With its popular Queenstown location, Queens Peak at Dundee Road had a take-up rate of 34% as it sold 250 units out of 736 units during its first launch. Some 242 units were moved on its first day, with one and two-bedroom unit making up about 90% of the sales, according to developer Hao Yuan Investment.
However, Parc Riviera at West Coast Vale moved only slightly more than 100 of its 752 units despite an unconventional pricing strategy by EL Development to incentivize early birds. This translates to over 13% take-up of the total units.
EL Development held one price tag for each unit type from the lowest floor to the 15th floor of this 36-storey development. This means a buyer would pay the same price for a 15-storey unit whether what floor it is located. This strategy runs counter to the industry norm of pegging price premiums to views, floor levels and other variables.
The scheme was extended to Sunday and sold a couple of units.
Over 95 per cent of units sold at Parc Riviera are from one-tier pricing scheme as expected. Early birds snapped up units on the 15th floor before others pick them up on the lower floors.
The average price of units sold at Parc Riviera over that weekend was S$1,150 per square foot while Queens Peak average price of units was S$1,632 psf, with the lowest psf pricing transacted at S$1,406 psf.