Head of Marketing at SPH Elsie Chua which owns some newspapers, said that where advertisements broke the new guidelines, the group would advise advertising clients to alter the advertisements to make them compliant. She added that the new guidelines increase transparency and offer vital information to newspaper readers and she observed that some clients have already implemented the guidelines of their own volition for Kovan Condo.
Upper Serangoon Kovan Condo
Concerns over the rapidly increasing numbers of untruthful adverts have been growing recently. Only last month, ASAS objected to printed advertisements by Funtasy Island Development and Seven Seas FID for the Batam villa project on Funtasy Island. ASAS’s three objections against the advertisements were that they showed landmarks, for example Marina Bay Sands, as being visible from the villa, promised a guaranteed rental return of 7% per years and the ads contained an anonymous upper serangoon buyer’s favourable testimonial.
There were also market rumours that some Iskandar projects began selling properties before obtaining building permits.
The new ASAS guidelines mean that all testimonials or endorsements must represent the average consumer and that ASAS can contact the authors of such endorsements or testimonials to check that they are genuine.
Managing director of GuocoLand Singapore, Mr. Cheng Hsing Yao, has stated that the company has been keeping their prices consistent in relation to what they feel is a fair value. He further stated that this has always been the policy of their group given that they take the long term view. Buyers who have already made Potong Pasir Pavilion purchases may not like this. Also, if the group were to be seen as the kind to slash prices to move units, it would not be a good strategy given the market currently because people will use these expectations and wait.
Potong Pasir Pavilion
Mr. Hsing Yao points out that the groups positive attributes are its rambling 5 hectare site, freehold status, and the location of the project being beside the Leedon Park Good Class Bungalow estate.
Around 70% of those buying are doing so for their own usage for Potong Pasir Pavilion.
There are about 12 units left in GuocoLand’s District 10 luxury project to sell. In June of 2013 the 210 unit Goodwood Residence situated in Bukit Timah was completed.
According to the recent Real Estate Sentiment Index survey done by the National University of Singapore’s REDAS (Real Estate Developers Association of Singapore), it has been shown that a minor improvement in regard to how they feel about the market for 2015’s 2nd Quarter for Criterion EC CDL, even though it has remained weak so far.
Tracking changes over the past 6 months, the Current Sentiment Index has slowly moved up to 3.9%, a figure that is up a notch from the 1st Quarter’s 3.8%. Scores that fall below 5 tend to suggest market conditions that are getting worse, whereas a score above 5 is an indication of conditions that are improving.
A remote site for an Executive Condo located alongside Choa Chu Kang Avenue 5 has drawn in 11 bids for its recent tender. This was more than the predicted 3 to 7 bids that had been predicted by property consultants back in May, when the site saw its launching for Sol Acres.
It has been suggested by analysts that this higher number was down to the continued desire for land of the residential developer. Land is the key raw material that developers require to keep their businesses thriving, regardless of whether there is a dimness to the outlook of the property market.
Sol Acres by MCL Land
At the closing of tender on Tuesday, it was a consortium that was headed by Qingjian Realty who placed the highest bid of $295 per square foot, per plot ratio. This bid was well within the predicted price range of $250 to $330 per square foot, per plot ratio that consultants forecasted. However, it was a mere 7% more than the 2nd highest bid that was made by TID Residential of $276 per square foot, per plot ratio for Sol Acres.