SINGAPORE (EDGEPROP) - Despite the property cooling measures that came into effect from Dec 16, property group CK Asset Holdings, one of the flagships controlled by the family of Hong Kong’s richest tycoon Li Ka-shing, went ahead with its launch of Perfect Ten today.

Read also: CK Asset to launch Perfect Ten on Dec 19; prices to start from $2.5 mil

As at 5pm, about 12 units were sold, of which eight were two-bedroom units and four were three-bedroom units, according to a source. Buyers were said to be largely Singaporeans. Average price achieved is said to be $3,200 psf. The developer declined to comment.

CK Asset Holdings announced on Dec 16 that it was offering “a one-time discount” of 5% to buyers over the weekend. This was “to facilitate their decision making in view of the new cooling measures,” commented Francis Wong, director of Property Enterprises Development (Singapore), a member of CK Asset Holdings.

According to the developer’s press release on Dec 16, After the 5% discount for selected units, the starting price for a second floor (low-floor) unit was reduced to $3,040 psf from $3,200 psf before; and starting price for a 19th floor (high-floor) unit began from $3,437 psf, instead of $3,618 psf prior to the measures.

Located in Singapore’s prime residential enclave of Bukit Timah in District 10, the freehold Perfect Ten has a total of 230 units with a mix of two- and three-bedroom apartments. Sizes of the two-bedroom units start from 753 sq ft to 797 sq ft, while three-bedroom units are from 1,227 to 1,281 sq ft.

“Even at the lower initial launch price, Perfect Ten has still set a new benchmark above $3,000 psf in the Bukit Timah area,” says Mark Yip, CEO of Huttons Asia. “The sales are commendable for the launch day of a new luxury condo project in the wake of the cooling measures imposed just four days ago.”  (Discover all Singapore new launch condos in 2021)

Most projects would have been pushed back after such draconian property cooling measures but not Perfect Ten, adds Yip. “Buyers are buying based on the reputation of the developer,” says Yip. “So, overall, it was a good sales outcome.”

Four joint marketing agencies were appointed for the project, namely ERA, Huttons, OrangeTee & Tie and PropNex. Huttons is said to have led the sales.

Prior to Perfect Ten, the last launch in the Bukit Timah area was the 285-unit, freehold Royalgreen which is part of Allgreen Properties' Bukit Timah Collection. Launched in October 2019, 33 units were sold at an average price of $2,750 psf on the first weekend of launch. The highest price achieved to date is $2,900 psf for a 1,475 sq ft, four-bedroom unit on the first level that was sold for $4.28 million, according to a caveat last month. The freehold project is 61.4% sold to date, based on caveats lodged. The freehold Juniper Hill at Ewe Boon Road, also under Allgreen's Bukit Timah Collection, achieved a high of $2,926 psf for a 581 sq ft one-bedroom unit also sold in November.

“The sales of Perfect Ten are within my expectation, as it is in line with most project launches in the top-end of the market,” says Dominic Lee, PropNex head of luxury team.

According to Lee, some of the bells and whistles offered at Perfect Ten include two private lifts serving each of the 88 three-bedroom units. The master bathroom will come with a cosmetics refrigerator for the ladies and piped-in music via Bluetooth, he says. “These are not offered in other developments yet,” he adds. “Having two private lifts is a great perk, because that means you don’t have to wait for the lift. All these little things add up.”

Lee also points to the views of the Bukit Timah and city area from Perfect Ten. “The architecture is going to be iconic; you won’t miss it when you drive along Bukit Timah in the future.”

However, most of the property consultants and agents are of the view that the more subdued sales is just a usual “knee-jerk reaction” in the aftermath of property cooling measures. This is the 10th round of property cooling measures since September 2009. “And there’s no denying that the unsold housing inventory is very low, at about 15,000 units,” says Lee.

Nicholas Mak, ERA Realty head of research agrees. Homebuyers may be sitting on the side lines for now to assess the situation. “It’s just a pause,” he says. “Even first-time buyers need to talk to their bankers to see how the Total Debt Servicing Ratio [TDSR] will affect their loans.” The TDSR has been tightened to 55% from 60%.

“Looking at Perfect Ten’s sales today, the silver lining is that there’s still demand for high-end properties, especially if they are well-located, well-designed and come with the latest features,” says ERA’s Mak.

Check out the latest listings near Perfect Ten, Royalgreen, Juniper Hill