Singapore reported unexpected brisk sales at numerous property developments over the weekend. Keppel Land’s The Luxurie @ Sengkang, H2O Residences and The Meyerise all experienced an increase in sales.
The Luxurie @ Sengkang sold more than 180 units at an average price of $980 (US$811) per square foot. The project’s 622 units are mostly two bedroom and three bedroom units. The Luxurie sold comparatively higher than the other competitors like H2O residences, because of its close proximity to the Sengkang MRT and bus interchange stations.
The Meyerise, a property development in Meyer Road, also experienced a hike in its unit sales. The projects 239 units which are a mix of two bedroom and three bedroom and penthouse units sold at an average price S$1,950 (US$1,615). Most of the buyers were Singaporeans and local residents. The Meyerise is located close to Parkway parade and Katong Shopping Centre.
According to the Straits Times, other property developments that experienced an increase in sales include Far East Organization’s EuHabitat, and Boathouse Residences in upper Serangoon district.
Associate Professor Sing Tien Foo from the Department of Real Estate at the National University of Singapore’s School of Design and Environment said he was surprised by the turn out of crowds and record sales.
“I thought a lot of people are waiting to see how the global market situation will turn out,” Mr. Sing said.
“Some people could be going into the showflats to look for inspiration, others could be going out of curiosity, to see what the market situation is like before making a decision.”
Steven Tan, OrangeTee’s director of residential projects is confident that the demand for new homes will continue, despite prolonged economic worries.
“Now the main groups of buyers are those who are purchasing for their own stay. Transactions from this group are driven by genuine demand, and they are less affected by all these economic uncertainties,” Mr. Steven said.
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