Two launches planned despite Hungry Ghost Festival

Two launches planned despite Hungry Ghost Festival

Two launches are on the cards over the next few weeks despite the traditionally inauspicious Hungry Ghost Festival starting on Friday. Developers have tended to shy away from launching in the Chinese seventh month but there are increasing signs that superstition is taking a back seat when sales are in the offing.

Marketing agents say the 752-unit eCO project in Bedok South Avenue 3 is expected to launch early next month.

Units are likely to be priced from $1,150 per sq ft (psf) to $1,300 psf, meaning a typical 1,166 sq ft three-bedder will be about $1.4 million.

The 99-year leasehold project, jointly developed by Far East Organization, Frasers Centrepoint and Sekisui House, will feature various units, including suites, small office, home office (Soho) apartments and townhouses.

The freehold mixed development One Dusun Residences at Jalan Dusun in Balestier is also readying for launch.

It consists of 154 Soho apartments - largely two-bedders or two-plus-study units - and 76 shop units. Marketing materials suggest its preview will be at the end of this month.

Two-bedroom units - from 452 sq ft to 786 sq ft - are estimated to cost more than $600,000 while buyers of commercial units will have to stump up between $700,000 and $1.3 million.

Some experts say that the habit of developers avoiding new launches in the seventh month could be less common now as the younger generation of home buyers might be less superstitious.

However, ERA Realty key executive officer Eugene Lim said most developers still avoid the seventh month for launches.

"Developers might do the ground work by gathering buyer interest and holding the preview during that time but the main launch is often after the seventh month," he added.

He noted that at least three executive condominium projects - in Punggol, Sengkang and Woodlands - with a total of more than 1,700 units are expected to be pushed out in the fourth quarter.

Source: The Straits Times – 14 August 2012