News: Visitors flocked to OLA’s preview to take advantage of economic slowdown

Mar 20, 2020

“If the market is very good, the property prices will go up. It makes sense for me to jump at this chance,” said one visitor. 

Despite the coronavirus pandemic, throngs of people still visited the showroom of OLA executive condominium (EC) during its opening preview on 19 March, eager to “take advantage” of the economic slowdown, reported Today.

The preview of the 548-unit EC project in Anchorvale Crescent, which will happen from 19 – 20 March, saw an estimated 1,000 visits. Evia Real Estate’s public relations team estimate the same number of visitors to be at the preview on Friday (20 March) as well. 

“The developers are afraid of pricing their properties high during this time because no one will buy. So if I don’t buy during the downtime, when is a better time?” said Lawrence Lee, a property agent who went for the viewing with his family.

“If the market is very good, the property prices will go up. It makes sense for me to jump at this chance.”

Vincent Ong, Managing Partner of Evia Real Estate, believes that developers will be “in big trouble” if they will not be “flexible” or “sensitive” during this time.

“The thing about the economic uncertainty is that people are worried about jobs and how this whole thing will play out. So our response to this is that we continue to maintain maximum flexibility. We will show compassion for people in this time,” he said.

“That is why this EC is priced very affordably. More than half or nearly half of the units are priced equal to or lower than existing EC units,” he added.

A public-private housing hybrid, ECs are built by private developers, featuring amenities found within private condominiums like swimming pools.

Anchorvale, the developer of the project announced that around 15% of the units at OLA will be priced below $1 million.

Prices for three-bedroom and “three-bedroom plus one” premium units begin from $999 per sq ft (psf). These units range from 926 sq ft to 1,055 sq ft.

The 1,389 sq ft four-bedders, on the other hand, are offered from $976 psf.

Ong noted that these prices were already reduced by 2% to keep buyers’ interest.

Jeremy Foo, a Public Relations Director who visited the showroom, said “it is just the right time” for his family to move to a bigger house.

“I don’t think the economic situation right now will stop people from getting an upgrade (in housing) if the circumstances of their lives permit. With the economy going down, it might be better for people like us — young couples who are looking for an upgrade but with a good value,” added Foo.

Despite knowing that there would be a crowd, Elamaran Thiyagarajan, who works in a bank’s risk management department, still attended the viewing since the development would be one of this year’s few ECs.

“EC projects don’t come around so often. And the pricing, for us, it just meets our budget. Anything above this, I won’t invest in a private property, so it’s just what we’re looking for.”

OLA EC is to be completed by 2023, and the show gallery opened to the public on 15 February, with the development accepting e-applications from 15 February to 1 March.

Thereafter, e-applicants and walk-ins are welcomed to view the units on 19 and 20 March. Bookings for the units will commence this Saturday (21 March).

The showflat is located along Anchorvale Crescent, opposite Sengkang General Hospital. 

Looking to buy an executive condo in Singapore? Visit PropertyGuru’s Listings to find ECs for sale. Alternatively, checkout our Project Reviews and Guides for comprehensive articles to help you with your property-buying/selling journey. 

 

Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg

spacer
agent image
agency logo
Nick Tan
Key Executive Officer
SRI PTE. LTD.
nick96444854@gmail.com
CEA Licence No.:
L3010738A / R040814C
+(65) 9644 4854