LUMA – Correction and clarification (Business Times)
17 November 2008
25 CommentsTHERE were some errors in our report, River Valley condo Luma relaunches with prices halved (BT, Nov 14).
The condominium is located at River Valley Grove and not St Thomas Walk. The number of units sold earlier was not 10, but six.
BT also understands that the developer, Novelty Group, purchased the site for around $27 million ($450 psf per plot ratio) and not $76 million, as reported. This brings down its breakeven price to a fairly low level, making it possible for the developer to offer some discounts if it decides to do so, while still keeping the project profitable. In fact, other projects in the area have also been strategically lowering their prices. In that sense, the lower prices could simply be a reflection of weaker market conditions and not of the developer. We are sorry for the errors.
Post By: Jerry Lim Hp: +65 90275537 Email: jerry@assetomgt.com
Joseph Goh Hp: +65 81811129 Email: joseph@assetomgt.com
Sales Office Hotline: +65 6100 0023
Website:www.assetomgt.com
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16 July 2010 at 5:36 am