Singapore Property | Private homes in Singapore were a hot favorite in April. The sales figures rose by 13 units sold more than the previous month. In March, 716 units were sold. This is from a recent release of Urban Redevelopment Authority figures.
The only executive condominium up for sale in April was the launched Rivercove Residences. It was a highly anticipated residence and got nearly all scooped up. It moved nearly 82 percent of all units. 628 units were up for sale in the residence.
(Artist's Impression of Rivercove Residences)
Colliers International Head of Research credited a limited supply of executive condos with driving up their demand. Miss Tricia Song further noted that executive condos attract buyers due to being a hybrid of private and public housing.
After Rivercove’s lead in the pack, Park Place Residences and the Verandah Residences came in next. The two are located in Paya Lebar Quarter and Pasir Panjang Road respectively. Park Place Residences fetched $2,060 psf and sold 166 units. Verandah Residences units fetched $1,846 psf and sold 141 units. Other top-sellers included Harbour View Gardens and The Tapestry.
PropNex Realty views the strong sales as a result of buyers having been waiting for 3 years in the sidelines. This was through the realty company’s CEO Ismail Gafoor who went on to state that the buyers might have sensed prices might rise higher in future.
In an outlook report, PropertyGuru announced that new launches will have their prices at least 5% above last year. Further analysis of the property market shows that the numbers in May will surpass those of April. This is because of the two successful launches of Amber 45 and Twin Vew on Amber Road and West Coast Vale respectively.