DEFYING wide consensus of a more subdued private property market here amid US sub-prime woes, house hunters bought half the 120 units launched over the weekend at Waterfront Waves.
The project, near Bedok Reservoir, is a 405-unit condominium jointly developed by Far East Organization and Frasers Centrepoint (FCL).
The average price achieved for the 60 units sold was $750-800 per square foot (psf), with one unit fetching the highest price of $874 psf.
"Waterfront Waves has this exclusive product differentiation - it is one of the last developments with direct view of the Bedok Reservoir," said Cheang Kok Kheong, chief operating officer of Frasers Centrepoint Homes.
The private preview of the Waterfront Waves over the weekend drew a good turn-up of close to 1,000 people.
Giving the breakdown on the profile of the buyers, Mr Cheang noted that 30 per cent of them have HDB addresses and 70 per cent have private addresses. Most of them indicated that they were looking to stay in the new units.
Located near the Bedok Reservoir and less than two minutes from the Pan Island Expressway, the condominium is slated for completion in 2010 with construction work likely to start by the third quarter of this year.
Mr Cheang said he does not see a softening of property market sentiment as the sub-prime problem will likely blow over in another six months to one year.
"There is still strong demand for the entry-level private property market in selected areas with quality living standards," said Mr Cheang.
With three of the nine blocks at Waterfront Waves already launched, FCL is now looking to launch a few more blocks this weekend.
