Source : Channel NewsAsia – 31 Jul 2009
Developers of Optima@Tanah Merah have brought forward the launch of the condominium, which was to have taken place on Friday.
However, queues formed as early as 4pm on Thursday, prompting the developers to start selling the units.
120 units were sold yesterday with another 150 units to be balloted on Friday.
The 99 year leasehold development has 297 units.
The condo’s developers said they feel that genuine buyers will have a higher chance of getting the units through balloting, as some people have been seen selling their queue numbers.
The first 120 units were sold at about S$790 per square foot.
About 300 potential buyers waited until midnight for the balloting results on Thursday.
One observer said buyers should think through thoroughly before they get into the market.
Said Dennis Ng, property advisor and director of Leverage Holdings: “What we see in 2009, Singapore is in a recession the unemployment figure is about five per cent, people are getting pay cuts some people are getting retrenched.
“So the overall economic situation is not actually very healthy. But if we look at the red hot property market we may actually think that Singapore is in very good times. So I think there is a mismatch in the economic fundamentals and some of the property prices in Singapore.”
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