Is our real estate market gradually recovering?
Fresh signs of Singapore’s real estate market recovering can be seen from great sales results at Seaside Residences in Siglap, The Clement Canopy in Clementi, Grandeur Park Residences in Tanah Merah and Park Place Residences At PLQ in Paya Lebar.
Seaside Residences sold close to a hefty 392 units, 70 per cent of the 560 units released in its first weekend of sales. That would be about 46.5 per cent of the 843 units in the project, which offers sea views and is within close proximity to the upcoming Siglap MRT station of the Thomson-East Coast Line. From the strong sales in the first week of sales, we can infer that buyers value the premium and rare location that Seaside Residence provides. The development is a 99-year leasehold project consisting of 1 bedroom to 5 bedroom units, with sizes ranging from 420 sqft to 3294 sqft. The average sale price achieved during the launch was about $1,700 per sqft.
This is the fourth private condo project launched this year. All have booked fairly healthy sales, albeit many of the units sold were smaller one and two-bedders. The Clement Canopy sold about 53 per cent of its units since launch. Grandeur Park, just next to Tenah Merah MRT sold about 67 per cent of its total units. Park Places Residences at Paya Lebar sold about 50%.
GuocoLand‘s Martin Place site will be launched in the second half of 2017. We are expecting the good sales momentum to keep rolling on! Martin Modern‘s prime location in River Valley and proximity to Great World MRT will be a huge selling factor.