New launches draw strong crowds

There has been healthy interest from buyers for the first two major property launches in 2014.

Launched on Sunday, The Panorama (pictured) sold 50 percent of the 120 units released for sale.

Most of the apartments sold were two- and three-bedrooms with sizes ranging from 678 sq ft to 1,130 sq ft.

Prices at the 698-unit condominium along Ang Mo Kio Avenue 2 range from S$650,000 to almost S$2.4 million.

According to its developer Wheelock Properties, the buyers were mainly professionals with young families who were owner-occupiers. The majority of them reside in the Ang Mo Kio, Bishan and Thomson areas.

Ms Tan Bee Kim, Senior Executive Director of Wheelock Properties said she was encouraged by the market response.

"Although the dampening effects on the Singapore property market brought about by the government's cooling measures are still being felt, the recent World Bank economic forecasts augur well for Singapore. The World Bank raised its forecast for global growth for the first time in three years from 2.4 percent for 2013 to 3.2 percent this year and 3.4 percent next year. Hopefully we may be looking at a more upbeat market sentiment and sustainable recovery," she added.

Set for completion in 2019, The Panorama comprises two 20-storey blocks, four 17-storey blocks, two levels of basement car parks and a clubhouse.

The project is a five-minute walk from the upcoming Mayflower MRT station on the Thomson Line which is slated to be operational in 2020.

Meanwhile, over at The Hillford in Upper Bukit Timah which has been marketed as Singapore's first residential project targeted at retirees, there was overwhelming demand with all 281 units sold just hours after its launch last Friday.

Although many of those who turned up were older home seekers, there were also plenty of younger buyers drawn to its affordable prices averaging S$1,100 psf.

Developed by World Class Land, the project offers a range of amenities including 24-hour concierge service, full-time resort manager, clinics and restaurants.

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg

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