Over 320 new private homes sold in a week as rates hit rock bottom

SINGAPORE: New private home sales continued their strong run, with at least 325 homes snapped up over the past week as rock-bottom interest rates and new project launches kept propping up the market.

A report by UBS Investment Research said that more than 200 units at 99-year leasehold Eight Riversuites in Whampoa East were sold during a private preview over the weekend.

The average selling price was S$1,400 per sq ft, after buyers were given a 5% early-bird discount. This is higher than Allgreen's 999-year leasehold Riviera 38, previewed in October last year, which is priced at about S$1,100 per sq ft on average. Allgreen's project, however, is farther from Boon Keng MRT station.

Eight Riversuites' one-bedroom units of about 450 sq ft were priced at about S$600,000 while the two-bedroom units of about 700 sq ft cost about S$900,000.

They made up about 60% of the 862-unit project and were the most popular among buyers, the report added.

“Agents were keen to make comparisons with freehold City Square Residences, which is integrated with a retail mall and located one MRT station closer to the city, where small-format units are enjoying strong rental demand and a heftier price tag of S$1,600 to S$1,700 per sq ft,” it said.

Far East Organization sold another 67 units at 338-unit Seahill in West Coast Link, bringing total sales to 185 units since the 99-year leasehold project previewed at the end of last month. The average price of the units sold was S$1,329 per sq ft.

The developer also sold 34 more units in its other projects like Hillsta in Choa Chu Kang, euHabitat in Eunos and Silversea along the East Coast.

Over at 679-unit Ripple Bay in Pasir Ris, MCL Land said that it sold another 27 homes, bringing total sales to 532 units at an average of S$870 per sq ft.

Buyers have snapped up new private homes at such a blistering pace that the 6,682 homes sold in the first three months of the year set a new quarterly record. Many of these are tiny shoebox apartments of 500 sq ft and less.

PropNex chief executive officer Mohamed Ismail said the sustained sales momentum showed the appetite for new projects in good locations that were priced reasonably remained strong.

He expects demand to remain healthy for the next one to two quarters. - The Straits Times/Asian News Network