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The first executive condo (EC) site at Tengah and a condo site at Ang Mo Kio were launched for sale on Thursday (Nov 26) under the second half of the 2020 government land sales (GLS) programme.
Both residential sites are on the GLS programme's confirmed list, which was released in June. The two sites combined can yield about 985 residential units, although the actual number may vary depending on the developers, said the Urban Redevelopment Authority (URA) and the Housing Board (HDB) on Thursday. The land parcel in Ang Mo Kio is located at Ang Mo Kio Avenue 1 with a site area of 12,679 sq m and a GFA of 31,699 sq m. The 99-year leasehold site is estimated to yield around 370 units.
Ms Wong Siew Ying, PropNex's head of research and content, noted that it is the latest GLS site to be offered in the area in six years, since the sites of two condo projects -Thomson Impressions and The Panorama - were successfully awarded for $173.6 million ($731 psf ppr) and $550 million ($790 psf ppr) respectively.
She said that apart from being in a mature town and an established residential area, the plot is also near the upcoming Mayflower MRT Station on the Thomson-East Coast Line. She predicted that demand for the site would be "buoyant" and that it would attract more than 10 bidders, with the top bid at $273 million to $290 million or $800 to $850 psf ppr.
Both residential sites are on the GLS programme's confirmed list, which was released in June. The two sites combined can yield about 985 residential units, although the actual number may vary depending on the developers, said the Urban Redevelopment Authority (URA) and the Housing Board (HDB) on Thursday. The land parcel in Ang Mo Kio is located at Ang Mo Kio Avenue 1 with a site area of 12,679 sq m and a GFA of 31,699 sq m. The 99-year leasehold site is estimated to yield around 370 units.
Ms Wong Siew Ying, PropNex's head of research and content, noted that it is the latest GLS site to be offered in the area in six years, since the sites of two condo projects -Thomson Impressions and The Panorama - were successfully awarded for $173.6 million ($731 psf ppr) and $550 million ($790 psf ppr) respectively.
She said that apart from being in a mature town and an established residential area, the plot is also near the upcoming Mayflower MRT Station on the Thomson-East Coast Line. She predicted that demand for the site would be "buoyant" and that it would attract more than 10 bidders, with the top bid at $273 million to $290 million or $800 to $850 psf ppr.
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Sites on the confirmed list are launched according to schedule regardless of demand, while a site on the reserve list is put up for tender when a developer's indicated minimum price is acceptable to the Government.
Kiwi Lim from Huttons Asia believe this Ang Mo Kio land parcel will attract quite a few interested parties as most developers have already depleted their existing land parcels and 2021 will see much lesser new condo launches in the pipeline as compared to 2019 and 2020 with the biggest blockbuster being Normanton Park and an extremely rare seafront condo at Keppel Bay - The Reef at King's Dock.
URA and HDB will offer a longer tender period of six months to allow developers more time to make their assessment in view of the ongoing Covid-19 situation. Tender for the two land parcels will close at noon on May 25, 2021.
Kiwi Lim from Huttons Asia believe this Ang Mo Kio land parcel will attract quite a few interested parties as most developers have already depleted their existing land parcels and 2021 will see much lesser new condo launches in the pipeline as compared to 2019 and 2020 with the biggest blockbuster being Normanton Park and an extremely rare seafront condo at Keppel Bay - The Reef at King's Dock.
URA and HDB will offer a longer tender period of six months to allow developers more time to make their assessment in view of the ongoing Covid-19 situation. Tender for the two land parcels will close at noon on May 25, 2021.
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The Tengah parcel at Tengah Garden Walk - a road that has yet to be built - has a site area of around 22,020 sq m and a maximum Gross Floor Area (GFA) of 61,659 sq m. The 99-year leasehold site is expected to yield some 615 EC units.
Located next to the upcoming Garden Vines @ Tengah Build-To-Order (BTO) project, it will be the first EC housing project in the "forest town" of Tengah.
Developers are likely to view the EC market "favourably", as there are only four EC projects in the launch pipeline and demand could pick up under better market conditions next year. While the Tengah plot is in a relatively less developed area, it could be in fair demand due to the lack of new EC projects in the west and could offer first-mover advantage to the successful bidder.
