I get this a lot from some of the buyers who come to me. A lot of things on preconstruction end up selling out, not because it was a hot project, or a good investment, but because of how Agents market the product. At the end of the day its all about marketing.
Think of 199 Church and tell me in what way was that remotely investable? Its sold "well" even as junk. Why? The builder gave access to that project to nearly every agent who normally wouldn't even be able to sell preconstruction, and got an army willing to work to sell and reap the high commissions.
Similar thing with Abeja and such, it wasn't a "hot project", it was just made into one. The key selling point being the low prices in comparison to highway 7, though compare it to the existing building there and its still expensive, and those don't even sell (long average DOM)
Compare that to projects where you need a platinum agent to get a good unit (think Distrikt, UWS, Westport, and I'd argue Festival etc.) with less of a marketing play, and more of a features and potential play.