The Copen Grand project has 639 units, meaning that the e-application rate was more than double.
In an interview with the Union-Tribune, Sun Yanqing, director of research and consulting at Orangetee & Tie, said the number of applications was even higher than she expected, showing that the cooling measures have not dampened the EC market buying.
She said, "Many people are still interested in EC, partly because they can enjoy government subsidies. In addition, the price of new private homes has risen to the $2,000 per foot level, and EC is relatively less expensive and more people can afford it."
Dengfeng Jia Yuan is jointly developed by City Development (CDL) and MCL Properties, covering two-bedroom plus study to five-bedroom units. The units range in size from 807 to 1,722 square feet, with prices starting at $1.08 million for a two-bedroom plus den, equivalent to $1,338 per square foot, and $1.18 million for a three-bedroom, equivalent to $1,260 per square foot.
As the first EC project in Tengah Town, the first local smart and sustainable development area, Tenfongah Park has attracted strong interest from buyers, with about 20,700 people visiting the sales showroom since it opened on October 7," said a city development spokesperson in a release issued on Tuesday (October 18). "
Applicants will be able to purchase their preferred units on the 22nd of this month, and the developer will hold a lottery on the 21st for applicants to purchase their units in order based on the lottery numbers.
Despite the high number of e-applications for Dengfengjia Park, ERA's Head of Industrial Research and Consulting, Mr. Mak Chun-wing, pointed out that the sales of the project still depends on the actual conversion rate of the application (conversion rate).
Applicants will eventually give up buying a flat based on different factors such as not being able to choose the flat of their choice, the price of the flat is higher than their budget, etc. Therefore, a high application rate may not be equal to a high sales rate. Of course, EC is in short supply, so they are generally popular with buyers and can be sold out within five years.
Some market participants point out that the sales rate of EC projects is often only 20% to 30% of the number of e-applications, or even lower. For example, North Gaia, an EC project in Yishun launched in April this year, received 1,045 e-applications, but only 164 units were sold in the first week of sales.
As Den Fung Ka Yuen is the first new EC project after the implementation of the cooling measures, Mak Chun Wing believes that its sales response will be a wind ball for developers to assess the next trend of the private residential market and sales fever.
Dengfeng Jia Yuan attracted many visitors when it was opened for preview and sold 73% of the units on the first day of the opening.
The first executive condominium project (EC) launched after the new round of property cooling measures came into effect, Dengar Park, sold 465 units, or 73% of the total number of units, on its first day of launch last weekend.
Market participants believe that buyers' aspirations for the development of Dangar Newtown are driving the project's sales, while the deferred payment option available to them helps them avoid the risk of high interest rates, and the EC project is expected to continue to be popular next.
The average sales price of the 465 units sold on the first day of Copen Grand was about $1,300 per square foot, including a 3 percent purchase fee for buyers who opted for the Deferred Payment Scheme, said a release from City Developments (CDL) on Sunday (Oct. 23).
The four-bedroom units are sold out. The quota of second-timer units has also been exhausted, but eligible first-timer buyers can still shop.
