With the traditional Lunar 7th month as the backdrop, demand for new private homes in Singapore fell in August, after hitting a one-year high in July. In the month of August, Singapore property market was also stung by the Zika scare that could have affected the number of visitors to condominium showflats. |
In the absence of any major new launches in the private condominium market, a drop in sales is not unexpected. Developers are busy gearing up for new launches in the coming months such as Forest Woods in Serangoon and The Alps Residences in Tampines.
Let's take a look at 3 things on the best-selling new homes in August:
1) The Jurong Gateway Growth Story Continues
With the top 2 best-selling new launch condominiums in the West and within close proximity to Jurong East, its no surprise that buyers are convinced by the creation of our 2nd CBD in Jurong East. Lake Grande near Lakeside MRT is the more affordable option with views of nearby Jurong Lake, and yet minutes drive to Jurong Gateway. Units are sold at median price of $1,317psf at Lake Grande. The Trillinq is nearing completion and sales are moving faster as home buyers who are looking for own-stay are keen to purchase. Both Lake Grande and The Trillinq are within walking distance to MRT and are near popular schools like Ru Lang School and Nan Hua Primary School respectively.
2) Median Price of Best Selling New Launches getting Narrower
As the property market continues to be largely subdued, new launch condominiums are priced within tight price range. The top 4 best selling new launch condominiums are selling within a narrow median price range of $100 psf difference. Going by this observation, future new launch condominiums near to MRT should be priced between $1,300 to $1,400 psf while suburban new condominiums not within proximity from MRT could be priced between $1,000 to $1,100 psf.
3) Condominiums nearing Completion getting more Popular
Developers of past new launches continue their strategy of reducing price to drive sales. This is evident as The Trillinq and The Glades clinched the 2nd and 3rd position respectively in August sales of new launch condominiums. As buyers who are looking to buy for their own-stay increase, demand for new condominiums nearing completion could increase and this would help to absorb the supply of new homes.
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