Friday, November 14, 2008

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200-unit Rosewood Suites to launch at $580 psf

EL Development is launching the 99-year leasehold Rosewood Suites at an average price of $580 psf this weekend. Rosewood Suites is a five-storey development with 1-4bedroom apartments. Prices start from $435,000 for a two-bedroom unit and go up to $1.1 million for a four-bedroom ground-floor unit.

The developer held a sneak preview to test the market a fortnight ago and then a soft launch last weekend, when it sold half of the 60 units launched.‘We tested the market…and we were pleasantly surprised that the response was good, so we are going ahead with the launch,’ said Mr Lim Yew Soon, managing director of EL Development, a unit of local builder Evan Lim & Co.‘If we had waited till next year, there would be a lot of competition. It’s better to have a first-mover advantage.’

‘Our earlier price expectations were higher. We benchmarked current prices against the prices of older condos in the area,’ said Mr Lim. Those who bought at the soft launch received a 2% discount from these price levels, he said. Mr Lim said the buyers were mostly dwellers of nearby flats and condominiums.

There are two other condominiums in Rosewood Drive - Casablanca and Rosewood. At Casablanca, two caveats lodged in September and October showed that two 1,184sqft units were sold at $541psf and $549psf, or $640,000 and $650,000. Caveats lodged in the same months at the 437-unit Rosewood showed that two 1,173sqft units were sold for $537psf to $550psf, or at $630,000 and $645,000.

May also want to read:
Fire Sale: Owners Dump Condos
The days of Cheap, Easy Credits chasing after property is OVER!
When the bubble of greed and fear burst, guess who suffer?
Property Investment Tip: Don't put all your eggs in one basket
HDB Resales: West Sees Highest Price Increase


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