The last time an EC site was sold in the area was the Sol Acres parcel in Choa Chu Kang in 2014. ERA Realty's head of research and consultancy Nicholas Mak estimated that the site could attract six to nine bids, with the top bid varying from $331.8 million to $352 million, which translates to $500 to $530 per sq ft per plot ratio (psf ppr).
Located next to the upcoming Garden Vines @ Tengah Build-To-Order (BTO) project, it will be the first EC housing project in the "forest town" of Tengah.
Developers are likely to view the EC market "favourably", as there are only four EC projects in the launch pipeline and demand could pick up under better market conditions next year. While the Tengah plot is in a relatively less developed area, it could be in fair demand due to the lack of new EC projects in the west and could offer first-mover advantage to the successful bidder.
The last time an EC site was sold in the area was the Sol Acres parcel in Choa Chu Kang in 2014. ERA Realty's head of research and consultancy Nicholas Mak estimated that the site could attract six to nine bids, with the top bid varying from $331.8 million to $352 million, which translates to $500 to $530 per sq ft per plot ratio (psf ppr).
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PROPERTY investment sales in Singapore are likely to rebound as vaccination programmes are rolled out next year, with business sentiment picking up and border restrictions gradually eased, announced Michael Tay, head of capital markets for Singapore at CBRE on Monday (21 Dec 2020). The Singapore investment market has been resilient and has demonstrated its ability to recover from crisis situations in the past. This was apparent post-global financial crisis when real estate investment sales volume improved by a strong 265.4 per cent in 2010.
December 2020 sales is also expected to spike with one prediction that sales could be 70 per cent more than November's 767 as December sales of new private homes may hit 1,300 units - including new launches Clavon and Ki Residences - plus another 500 from older projects.
With economic growth predicted for 2021, prices could go higher and is one reason people buy now," said Nicholas Mak, ERA Realty, head of research & consultancy. "Instead of winding down and preparing for the new year, developers are gearing up for more launches and some buyers are hunting for attractive deals," he said.
December 2020 sales is also expected to spike with one prediction that sales could be 70 per cent more than November's 767 as December sales of new private homes may hit 1,300 units - including new launches Clavon and Ki Residences - plus another 500 from older projects.
With economic growth predicted for 2021, prices could go higher and is one reason people buy now," said Nicholas Mak, ERA Realty, head of research & consultancy. "Instead of winding down and preparing for the new year, developers are gearing up for more launches and some buyers are hunting for attractive deals," he said.
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In total, developers sold 8,791 private residential units in the first 11 months of this year despite global Covid-19 pandemic - described as the worst economic crisis to hit the world. The property market during this pandemic period also surprised analysts as prices risen across all sectors - HDB resale, private resale and private new residential condos.
In fact, Singapore's new condo sales market is on its way to end the year with a total sale of 10,000 to 10,500 new private housing units for the whole of 2020. Total new condo sales in 2019 was 9,912.
Life seem to be returning to normal with larger crowds at malls, restaurants and supermarkets. GDP is expected to recover by 2021 with 5.5 per cent growth according to economists. Public confidence in the government's handling of the economy and Covid-19 situation is also high while looking forward to the government's Budget 2021 announcement in the coming February 2021.
In fact, Singapore's new condo sales market is on its way to end the year with a total sale of 10,000 to 10,500 new private housing units for the whole of 2020. Total new condo sales in 2019 was 9,912.
Life seem to be returning to normal with larger crowds at malls, restaurants and supermarkets. GDP is expected to recover by 2021 with 5.5 per cent growth according to economists. Public confidence in the government's handling of the economy and Covid-19 situation is also high while looking forward to the government's Budget 2021 announcement in the coming February 2021.
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Huttons Asia's real estate professional Kiwi Lim believes that with healthy demand from new and resale markets, coupled with the declining unsold stock of new condos in the market, 2021 may continue to see an increase in local property prices especially when its spurred by the low interest rate environment and ample liquidity. Singapore has proven its ability to handle the pandemic while maintaining macroeconomic stability and keeping a politically-neutral stance amidst the chaos of the world. All these make Singapore very very attractive as an investment destination.
