The sales of the residential developments across Singapore are taking a sanguine turn as it increased recently in the midst of limited new development launches. This was the report from OrangeTee recently regarding the real estate industry in the country.
According to the prominent consultancy, they have been seeing improvement in the sales of these existing projects for the last three months. Two of the big names giving their sales an upward direction are the Lakeville @ Lakeside and The Panorama. In May, it was recorded that the Lakeville @ Lakeside was the number one selling development as it sold as much as 44 units, each having SG$1,232 per square foot. On the other hand, the Panorama was enlisted as the fourth development that has the greatest sales during May as well. For a price of $1,279 per square foot, this project sold as much as 39 units during the said month.
OrangeTee believes that this ascending sales trend will still continue in the following months to come. Since the GLS program is gradually dwindling, there will also be a plodding increase in the sales of these present real estate projects. Moreover, OrangeTee also said that due to the fact that there will be not much new projects to be launched soon, buyers will have to narrow down their choices to these existing projects. It is also possible that they would even demand for more launches from these developers at the same time.
Meanwhile, they also believed that it is not possible at the moment for these home prices to bounce back to its previous prices. Keep in mind that some lowered their prices just to accommodate interested buyers before. The real estate market is still bound by Singapore’s current cooling measures particularly the restrictions over getting a mortgage in the country.
Some of the new launches recently only include developments like Botanique at Bartley, North Park Residences and Hilbre 28; which is quite little compared to before. The upcoming launches include an Executive condominium called Sol Acres, High Park Residences which is near Seletar Mall and another one at Thomson named Adana @ Thomson.