Actually when you mentioned the quartz sell at max 900psf when 1 of the new launch condo I visit is selling for 1400psf ( I remember it was la fiesta which is the last condo launch there right), I was surprised.. my impression is resales market will catch up to the new launch price especially those just top.. for example, got a friend who had a condo at amk hub, when it top, the price increase and catch up to those new launch nearby.. even after 2-3years after top, still got offer of 1400psf which match new launches price in bishan or st Nicholas there..
La fiesta was never in the 1400psf range when launch though it has proximity to the mrt. Unless u are talking about Mickey Mouse units which I’m not sure.
“Resale market price will catch up to new launch price especially those just TOP”
This statement is only true for some but not true for others.
For example, eco at tenah merah was launched around 11xxpsf to 12xxpsf 6-7 years ago. But when it TOP in 2017, it’s current resale is around 14xxpsf. This is to match up the glades (just TOP) and grandeur park (both ard 1500psf) though it is still around 100psf cheaper than both.
Since we are now in sumang thread, let’s talk about sumang.
Why some bros here like newbie 1993 including myself brought up Prive as comparison is because that’s the closest comparison betw the two since both are EC located near Punggol central and not too far away from each other. Though Prive has some proximity advantage to mrt compared to sumang. Sumang is still walkable to Waterway Point though slightly further than prive.
Prive resale is currently at 9xxpsf (near 1kpsf) can never cross Parc centros (which is now 11xxpsf for normal size units, don’t talk about MM units). This is because Parc centros is a private condo and nearer to mrt compared to prive, also slightly newer.
Some bros feels that reasonable pricing for sumang should be around 9xxpsf judging its location. I agree but this will never happen because Prive (as a 9 year old EC) was already transacting at 9xxpsf and setting the benchmark.
How can a brand new condo like sumang at similar location transact at 9xxpsf? If I’m a EC buyer and really have to choose betw the two , I would go for sumang since I get a fresh lease if the price is at 9xxpsf. At least I get 7.5 years newer sumang EC than prive at same price.
So if CDL play smart, it should launch 10xxpsf to 1100psf to move units. Some will still bite because of the grant. But If 1200psf, wouldnt we be better off looking elsewhere for private condo in the 1300psf range since the difference is not big.
But then again, bro newbie 1993 pull out an important data showing prive resale transaction volume hit the highest last year and this may be a tell tale sign of some demands in Punggol central area. Buyers begin to accept prive at 9xxpsf.
Would sumang pull it through? It depends how it is priced.
Also interesting to note that Parc centros may look cheap after sumang’s launch.
With 60 new projects in the pipeline and CMs, it is also not surprising if sumang still don’t perform well.
Let’s sit back, relax and enjoy the show.