From Business Times article on 22 Dec 2020
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URA recently announced the government land sales (GLS) tender for a mixed-use site at Tanah Merah Kechil Link closed with 15 bids on Oct 29, while an executive condominium (EC) site at Yishun Avenue 9 drew seven bids at the close of its tender on the same day.
Huttons Asia real estate adviser Kiwi Lim believes that such a rare strong turnout of developers for these two plots of government land sales (GLS) sites in OCR locations is a good indication that most developers in Singapore are running out of land banks for future residential condo launches. According to Kiwi Lim, developers in Singapore have launched almost all their land banks secured during the en-bloc frenzy of 2017 and 2018, with transaction values at S$8.3 billion & S$10.3 billion respectively.
Huttons Asia real estate adviser Kiwi Lim believes that such a rare strong turnout of developers for these two plots of government land sales (GLS) sites in OCR locations is a good indication that most developers in Singapore are running out of land banks for future residential condo launches. According to Kiwi Lim, developers in Singapore have launched almost all their land banks secured during the en-bloc frenzy of 2017 and 2018, with transaction values at S$8.3 billion & S$10.3 billion respectively.
According to analysts who are familiar with the Singapore property market, the muted collective sales market could see a revival in 2022, as developers turn to the private residential scene to feed a growing appetite for land.
This comes as the property market has remained resilient in the face of the COVID-19 pandemic and consequent economic uncertainty, said analysts.
This year saw just two en bloc deals totalling S$77.2 million, Yuen Sing Mansion in Geylang, which was transacted in August, and adjoining sites Fairhaven and Sophia Ville, which were taken off the market in early December. Last year, Roxy-Pacific Holdings forked out S$93 million for 15 terraced houses in the Guillemard Road area and a consortium bought a plot with 11 homes near Haig Road for S$32.8 million.
This comes as the property market has remained resilient in the face of the COVID-19 pandemic and consequent economic uncertainty, said analysts.
This year saw just two en bloc deals totalling S$77.2 million, Yuen Sing Mansion in Geylang, which was transacted in August, and adjoining sites Fairhaven and Sophia Ville, which were taken off the market in early December. Last year, Roxy-Pacific Holdings forked out S$93 million for 15 terraced houses in the Guillemard Road area and a consortium bought a plot with 11 homes near Haig Road for S$32.8 million.
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Many agree that developers are running out of stock and with current unsold private residential condo units in the market standing at around 26,600 units as at Q3 2020, property experts felt that the start of the previous en bloc cycle was in 2Q 2016, when inventory fell to 23,300 units… That may serve as benchmark to the point at which developers would start looking for land.
The GLS supply is very competitive and there are many eyeing it. For smaller developers, it’s a bit harder to compete, so they may go for en bloc sites as an alternative source. Developers need to start shoring up their land banks to plan for future projects, and en bloc sales are a “quick way” to do that.
While this could be good news for owners looking to sell, the return of the en bloc market could also drive up overall land and property prices. However, the upcoming interest in the collective sales market may not match the extent of the fervour seen in 2017 and 2018, due to more economic uncertainty.
The GLS supply is very competitive and there are many eyeing it. For smaller developers, it’s a bit harder to compete, so they may go for en bloc sites as an alternative source. Developers need to start shoring up their land banks to plan for future projects, and en bloc sales are a “quick way” to do that.
While this could be good news for owners looking to sell, the return of the en bloc market could also drive up overall land and property prices. However, the upcoming interest in the collective sales market may not match the extent of the fervour seen in 2017 and 2018, due to more economic uncertainty.
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Jesline Goh of UOL Group (left) on Dec 12, where sales were conducted by balloting of units (Photo: UOL Group)
Singapore-listed UOL Group and its subsidiary, United Industrial Corp (UIC) announced that about 70% of Clavon has been taken up on the first weekend of launch. This works out to about 442 out of a total of 640 units at the 99-year leasehold condo located at Clementi Avenue 1, which was launched on Dec 12.
