My sincere apologies! Sometimes it pays to be late and accurate rather than early and inaccurate.
The correct figure for the take up rate for Spottiswoode 18 is 67%. Or 170 out of 251 units.
On another note, the new measures might have inadvertently given a boost to developers of shoe-box units like Roxy-Pacific. As the measure get increasingly more onerous, the retail investors would be driven to the smaller units, so I'm inclined to agree with the 'industry veteran' in calling them 'speculators' when some of them are actually stretching themselves to get into the real estate bandwagon.
However, as a real estate professional, my encounters with many of these investors have been contrary to common perception that they're reckless. Many of them are actually financially able and are genuinely looking for ways to invest and grow their wealth.
Well, below is the article that started my post. Cheers!
Business Times: Small units a big hit at Spottiswoode 18
By UMA SHANKARI
Around 170 units in Roxy-Pacific Holdings' 251-unit Spottiswoode 18 were snapped up at the project's launch yesterday at an average price of $1,900 per square foot (psf) - catching many market watchers by surprise.
The project's mostly small units proved to be popular with investors. Most apartments on offer at Spottiswoode 18 - 150 out of the 251 units - are just 387 sq ft. Apartments at the project go up to 1,324 sq ft in size.
There was also balloting for a handful of units as more than one buyer was keen on them.
The group initially wanted to sell only around 100 units but released all choice units due to the strong response, said Roxy-Pacific chief executive Teo Hong Lim. But he added that last week's government measures to cool the market have had some impact on sentiment as not many units were contested for.
Roxy-Pacific's news comes a day after Oxley Holdings said it has sold 22 out of the 36 residential units at its newly-launched Vibes@Kovan over the weekend.
Apartments at Vibes@Kovan are also small - the 22 apartments range in size from 377 square feet to 1,001 sq ft.
They were sold for an average selling price of $1,255 psf.
The deals surprised industry players. Said one industry veteran: 'The thinking now is that small units are mostly sought after by speculators, which is the segment that the government targeted with its measures. So it's surprising that these projects are still selling so quickly.'
Adapted from http://www.businesstimes.com.sg/
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