Over the weekend, all 531 units of the Hundred Palms Residences executive condominium (EC) in Hougang were sold. In a day.
Photo credit: Hoi Hup Realty
The all-around positive real estate market sentiments have been felt intensely over the weekend past. Turnout at the showflat were quite literally overwhelming, with the premises filled to the brim and spilling out into the sidewalks. Over at the Le Quest mixed-used project in Bukit Batok developed by Qinjian Realty, interest was also strong.
The popularity of the Hundred Palms Residences could be due to its prime location, as it is situated in the mature estate of Hougang and within the 1km radius of the Rosyth School. The average selling price was $836 psf. In comparison with the same period last year, private home and EC sales has almost doubled. 2,064 ECs were sold in H1 of this year, compared to the 1,867 in the same time period last year. Most of the buyers at the Hundred Palms Residences EC were residents of neighbouring estates such as Hougang, Serangoon, Sengkang and Punggol. It gives an indication of the buying power of young families and professionals and hints at the likelihood of similar response levels for upcoming launches.
While property analysts are not yet certain that buyers’ interest in recent months translate to a market recovery, it is nevertheless a step in the right direction. Resale prices of private homes have inched up slightly but the rental market has remained dull. It waits to be seen if property cooling measures will be lifted as that could potentially mean more business for the property market.
