Lower prices at Panorama relaunch this Sunday
THE Panorama condominium in Ang Mo Kio goes back on sale this sunday at a discount, the latest in a recent string of relaunches.
The new prices could be up to 10 per cent lower than those at the initial launch, according to marketing agents. The re-pricing comes on the heels of earlier price cutting by its rivals to hasten sales amid mounting pressure from upcoming condo launches
For the precise location, Facilities or Floor Plans of The Panorama, please call Developer’s Hotline at (65) 6589 8928 for more information.
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.
At The Panorama's relaunch this sunday, prices for a one-bedder could start at $565,000 in total, according to marketing agents.
A two-bedder could start at $820,000 and a three-bedder $1,175,000 @ The Panorama
New prices for larger units such as four- and five-bedders and penthouses were not advertised.
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.
Bigger units at The Panorama - four-bedders, five-bedders and penthouses - do not come under this "promotion" and are made available only on request from buyers.
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.
The developer, Wheelock Properties, moved 58 units in January at a median price of $1,34per sq ft - just 8 per cent of the 698 units available. It had sold only 57 units in total by end-March, going by the latest available URA data, indicating that some units had been returned by their buyers.
CapitaLand's 509-unit Sky Habitat project in Bishan sold 80 units the day it relaunched last month, at prices about 10 to 15 per cent lower than at its initial launch two years ago.
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.
