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Singapore Property | After declining for many years, prices of houses are starting to rise in Singapore. The luxury segment has the more pronounced recovery since prices of homes in the prime regions had been the most affected in the last 3 years.

“The up cycle is as a result of the rising number of buyers who believe that Singapore’s luxurious properties are more affordable than in Hong Kong and London”, said Tay Kah Poh, Knight Frank executive director.

This article assesses Core Central Region condos that recorded the highest demand in 2017. Demand is being measured by comparing the developments total units with the units sold in 2017 based on sale and resale caveats lodged with URA.

Pollen & Bleu

Tenure: leasehold of 99 years

Location: Farrer Drive – D10

Completion: 2016

Average psf: $ 1,954

Units: 106

Sales at Pollen & Bleu by SingLand increased in February 2017 after its re-launch using a deferred payment scheme. Under the DPS, buyers pay a down payment of 20% and 80% after 24 months.

The developer sold 87 units of its 106 units from February to June 2017 at $1,993 psf. Before then, only 13 units had been sold of the 28 units launched since May 2015 at $1,912 psf average price.

The development is near Farrer Road MRT and has 2, 3 and 5 bedrooms units. Approximately 58% of owners are Singaporeans.

One Balmoral

Tenure: Freehold

Location: Balmoral Road – D10

Completion: 2016

Average psf: $ 2,209

Units: 91

One Balmoral by Hong Leong had its full launch in 2013 with units transacting at $2,549 psf. In November 2016, the developer offered DPS and 13% discount on prices. This led to the sale of 63 units or 69% from March to November 2017 at $2,242 average price.

Sophia Hills

Tenure: leasehold of 99 years

Location: Mount Sophia – D9

Completion: 2018

Average psf: $ 1,993

Units: 493

Sophia Hills is a joint development by Sunway Developments and Hoi Hup Realty. All its 493 units were launched in November 2014 at $1,999 average price. So far, 302 or 61% of the units were sold in 2017 at $2,003 average price while 458 units or 93% have been sold. The development was the best seller in October 2017.

It is near Dhoby Ghaut MRT, Plaza Singapura and The Cathay.

Condos in the prime district records highest demand in 2017

(Artist's Impression of Sophia Hills)

The Asana

Tenure: Freehold

Location: Queens Road – D10

Completion: 2019

Average psf: $ 2,541

Units: 48

The Asana is located in Bukit Timah estate. Its first launch was in April 2016 at $2,062 psf average price and a full launch occurred in August 2016.

In 2017, 27 units or 56% were sold.

The development has 2 to 3 bedrooms units and Singaporeans are about 61% of the owners. It is near Botanic Gardens MRT.

Gramercy Park

Tenure: Freehold

Location: Grange Road – D10

Completion: 2016

Average psf: $ 2,970

Units: 174

The condo is by City Development and comprises of 2 towers each with 87 units.

The first phase was launched in May 2016 at $2,499 psf which rose to $2,830 psf in 3Q 2017.

So far, 148 units or 85% have been sold with 85 units being sold in 2017.

Gramercy Park made headlines in August 2017 when one of its units in the 23rd floor was among the most expensive to be sold in Singapore at $21.86m.

The rise in transactions has been attributed to the tweaking of the cooling measures by the government.

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