Friday, September 10, 2010

NV Residences defy cooling measures



Investors, specuvestors and "genuine" home buyers flocked to the 99-year leasehold NV Residences and bought 160 of the 200 units released for sale!

Prices averaged $830psf and prices start from $557,000 to $1.9m.

This is in the face of recent cooling measures implemented by the government. While this might seem just 'another sold out story' in property crazy Singapore, some property observers we know have raised eyebrows by the good response to NV Residences due to these reasons:

1. ECs are starting to surface, which might bode the peak or near peak of a market. ECs are meant to fill a gap by those who have fallen in between, and usually this only happens when the gap is too wide.

2. NV Residences is clearly a mass market project, and in recent months this segment has been red hot. If there was any movement, shouldn't it have been the more prime areas which have been out of the spotlight for a while.

3. It has only been a week since the announcements were announced, pretty early to have digested all the measures perhaps?

Was it pent-up demand from the end of the Hungry Ghost Festival? Or is the economy really humming along? I mean we just saw a COE hike yesterday. We think it was a combination of all that, plus the relatively good location (near MRT) and low entry price point ($557,000).

As posted in h88 by Francis

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