More than 30% of units in Queens Peak Sold on Day 1 of its official launch
The most important factor in any case of buying properties – and always is the first concern of the potential customers – is the location of the project. Other factors are outweighed by this single entity, a good location may overlook other flaws in the system while a bad location may become the reason of ignoring other up-sides of the system.
Queens Peak at Dundee road in Singapore played host to a take-up rate of over 30 percent due to its prime location in the popular Queenstown area. All that in the first week of its launching. About 250 units of the total 736 units are sold. More than 240 units of which were moved right on Saturday – the first day of its launch week. Which are mostly two bedroom apartments that are worth 90% of the sales. The information was obtained from the funders Hao Yuan Investment in one of their press releases.
On the other hand, Parc Riviera could only offload around a hundred units by now out of its total 752 units on Saturday. Despite their peculiar pricing plan strategised by its funders E.L Development, which was devised to pull early bids, Parc Riviera on West Coast Vale could not really live up to the game of its competitor. The moved units represent only a 13 percent of its total units.
The unanticipated pricing strategy of Parc Riviera went a little like this: E.L Development featured a “one-tier pricing” scheme for over 250 units of the project. In this plan, the price tag of each type of unit is same from the ground floor all the way up to the 15th floor of this 36-storey project. In much simpler terms: suppose there is a two-bedroom unit type, a customer would pay the amount for that unit in 15th floor exactly the same as he would pay for that unit on the ground floor.
This pricing strategy turns a deaf ear towards numerous factors like floor value of each floor, variable views, open-to-direct-air apartment factor and other such variables. Wether it is a sound offer for customers or a rip-off, everyone have had their own opinions about it.
As the scheme failed in selling any more than a hundred units on Saturday, the offer was extended to Sunday, also in vain as it could only sold a few more units but nothing else. And as anyone would expect, almost all of the units sold were the ones that were offered in the “one-tier pricing” scheme.
The mean price of units sold in Parc Riviera is $1,150 per square foot while that of Queen Peak is over $1,600 per square foot. Both investors’ administration believes the main factor in this equation was the location of both development projects.
Another factor that is highly anticipated to have played a role in this is the floor plans of the projects. Queens Peak cut-off the smaller units construction in the lower floors but developers of Parc Riviera have the smaller units run up from the ground floor all the way up to the top floor. EL Development followed this strategy because they wanted to keep the same unit-type plan on each floor as they used Prefabricated Prefinished Volumetric Construction (PPVC).
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New Launch Condo in beginning of 2017