Condos still hot property
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DESPITE the recession, demand for condominiums is still high, going by two recent launches.
At Caspian, next to Lakeside MRT station in Jurong, condo units were selling fast.
Within the first two hours of the public launch yesterday, 38 of the 712 units there were sold.
At 8am, there were already six couples queuing outside the showroom.
When The New Paper on Sunday visited the show flat at 4pm, it was so crowded, it was difficult to move around. Visitors had streamed in from 9.30am.
At another development, Alexis on Alexandra Road, at least half the 293 units were sold during preview sales which started on Thursday. Prices range from $850 per square foot (psf) to $1,100 psf.
Despite the recession, Mr Cheang Kok Kheong, chief operating officer of development and property at Frasers Centrepoint, the developer of Caspian, expects demand for condominiums to increase.
He said: 'Financial difficulties would be most felt by those in the upper echelons of society, who would have investments worldwide. This is why the high-end property market in Singapore has been hit very hard.
