Developer of Potong Pasir’s Myra Condo bucks trend by cutting prices for certain smaller units
Myra is a freehold condominium development in Potong Pasir, that is giving discounts to buyers of certain units. Going against the tide, the developer of Myra Condo, Selangor Dredging Berhad (SDB) is discounting S$80,000 and S$70,000 off the listed prices of its Type A1 one-bedroom and Type B4 two-bedroom units, respectively.
Type A1 apartment at Myra condo is 1-bedroom apartment type with an area of 44 sqm, equivalent to 474 sqft, and has a total of 11 apartments. While type B4 is the type of 2-bedroom apartment of this project, which is one of Myra's best sellers. With a dumbbell-shaped layout, it will maximize the area, and optimize the use of every corner of the house. The apartment type has an area of 62 sqm, equivalent to 667 sqft and also has a total of 11 apartments.
After the price cuts, Myra Condo's 474 sq ft one-bedroom units will be sold at a median price of S$1.41 million.
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After the price discounts, 1-bedroom apartments of Myra Condo will be sold at a median price of S$1.41 million. This amounts to about S$2,974 per square foot (psf). Meanwhile, the condo's 667 sq ft two-bedroom units have a median price of S$1.49 million, which translates to S$2,240 psf.
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Overview of Myra Condo sales in over recent time.
Myra Residences stands 12-storey tall and comprises of only 85 residential units ranging from 1 to 4-bedroom apartments. According to Steven Tan, chief executive officer of OrangeTee & Tie, said that Myra is having a "star-buy promotion", which is commonly used in many developments to attract buyers regardless of market condition. He noted that some developers might still adopt that marketing strategy to accelerate sales even in the uptrend market.
Nicholas Mak, head of research and consultancy at ERA, shared that in the current property market, while some developers were raising prices, a developer which lowers its prices would attract the attention of home buyers. Myra Condo is located about 200 metres away from Potong Pasir MRT in District 13, which is part of the rest of the central region. It is developed by Malaysia-listed Selangor Dredging Berhad. The freehold condominium development is expected to be completed in 2025.
Since its launch in September last year, Myra Residences has sold 19 residential units as of June 2021, according to URA caveats lodged. That means property investors say price increase are expected overall. According to Mr. Tan, the demand for properties in prime areas was growing. Thus, most CCR projects were not cutting prices. Most of projects in suburban areas are also lowering their discounts as they have the confidence to meet the 5-year ABSD (Additional Buyer's Stamp Duty) requirement.
Myra Condo stands 12-storey tall and comprises of only 85 residential units ranging from 1 to 4-bedroom apartments.
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