,109 in 4Q2014 to $477,125 in 4Q2015. Five-room resale prices leapt 6% from $634,842 in 4Q2014 to $673,856 in 4Q2015. HDB statistics also supported this trend. The median resale price for four-room flats stayed flat at around $450,000 between 4Q2014 and 3Q2015.
Click here to browse floor plan and price list of the Panorama.