The launch of the 805-unit Park Colonial in 2018 was closely followed by market watchers given prevailing conditions in the property market back then. Sentiment was picking up but it was unclear if the new project could move that many units when some buyers still had a wait-and-see attitude.
In a further twist, Park Colonial previewed over the weekend of June 30-July 1 2018, and just days before the government introduced new property cooling measures on July 6.
The surprise introduction of these new measures saw buyers rush to secure units at the condo before stricter additional buyer stamp duties (ABSD) and loan limits kicked in the following day. This resulted in a frenzied launch night for Park Colonial, which moved more than 300 units at an average price of around $1,700 psf; a strong showing for a Rest of Central Region (RCR) project at the time.
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