SINGAPORE —Private non-landed home resale transactions surged 51.8 per cent in March from a month ago to an estimated 1,058 units, while prices inched up by 0.5 per cent in a fifth straight month of increase, underlining the bullish sentiment in the market.
The latest estimates by SRX Property — released yesterday — for private non-landed resale transactions showed that the resale volume in March was 77.5 per cent higher compared with the 596 units resold in March last year. Year-on-year, prices in March increased by 2.2 per cent from the same period last year. Upcoming executive condo launches include Hundred Palms Residences EC, Yio Chu Kang EC, Inz Residence EC, Anchorvale Lane EC, while existing ones include The Terrace EC, Brownstone EC, The Vales EC, Parc Life , Sol Acres EC, The Visionaire, Bellewoods EC, Signature at Yishun, The Criterion EC and Northwave. Hundred Palms Residences , Hundred Palms floor plans and Hundred Palms EC show flat will be available shortly.
Meanwhile, recent property launches have been attracting strong interest. Seaside Residences, Frasers Centrepoint Singapore’s latest private residential project located at a rare seafronting site, enjoyed strong interest at its preview over the weekend. Close to 5,000 people attended the preview of the show suites over two days, the developer said on Sunday.
City Developments Limited (CDL) said yesterday its 174-unit luxury freehold residential development, Gramercy Park, along Grange Road also achieved positive sales, with 80 per cent of its Phase 1 units and 55 per cent of its Phase 2 unit sold.
On Tuesday, the Urban Redevelopment Authority announced that 24 parties had submitted bids for a residential site at Toh Tuck Road, with a top bid of S$265 million, which translates to S$939 psf ppr, according to real estate management firm JLL.
“Hunger for sites among developers and an expectation of a turnaround in the market are possibly the key factors that intensified the bidding, besides the attractiveness of the site and the affordable capital outlay. The recent easing of cooling measures and the positive reading of the first quarter flash estimates are possibly underlying contributory factors,” said Mr Ong Teck Hui, national director of research and consultancy at JLL, in a statement.
The site at Toh Tuck Road was launched for public tender at the end of February with a 99-year lease term.
Bidding was particularly aggressive among the top five bidders, which was within a 10.4 per cent price range and upwards of S$850 psf/pr, suggesting that the developers shared a similar bullish market outlook, added Mr Ong.
The optimistic top bid by Malaysia’s SP Setia International suggests that the project is likely to be launched at prices above current levels, he said.
According to Dr Lee Nai Jia, Edmund Tie’s South-east Asia research head, developers will continue to introduce more new launches, given the signs of improvement in the residential property market. “The easing of the seller’s stamp duties also helped boost buyers’ sentiments. Not only is there more interest for new launches, sales of earlier-launched developments have also increased. Developments at choice locations attracted more interest, especially those near MRT stations, natural amenities, and in prime districts,” Dr Lee added.
“There is pent-up demand for compelling investment opportunities. With prices of high-end properties showing signs of bottoming out, there has been an increase in buying interest for luxury developments. For certain premium upmarket projects like Gramercy Park, we have even seen a pick-up in pricing,” said Mr Chia Ngiang Hong, general manager at CDL Group.
Other recent new launches such as The Clement Canopy and Grandeur Park Residences also attracted keen responses, analysts said.