Wing Tai sold just less than 30% of Foresque Residences in three weeks

Does this signal slowdown in demand for non-landed properties? Or is it a risk that Wing Tai has to face for attempting to set new price mark at the Upper Bukit Timah area?

Only over 140 out of the 496 units of the latest project were sold-to-date since bookings started mid-May, a spokesperson from Wing Tai Holdings told Singapore Business Review.

So far, the property developer released around 172 units for sale.

A property agent from Orange Tee which markets the property noted: “new government cooling measures might have been taking effect already but we still expect buyers to crowd in the next few days as Wing Tai is releasing more units for sale.”

“Perhaps gone are the days when we see new condo launches sold in just a week,” he added.

Another property agent meanwhile said that mass market condominiums not near MRT stations with asking price above $1000psf are actually facing a hard time finding buyers. “Most of the time, it takes months to a year before it is fully sold,” he said.

"It's the risk it has to take for trying to set new price benchmark," he added.

Foresque Residences is said to have set a new price mark in Bukit Timah. Prices start from $1,150 psf for a 463 sq ft one-bedroom unit, while its penthouses, which are from 1,119 sq ft to 2,573 sq ft in size, are going for up to $1,200 psf.

The property offers tranquil retreat from the bustling city, according to property specialist Brandon Tong of launchingproperty.com. It has easy access to the following: pending LRT which connects to existing North/South Line and the future Downtown Line like Cashew MRT in 2015; BKE/PIE which is just a short drive away and connects to Orchard/CBD/IR in approx 20-30 mins.

Best selling units of Foresque Residences are those found in Block 105 Petir Road which offers unblock panoramic view of the Bukit Timah Hill where more than 90% of the 21 units were already sold.

To contact the journalist, you may send your message to krisana@charltonmediamail.com

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