About New Condo Sales Increased in July 2022 | The pent-up demand in July for suburban condos facilitated the increase of sales in private homes in Singapore and lifted the prices of some new mass market condos to higher levels that were commonly seen in the city fringe and prime locations.
Similarly, one of the major launches that witnessed the sales increase in private homes is AMO Residence commonly located in Ang Mo Kio Avenue 1. The launch accounted for massive sales of new homes which average to 58.2 percent or 485 units. 22.2 percent of the sales were witnessed in the prime district which equates to 185 units, whereas the city fringe recorded 19.7 percent which is equivalent to 164 units sold.
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That said; the content and head of research at PropNex Realty noted that according to the URA, the price of newly constructed private homes in the remote areas rose almost 19 percent to two thousands and eighty eight dollars per sq ft (psf) last month from June. This happens because a lot of the AMO Residence in Ang Mo Kio estate were sold out, which has never been seen before in more than 8 years. Therefore, the analysts said that due to the sales of 366 out of a total of 372 units of new private homes, the AMO Residence registered a stamp for leasehold in the condos located outside the town.
On the other hand, Ms. Wong said that the median prices in city fringe areas and the prime district areas were stable at SGD2,741 psf and SGD2,323 psf consecutively. In addition, the data released on Monday (Aug 15) by the Urban Redevelopment Authority (URA) displayed that 834 residential units, apart from the executive condominiums (ECs), were fetched in July, up 70.9 percent from 488 in June.
In the same vein, Ms. Tricia Song, CBRE’s head of research for Southeast Asia mentioned that AMO Residence is firmly exhibiting bodes for upcoming launches including the GuocoLand’s Lentor Modern (six hundred and five units) located at Lentor Central and Frasers Property’s Sky Eden at Bedok Central.