Units were sold at an average price of $1,640 psf, according to UOL. Demand was seen across all unit types, including the large format units, such as the three-, four- and five-bedroom apartments. “We believe the buyers like the well-designed layouts with strong product attributes that meet changing lifestyles and integrate live, work and play,” says Jesline Goh, UOL Group chief investment and asset officer. For a project with over 600 units, to have sold more than 70% of the total in one day is outstanding, especially following the Controller of Housing’s restrictions on the reissue of options to purchase.
Units were sold at an average price of $1,640 psf, according to UOL. Demand was seen across all unit types, including the large format units, such as the three-, four- and five-bedroom apartments. “We believe the buyers like the well-designed layouts with strong product attributes that meet changing lifestyles and integrate live, work and play,” says Jesline Goh, UOL Group chief investment and asset officer. For a project with over 600 units, to have sold more than 70% of the total in one day is outstanding, especially following the Controller of Housing’s restrictions on the reissue of options to purchase.
The 660-unit, 999-year leasehold Ki Residences where 143 units were sold on the first weekend of launch (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Ki Residences at Brookvale sold 143 out of a total of 660 units on its launch weekend, according to joint venture partners Hoi Hup Realty and Sunway Development in a statement on the evening of Dec 6. This translates to 22% of the units in the 999-year leasehold private condominium project located on Brookvale Drive, off Sunset Way in District 21.
The project has a mix of two- to five-bedroom units. Average price of units sold was $1,790 psf, although starting prices were from $1,668 psf, 60% of the units sold were the four- and five-bedroom units, making up the “Luxury Collection” at Ki Residences. Four-bedroom units account for 58 units, with sizes from 1,245 to 1,711 sq ft. Premium five-bedroom apt, with sizes from 1,819 to 2,239 sq ft, make up just four units in the entire project. Prices of these units are upwards of $2.15 million ($1,707 psf).
The project has a mix of two- to five-bedroom units. Average price of units sold was $1,790 psf, although starting prices were from $1,668 psf, 60% of the units sold were the four- and five-bedroom units, making up the “Luxury Collection” at Ki Residences. Four-bedroom units account for 58 units, with sizes from 1,245 to 1,711 sq ft. Premium five-bedroom apt, with sizes from 1,819 to 2,239 sq ft, make up just four units in the entire project. Prices of these units are upwards of $2.15 million ($1,707 psf).
□THE LANDMARK □ In The City | Near The River | By The Park □□From ONLY □1️⃣9️⃣4️⃣6️⃣ psf to Own A Luxury Condo at Prime Location. Scan to arrange viewing or click to visit website for more info
Black Friday discounts did not distract a group of shoppers looking at bigger deals: homebuyers. At The Landmark, a 396-unit, 99-year leasehold condo on Chin Swee Road, virtual balloting started at 10am on Nov 28. It was done via Zoom across five different locations: The Landmark sales gallery as well as the respective offices of the appointed marketing agencies.
By 7pm that evening, buyers had snapped up 110 of the 120 units released. This translates to 92% of units released, or about 28% of the total units in the development.
By 7pm that evening, buyers had snapped up 110 of the 120 units released. This translates to 92% of units released, or about 28% of the total units in the development.
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Starting next year will see a mega blockbuster new condo launch by developer Kingsford & MCC Land is Normanton Park condo - an exciting new condominium development, located at Normanton Park, Singapore. Developed by a partnership of experienced developer and main contractor Kingsford Development & MCC Land, Normanton Park condo is set to be the new iconic development with panoramic sea views, well located near nature parks.
Huttons Asia's Kiwi Lim believe Normanton Park condo will perform very well during its preview next month in Jan 2021 as its strategically located next to S'pore Science Park, well connected to One-North Biz Park, 5 Mins Drive To NUS, NUH and beside the green nature of Kent Ridge Park. Price is attractive too as the developer has hinted that their one bedder may be priced from $7xx k onwards.
Huttons Asia's Kiwi Lim believe Normanton Park condo will perform very well during its preview next month in Jan 2021 as its strategically located next to S'pore Science Park, well connected to One-North Biz Park, 5 Mins Drive To NUS, NUH and beside the green nature of Kent Ridge Park. Price is attractive too as the developer has hinted that their one bedder may be priced from $7xx k onwards.
