The 276-unit Parc Komo, located along Upper Changi Road North, attained sales of 70 units at the close of its launch weekend break as at 6pm on Sunday, May 26.
This equates to a sales rate of over 25%, which Ismail Gafoor, Chief Executive Officer of PropNex, says is “extremely legitimate”. He connects it to two major reasons: The developer valuing the task sensitively at an average of $1,450 psf; and the freehold period of the development. “There are very few respectable land plots with greater than 200 units available, quality lifestyle centers similar to Parc Komo’s, and of property period,” adds Ismail.
CEL Development, the property growth arm of detailed group, Chip Eng Seng Corp, is the developer of the mixed-use development that includes 28 retail units. These units will be managed by the developer. Facilities are most likely to consist of F&B outlets, a childcare centre or pre-school, a center as well as even a grocery store. “There are people that are attracted to such mixed-use developments as a result of the benefit that they provide,” says Doris Ong, COO of AGE Real Estate Network.
The developer invested $4 million on the sales gallery and showflats. The investment appears to have actually repaid. “We have a great product and also the customers see value as well as possibility in it,” says Joanne Goh, CEL Advancement basic manager (advertising). “We have gotten feedback that our task feels like a $2,000 psf residential or commercial property.”
Ken Low, taking care of companion of SRI, agrees. “At an average of $1,450 psf, many investors see room for funding admiration in the future,” he says. “Home owners fell for the calmness and also retreat-like surroundings of Parc Komo, something that is rarely located in the city locations.”
Although the one- to three-bedroom units were one of the most in-demand, there was also buying rate of interest in the 4 and also five-bedroom units, notes CEL Development’s Goh.
The take-up rate at Parc Komo is all the more remarkable considered that the job previewed just the week previously, on Might 18, includes PropNex’s Ismail. In the eastern region, there are provide a variety of contending brand-new projects, for example, the 2,203-unit Prize at Tampines; the 428-unit The Jovell at Flora Drive; the 861-unit The Tapestry situated off Tampines Opportunity 10; and also the shop 49-unit advancement Casa Al Mare at Jalan Loyang Besar in Pasir Ris.