SINGAPORE (EDGEPROP) Feb 16, 2020 – Joint venture companies, Hoi Hup Realty and Sunway Developments, announced that 316 out of a total of 496 units in Parc Canberra executive condo (EC) have been sold over the weekend. This translates to a 64% take up rate. Units were sold at an average price of $1,085 psf.
Balloting of units at Parc Canberra on Feb 14, which was filmed and broadcast live to all those who had applied online and logged in (Photo: Hoi Hup Realty)
The developers had also opted to sell the units via online balloting system, the first time for an EC project. The online balloting was conducted by the developer on Feb 14, with an auditor present throughout the process, which was streamed live. Those who were successful in the online balloting were given appointment dates and times over the weekend to select their units.
It was the first time where units in a residential project were sold via an online balloting system in Singapore, says Koon Wai Leong, general manager of Hoi Hup Realty. “We had to come out with solutions in short order to safeguard the health and safety of our stakeholders,” he explains. “We are very delighted to report that a majority of applicants trusted us and turned up for the booking.” [See article: Coronavirus fears fail to keep potential buyers away from Parc Canberra’s preview]
Now that residential project sales by online balloting has proven to be successful, it is an alternative for other property developers to consider, says Ismail Gafoor, CEO of PropNex Realty. “It means that buyers need not wait in a tent with over 1,000 other people just to buy a unit and risk infection in a crowded place.”
The crowd at Parc Canberra showflat on the first weekend of public preview (Photo: Albert Chua/EdgeProp Singapore)
However, the online balloting methodology only works if there are more than 100 interested parties during the expressions of interest stage, because that would translate to a turnout of 300 to 400 people, notes Gafoor.
It’s not necessary to do online balloting if a development is not huge – 100 or fewer units. “If there less than 50 groups of buyers, then a developer could just sell the units directly,” adds Gafoor.
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