Clear skies for Singapore’s private property market.
Private home sales here soared to its highest monthly level in March since June 2013 thanks to a more positive economic outlook, according to a report from Colliers International.
Based on data from the Urban Redevelopment Authority (URA), transaction volume soared 81.8 percent to 1,780 units in March from 979 units in February, and rocketed by 111.2 percent compared to the 843 units sold a year ago.
Colliers revealed that one of the best performing projects last month is the 429-unit Park Place Residence, which sold all of the 217 launched units or 50 percent of the available flats within just a single day for between S$1,579 and S$2,184 psf.
“This is likely to be popular with investors as it is part of a major integrated project, which will feature a seven-storey retail mall and three office towers housing 10,000 workers which could provide rental catchment for the residences,” said the property consultancy.
Developed by Lendlease, the office and retail components in the mixed-use project are expected to be completed in 2018, followed by the residential units in 2019.
Another project that recorded strong sales in March is Grandeur Park Residences, which also forms part of an integrated development. Located close to the Tanah Merah MRT station, the 720-unit project by Chip Eng Seng’s CEL Residential Development moved 484 units or 67 percent of the total for S$970 psf to S$1,592 psf.
Colliers attributes the stellar sales performance to its attractive pricing, despite being located in an area with plenty of available homes. Projects that received their Temporary Occupation Permit (TOP) there include The Glades with 726 units and the 784-unit Eco, which has so far sold 684 units and 734 units respectively.
EL Development’s Parc Riviera also found buyers for another 163 units last month at a median price of S$1,246 psf. This has pushed the total take-up at the 752-unit project to 61 percent, including the 128 units sold during its launch.
Similarly, two executive condominiums (ECs) posted healthy sales in March. iNz Residence, which offers internet-ready smart homes, sold 187 units at a median price of S$774 psf.
Singapore’s biggest EC, Sol Acres, also achieved its highest monthly take-up since it was unveiled in August 2015 when 147 units were booked for between S$770 psf and S$800 psf last month.
This article was edited by Denise Djong.