Two new residential launches put on the market this year – The Clement Canopy and executive condominium iNz Residence – experienced high demand over the weekend.

 

The 505-unit The Clement Canopy in Clementi sold 195 units on the first weekend of its launch, accounting for about 78 per cent of the 250 units released for sale.

 

This is in part due to the pent-up demand in the vicinity and reasonable pricing.

 

The Clement Canopy, a 50:50 joint venture between UOL Group and Singapore Land, comprises two 40-storey blocks with two- to four-bedroom units from 635 sq ft to 1,539 sq ft. The developers said earlier this month that the average price ranges from $1,330 psf to $1,360 psf.

 

About 40 per cent – or 194 units – of the apartments are two-bedders ranging in size from 635 sq ft to 732 sq ft. They are priced between $850,000 and $1.2 million.

Prices for the three-bedroom units start from $1.28 million and $1.62 million for the four-bedders.

 

Buyers were offered a $6,000 discount for the two-bedder, $8,000 for the three-bedroom unit, and $12,000 for the four-bedroom apartment.

 

Given the positive response, the developer will be extending their early bird discount for another weekend.

 

Some buyers told The Straits Times they were attracted to the location and features such as the lush landscaping at the development.

 

The lack of new private residential developments in the vicinity coupled with the expectation that property cooling measures will not be lifted anytime soon also contributed to the brisk sales.

 

At iNz Residence in Choa Chu Kang – the first EC project this year – its developer Qingjian Realty said it has received more than 450 e-applications for units since Feb 24.

 

E-applications run till March 5 and unit bookings start on March 11.