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November's figures were boosted by strong demand at new launches - The Linq @ Beauty World and The Landmark as home buyers snapped up 228 units at these two new condos launches last month, pushing new private home sales in November to 749, up 16.7 per cent from October's 642.
Total sales from January - November this year total 8,770 units, according to consultants who looked at caveats filed. With the momentum continuing this month, full year 2020 new sales volume is expected to come between 9,000 and 10,000 units possibly matching pre-Covid sales figure last year.
According to Christine Sun, OrangeTee & Tie head of research & consultancy, November's good showing was due to "vaccine optimism" and hopes of economic recovery. It was a very good month for November, said Lee Sze Teck, Huttons Asia director (research).
Ismail Gafoor, PropNex chief executive, offers a further reason for November's robust performance. "We have observed that there is a strong correlation between monthly new private home sales and whether there are new project launches during the month," he said.
Total sales from January - November this year total 8,770 units, according to consultants who looked at caveats filed. With the momentum continuing this month, full year 2020 new sales volume is expected to come between 9,000 and 10,000 units possibly matching pre-Covid sales figure last year.
According to Christine Sun, OrangeTee & Tie head of research & consultancy, November's good showing was due to "vaccine optimism" and hopes of economic recovery. It was a very good month for November, said Lee Sze Teck, Huttons Asia director (research).
Ismail Gafoor, PropNex chief executive, offers a further reason for November's robust performance. "We have observed that there is a strong correlation between monthly new private home sales and whether there are new project launches during the month," he said.
The Landmark is the most attractively priced CCR condo in the market from $2,1xx psf on the elevated hillside of Pearl's Hill near Clark Quay, Chinatown, Singapore River, Tanjong Pagar, Tiong Bahru and SGH
Forett at Bukit Timah is a freehold new condo only minutes walk to Beauty World MRT and future integrated transport hub in the heart of Bukit Timah near top schools like Methodist Girls' School and Pei Hwa Presbyterian.
Huttons Asia's real estate professional Kiwi Lim said private condo prices have remained very resilient throughout this Covid pandemic and some buyers may also have turned to the HDB resale market for flats that better fit their budget and housing needs. A family-size private condo in the suburbs could cost $1.5 million, but for $1 million or so, the buyer can get a relatively similar-sized HDB resale unit on a high floor and in a prime spot near the city.
Covid-19 mass vaccination has begun in the UK and Singapore should not be too far behind. The economy appears on track to shrink 6 per cent in 2020, although unemployment could rise further by year-end, according to private-sector economists polled by the Monetary Authority of Singapore in the latest quarterly survey. But GDP is expected to recover by 2021 with a 5.5 per cent growth, say the economists. Kiwi Lim believes that news of Covid vaccines being tested and possibly even be ready by Feb next year as some analysts predicted has also lifted property market sentiments in the HDB sector.
The number of Housing Board resale flats sold for $1 million or more has hit a new high, following 13 transactions done last month, according to data from real estate portal SRX released yesterday.
The 72 million-dollar flats sold from January to last month compare with 64 such units for the whole of last year. SRX's flash estimates for last month also reveal that HDB resale prices rose for the fifth consecutive month, though the volume of transactions dipped.
In the overall HDB resale market, prices rose 1 per cent last month from October.
The number of Housing Board resale flats sold for $1 million or more has hit a new high, following 13 transactions done last month, according to data from real estate portal SRX released yesterday.
The 72 million-dollar flats sold from January to last month compare with 64 such units for the whole of last year. SRX's flash estimates for last month also reveal that HDB resale prices rose for the fifth consecutive month, though the volume of transactions dipped.
In the overall HDB resale market, prices rose 1 per cent last month from October.
Article from The Business Times on 11 Dec 2020
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Buyers have to make appointments to view The Landmark sales gallery due to Covid safety measures
The property market continues to draw interest amid the pandemic, with over 90 per cent of 120 units released for The Landmark condominium snapped up on its launch weekend. Sales bookings for The Landmark were conducted through a virtual event across five locations. The development is expected to obtain Temporary Occupation Permit in March 2025.
