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Wheelock to cut prices for The Panorama
Agents say prices at re-launch this Sunday could be up to 10% lower than that at initial launch
By: LYNETTE KHOO
[SINGAPORE] Wheelock Properties's condominium project in Ang Mo Kio, The Panorama, is gearing up for a re-launch this Sunday, with agents saying that new prices could be as much as 10 per cent lower than those at the initial launch.
The re-pricing comes on the heels of earlier price cutting by its rivals to hasten sales amid mounting pressure from upcoming condo launches.
Balloting takes place on Sunday.
These guided prices translate to $1,100-1,310 per square foot (psf), depending on the unit size. One-bedroom units at The Panorama are 431-474 square feet, two bedroom units are 678-700 sq ft and three bedroom units are in the 990-1,066 sq ft range.
The Panorama showflat re-opens today with a new one-bedroom show unit after a seven-week hiatus. Poor turnouts at the showflat after the first couple of weeks prompted the developer to temporarily close the showflat in mid-March for a revamp - barely three months from its January launch.
Some 58 units of the 698-unit project were moved in January at prices ranging from $1,234 psf to $1,591 psf, with a median price of $1,343 psf. Another four units were sold subsequently, with the last median price at $1,457 psf in March.
Also in District 20, CapitaLand relaunched its Bishan project, Sky Habitat, two weeks ago at lower prices of between $1,276 and $1,590 psf - around 10-15 per cent below the initial price range when it was launched two years ago. The tactical move apparently worked - more than 100 units have been sold since the re-launch.
CapitaLand is also dangling a 15 per cent discount for a key District 10 project, D'Leedon at Farrer Road, which is due to receive its temporary occupation permit (TOP) by year-end but has about 700 unsold units remaining. The one-bed plus study units start from $1.3 million, while a three-bedder starts from $2.2 million.
Tepid sales at The Panorama have prompted Wheelock to make a $110 million provision for the project, which pushed the group deeper in the red with a loss of $91.3 million for its fiscal fourth quarter ended Dec 31, 2013, compared with a $30.8 million loss a year ago. For the full year, however, Wheelock posted a profit of $40 million, down nearly 37 per cent from the previous year.