Private home demand continues to pick up as MCL Land’s condominium development Terrasse finds owners for over 150 of its 414 units. The average selling price of the Hougang Avenue 2 condominium – with units ranging from one-rooms that start at $580,000 to penthouses starting at $1.85 million – was $950 per sq ft (psf). Nine out of ten buyers were Singaporeans and permanent residents, while the rest consisted of buyers from countries including Malaysia and China.
(Demand picks up for good-location housing with reasonable prices. Image courtesy of Terence Ong.)
Separately, Far East Organisation managed to close sales of 30 units belonging to its various developments, not including sales of Eight Courtyards units. More specifically, its Waterfront series located at Bedok Reservoir – made up of Waterfront Isle, Waterfront Key and Waterfront Gold – collectively sold 15 units, while The Greenwood and Suncottages sold two each. It is expected that Pasir Ris’ Seastrand, which will only begin sales at the second half of June, will start from $850 psf. Woodhaven in Woodlands will begin sales at the start of June at between $900 and $1,000 psf.
Meanwhile, the public housing sector sees its first executive condominium to be launched this year, the 315-unit Belysa at the junction of Pasir Ris Drive 1 and Elias Road, receive a healthy 1.7 times more applications than it has units. It will offer only three- and four-room units, and has an average psf of $670.
Insiders observe a substantial demand for good location developments offering reasonable rates. One expert says that buyers also seem more accepting that prices can reach $1,000 psf for an average unit, especially those in mature estates.
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