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Far East Organization sold 1,704 private homes
and executive condominiums in 2003. This was about
a third of the total number of private homes sold
in the primary market. A good improvement over
the 1,300 units sold by the Organization in 2002,
this result was achieved despite the weak economy,
impact of the CPF changes as well as other setbacks
experienced through the year.
FEO launched five developments in 2003: ICON,
Strata, Gardenvista, Astor and Lakeshore. The
landmark city centre development, ICON, was our
bestseller. 90 per cent of the 646 units released
have been sold since the project’s official
launch in May 2003. This sterling performance
can be attributed to ICON’s excellent location
and the effective customisation of this unique
product to the needs and lifestyles of a new niche
market – the urbanites. |
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Other FEO top selling projects included suburban
developments Lakeshore and Whitewater where 181
and 186 units were sold respectively. These developments
attracted value-seekers and families who appreciate
a lifestyle that comes with quality living spaces
in an excellent location (eg near schools, MRT
stations, etc) at an affordable price.
Although the total primary market transactions
of about 5,200 to 5,500 units (including units
already with TOP) may not be as good as 2002,
it has nonetheless resulted in reducing market
inventory. As such, the balance between supply
and demand is healthier. With a global economic
recovery that is already taking shape, and a more
robust local economy concomitant with a decrease
in unemployment in 2004, we expect to repeat this
level of sales next year at the very least. |
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