Sales of brand new residential apartments in the private segment jump over 80 percent to approximately 1,780 homes in March. This is in stark contrast with February’s 970 private residential units.
The jump in sales is amidst the backdrop of global uncertainties and geopolitical issues that is going on with the launch of two new residential projects in Singapore. This two private residential projects were the mastermind behind the increase in sales, they are: Park Place Residences and Grandeur Park Residences, both accounting of over 40 percent of the total transaction volume.
Spokesman for renowned local property agency, ERA said that the strong sale numbers were signs of increased market participation because of the the well-received launches of Grandeur Park Residences, Park Place Residences At PLQ and iNz Residence. The spokesperson also mention that the slight tweak to the cooling measures also gave a shot of optimism amongst buyers.
The top seller was obviously Grandeur Park Residences with its 484 units selling at an average price of $1,400 per square foot. Runner-up Park Place Residences had achieved a sales figure of 217 units at an average price of $1,800 per square foot. The surprise came with the third place, Parc Riviera with more than 160 units sold at an average price of $1,250 per square foot.
In the other segments, executive condominiums did relatively well with a total number of 578 executive condominium units sold in March 2017. This is an increment of 76 percent compared to the 329 units that were sold in February. The first executive condominium project to open for sale this year was Inz Residences, the masterpiece of Qingjian Realty, sold a total number of 187 units at an average price of $775 per square foot. This figure topped the chart in March and was followed by Sol Acres, which had over 140 units sold at an average price of $790 per square foot. Lastly, The Visionaire, also by Qingjian Realty, with 43 units sold at a median price of $811 psf.
Just in case you’re new to the housing market in Singapore, Executive Condominiums (ECs) are a form of hybrid public housing with the HDB rules regulations in place for the initial purchasers and that these HDB restrictions will be completely lifted 10 years after an EC project has been completed.
There is also Hundred Palms Residences, upcoming executive condominium at Yio Chu Kang which is slated to open for sale later this year. Hundred Palms EC is seen by many to be very attractive because it is nestled in mature housing estate and has a pool of potential buyers sitting on the sidelines.