About 110 units were sold as of Sunday, representing some 30 per cent of the total number of units at the 99-year leasehold project in Chin Swee Road. The Landmark will also feature five decks of lifestyle facilities at various heights, and three levels of basement car park.
The units went for at an average price of $2,250 per sq ft (psf). About half of them are one-bedroom units with a starting price of $1,955 psf - most buyers were Singapore citizens and permanent residents.
About 110 units were sold as of Sunday, representing some 30 per cent of the total number of units at the 99-year leasehold project in Chin Swee Road. The Landmark will also feature five decks of lifestyle facilities at various heights, and three levels of basement car park.
The units went for at an average price of $2,250 per sq ft (psf). About half of them are one-bedroom units with a starting price of $1,955 psf - most buyers were Singapore citizens and permanent residents.
About 110 units were sold last Sunday, representing 30 per cent of the total number of units at The Landmark
Homebuyers are mostly drawn to The Landmark's breathtaking views of the Singapore skyline, as well as nearby amenities and location and its attractive price in the Core Central Region (CCR).
Real estate professional Kiwi Lim from Huttons Asia believe that The Landmark presents an attractive investment opportunity for property buyers and real estate investors looking for plenty of quality upside potentials as The Landmark could stand to gain from the upcoming Greater Southern Waterfront, Thomson-East Coast MRT Line, expansion of the central medical hub under SGH Campus Master Plan, as well as various ongoing central business district (CBD) rejuvenation plans which are all within close proximity. "Its strategic position is near to Tiong Bahru, Chinatown, Tanjong Pagar, Clark Quay, Singapore River with 24-hour Sheng Siong supermarket and 2 coffeeshops just a few steps away." said Kiwi Lim who sold 5 units to a few young Singaporean professionals at the weekend launch.
Real estate professional Kiwi Lim from Huttons Asia believe that The Landmark presents an attractive investment opportunity for property buyers and real estate investors looking for plenty of quality upside potentials as The Landmark could stand to gain from the upcoming Greater Southern Waterfront, Thomson-East Coast MRT Line, expansion of the central medical hub under SGH Campus Master Plan, as well as various ongoing central business district (CBD) rejuvenation plans which are all within close proximity. "Its strategic position is near to Tiong Bahru, Chinatown, Tanjong Pagar, Clark Quay, Singapore River with 24-hour Sheng Siong supermarket and 2 coffeeshops just a few steps away." said Kiwi Lim who sold 5 units to a few young Singaporean professionals at the weekend launch.
American biotechnology company Moderna has asked the authorities in Singapore to approve the use of its Covid-19 vaccine here today and if all goes well, the first batch of vaccines could arrive as early as this month in Dec 2020.
Moderna chief executive Stephane Bancel told The Straits Times on Tuesday night (Dec 1) that the company is in talks with the Health Sciences Authority (HSA) in Singapore. Pfizer and BioNTech - the two firms behind another Covid-19 vaccine front runner - have also applied for emergency use authorisation of their vaccine in the US. Pfizer said final results from the late-stage trial of that Covid-19 vaccine showed it was 95 per cent effective.
Real estate developers are watching the market for news of Covid vaccines as such good news is expected to improve economic market sentiment and allow the opening of borders for foreigners.
Moderna chief executive Stephane Bancel told The Straits Times on Tuesday night (Dec 1) that the company is in talks with the Health Sciences Authority (HSA) in Singapore. Pfizer and BioNTech - the two firms behind another Covid-19 vaccine front runner - have also applied for emergency use authorisation of their vaccine in the US. Pfizer said final results from the late-stage trial of that Covid-19 vaccine showed it was 95 per cent effective.
Real estate developers are watching the market for news of Covid vaccines as such good news is expected to improve economic market sentiment and allow the opening of borders for foreigners.
The first batch of Covid-19 vaccines could arrive as early as this month if all goes well - Moderna
A version of this article appeared in the print edition of The Straits Times on November 30, 2020, with the headline 'Strong demand for Landmark units on launch weekend'.
