Singapore Property | Two new condo launches in Singapore recently. A new launch Penrose is the talk of the town at the moment. The launch was hugely successful and it was developed by Hong Leong Holdings and City Developments in District 14. It sold 60.3% of 566 units at the weekend and more are still in the process. This was cited by professionals in the industry as the birth of a new property market.
The launch of the second condominium did not receive as much attention as the first one. But it gathered a significant amount of enthusiasm by home seekers. The new launch is Hyll on Holland developed by Far East Consortium. This firm holds a joint venture with a popular developer in District 10, Koh Brothers Group. This condo sold 4 units of the 319 units available after the first week of its launch.
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This event has proven to amusing following the pandemic that occurred at the beginning of the year. The average sales price of the first condominium “Penrose” was $1,585 psf which was good compared to Sims Urban Oasis. Sims Urban Oasis is a leasehold property built in 2017 and it had an average selling price of $1,550 in the secondary market.
The new launch comes with 10% to 20% premium packages compared to resale properties which are much lower. This low value is based on financial options, maintenance cost, choice units, and more. On the other hand, the second launch Hyll on Holland had an average price of $2,656.
Fifteen older freehold projects were also said to have an average selling price ranging around $1,700 psf in the resale market. These condos include Viz @ Holland, Leedon Residence, The Antares, Rezi 24, Leedon Green, Wilshire Residences, 15 Holland Hill, One Holland Village Residences and more.
The event that took place displays the mood on the ground, buyers are still cautious despite the situation in the situation.