Paya Levar Central
According to sources, nearly 50% out of the 731 units of The Poiz Residences, MCC Land’s newest private condo project, have been released for its recent sales launch that took place on the 28th of November. It was also shared that the pricing for the initial units has been fixed by MCC Land at an average $1,380 per square foot.
This new project is situated on Meyappa Chettiar Road with its show-flat recently being open to preview by the public. The project, which forms part of a development that is mixed use, includes the retail element known as The Poiz Centre, which links to the adjacent Potong Pasir MRT station.
Tan Zhiyong, the managing director for Singapore based MCC Land, shared that the pricing for The Poiz Residences is attractive when compared to some of the recent launches, with its break even price being close to $1,200 per square foot. MCC has also brought onboard ERA Realty to be one of the residential project’s joint marketing agents.
In a recent interview with The Business Times, he shared that the group felt hopeful that 40% of the units would sell during their recent weekend launch. Mr. Tan further said the, regardless of the the concerns in the housing market regarding the potential of an oversupply, as well as a vacancy rate that has been rising, there are still some buyers who are taking on an approach of “wait and see”. However, the pace of land sales has been moderated by the Government since 2013, with the demand for private housing remaining high.
Mr. Tan further added that the affiliates of MCC Land, China Jingye’s Engineering Corp and Construction Engineering Private Ltd taking on the projects construction aspects gives improved control to the projects quality and costs. Both China Jingye and MCC Land are extensions of Metallurgy Corp. of China, which is state owned and whose headquarters are situated in Beijing.