News are reporting that the property market is bottoming up and new launches like Hundred Palm Residences, Martin Modern & Le Quest are selling like hot cakes – Hundred Palm Residences was sold out in 7 hours, 90 units and 280 units were sold during launch at Martin Modern and Le Quest respectively.
This buying frenzy is not confined to Executive Condo and the recent launches, here are the TOP 10 Selling Private Condos in the month of July 2017:
|Project Name||District||Unit Sold in July - URA||Average Price|
|The Alps Residences||18||52||894,723|
|Stars of Kovan||19||29||1,106,768|
|North Park Residences||27||26||1,231,894|
|The Creek @ Bukit||21||23||1,591,301|
Note: The data is based on 88 projects tracked by PropertyNet.SG research and does not constitute the entire projects that are for sale in Singapore.
Based on the 88 private condominiums tracked by PropertyNet.SG, a handful of the private condo did well over the last two weeks – 21 projects sold more than ten units in the month of July 2017.
From the data collected, it appears that the key factor that determines the performance of the projects is the price of the private condo. The sweet spot is the quantum of the private condominium not more than SGD 1,200,000. This sweet spot is the result of TDSR, though some may contribute it to the higher rental yield of the lower quantum unit.
Surprisingly, the importance of proximity to MRT station and amenities and regional development was overshadowed by price. The top 5 selling projects are not within walking distance to MRT station and amenities except Kingsford Waterbay which has a few retail shop within its compound. Regards to regional development, only Parc Riviera may benefit from the development in Jurong, whereas the rest of the condos do not appear to be a beneficiary of any major regional development.
So, with the above observations and recent buying, one may ask if it is time to enter the market.
Yes and no. The time to enter the market depends on your profile, your risk profile, your purpose of buying, your investment horizon, etc. Other consideration would be the type of property to purchase, is there any special characteristic, etc.
To get a tailored answer based on your profile, you are welcome to drop us a note using the below contact form for non-obligation discussion to find out if it is the right time for you to get into the market.
Alternatively, do watch out for our upcoming article to help you decide if you should invest in your next property.
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