Singapore Property | Sales of private homes achieved the highest level in a month in March since June 2013, which was attributed to a positive economic outlook, according to Colliers international report.
Urban Redevelopment Authority data shows that the transaction volume surged by 81.8% to reach 1,780 units in March a rise from the 979 units recorded in February. On a year-on-year basis, the sales rose by 111.2% from the 843 units sold in 2016.
Colliers report shows that Park Place Residences had the best performance in March. The 429-unit project had all the 217 units that were launched sold in a day fetching between S$1,579 and S$2,184 psf.
“Park Place Residences may be popular with investors since it is part of an integrated project comprising of a retail mall and 3 office towers capable of accommodating 10,000 workers,” said the Colliers report.
The mixed-use project is developed by Lendlease. The retail and office components are set for completion in 2018 while the residential units will be completed in 2019.
Grandeur Park Residences is another project that had increased sales in March. The 720-unit project by Chip Eng Seng and near Tanah Merah MRT is part of a mixed-use development. Units sold in March were 484 or 67% at between S$970 and S$1,592 psf. The high sales were attributed its attractive pricing despite being in an area having many homes available.
(An artist's impression of Grandeur Park Residences)
Projects in the area that received T.O.P. include Eco with 784 units and The Glades with 726 units. So far, Eco has sold 734 units while The Glades has sold 684 units.
Parc Riviera by EL Developments sold 163 units in March at S$1,246 average price. March sales increased the total sales to 752 units or 61%. The project had 128 units sold at its launch.
Similarly, Sol Acres which is the biggest EC in Singapore had its highest monthly sales in March since its unveiling in August 2015. The EC had 147 units sold at between S$770 and S$800 in March.