Perfect Ten sold 12 out of 230 units during its launch weekend.
In the first high-profile sale following the government’s announcement of new property cooling measures, luxury condo Perfect Ten witnessed a muted launch on Sunday (19 December).
Located in Bukit Timah Road, the freehold development sold 12 out of 230 units as of Sunday evening, reported The Straits Times (ST) citing industry sources.
ST said it saw several potential buyers through the project’s sales gallery window when it visited at around 11.30am.
Hong Kong-based CK Asset Holdings, which was the project’s developer, declined to disclose sales figures.
The new measures unveiled by the government include higher Additional Buyer’s Stamp Duty (ABSD) rates and a tighter Total Debt Servicing Ratio (TDSR) threshold.
ERA Realty Head of Research and Consultancy Nicholas Mak believe it is too soon to determine the new measures’ impact on sales.
“High-end developments cater to a more exclusive clientele. To be able to sell over 10 units in one weekend is actually good results, bearing in mind the cooling measures,” he said as quoted by ST.
Aside from the festive season being usually a quiet period for the property market, Mak pointed that buyers may still be digesting the implications of the new measures. However, he expects those who need to purchase real estate, particularly for their own use, to eventually return to the market.
Mark Yip, CEO of Huttons Asia, said Perfect Ten has managed to set a new benchmark of over $3,000 per sq ft (psf) within the Bukit Timah area, despite the lower initial launch price.
Units within the area usually carry a psf price of over $2,000.
“The sales are commendable for the launch day of a new luxury condo project in the wake of the measures imposed just four days ago,” said Yip as quoted by ST. He noted that most projects would have deferred their launch following such “draconian” measures.
CK Asset Holdings decided not to change its launch date after the government announced the cooling measures and dangled a one-time, 5% discount for Sunday buyers.
On 16 December, it also released the selling prices of 10 units – which range between $3,200 and $3,618 psf before the discount, or between $3,040 and $3,437 psf after discount.
With this, the two-bedroom units’ pre-discount prices range between almost $2.5 million and about $2.9 million, while the three-bedders’ pre-discount prices range between nearly $4 million and around $4.4 million.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg.
