According to the URA (Urban Redevelopment Authority) of Singapore, sales of private home units (including Executive Condominiums (ECs), Private Condominiums, Private Landed Property) saw a rise of approximately 68.1 percent in April – from 788 units to 1,325 units. The increase was mainly due to a new launch EC – Rivercove Residences, whose showroom recently opened doors in Sengkang.
Excluding ECs, developers sold 729 units last month, up slightly from 716 units in March.
“The robust demand for ECs, a hybrid between public and private housing, was driven by the limited supply and relatively affordable price points for the “sandwiched” class,” said Tricia Song, head of research for Singapore at Colliers International.
ECs have always been a hit in Singapore, especially when there will only be an official launch of one this year (as well as 2019). Hence the rising demand means buyers will rush to bid & ballot for these rare pieces of estates. Investors think that ECs have a high ROI and many are buying to resell in 5 years when the Condo becomes privatised. However, it is important to find out the landscape of these ECs, their suitability for living, and their location before deciding their worth.
In fact, one new Condominium Launch is slated to be Affinity at Serangoon, a potentially condo that could be a good investment for both capital gains & renting, as well as for the family living. Serangoon has always been one of the hottest estates that residents love – it’s a mature estate that is well-connected by train lines, extensive road networks, and a suburb to the CBD area. No wonder hype and excitement is building up for this launch.
Especially with the developer surge of 68% in April, we foresee a good demand for Affinity at Serangoon as well. Affinity at Serangoon is an enbloc project from the old Serangoon Ville – a high bid was raised for this enbloc and there were many competitive bidders.
For those that do not know:
“Affinity at Serangoon is a 99 years lease private condominium development that will be launched in Serangoon North Estate and Serangoon Gardens. Led by Oxley Holdings, the consortium Oxley Holdings, Lian Beng Group, KSH Holdings and Apricot will jointly develop the site. The site will enjoy views towards the horizon as it is facing Serangoon Landed Estate, which zoning will remain as landed.”
Commenting on the strong sales seen at recent launches, PropNex Realty CEO Ismail Gafoor said: “Those waiting at the sidelines in the last three years are now purchasing units at new launches, sensing that prices might increase moving forward.”
According to PropertyGuru’s Property Market Outlook report, prices of new launches are expected to be at least 5.0 percent higher than last year.
Thus, we can observe that new Condos like Margaret Ville, The Garden Residences, and Affinity at Serangoon would do relatively well in the market – and buyers will participate in a buy wave before prices eventually shoot above the 5% analysis price hike.
According to PropertyGuru, other top selling projects include Park Place Residences (Phase 2) at Paya Lebar Quarter, which sold at a median price of S$2,060psf across 166 units, and Verandah Residences at Pasir Panjang Road (141 units at $1,846 psf). Harbour View Gardens along Pasir Panjang Road is almost sold out at a median price of S$1,763psf.
We can only wait for the release of the floor plans to find out more about Affinity at Serangoon. To register for any updates or early bird preview, we highly recommend doing so at https://affinityatserangoonville.sg.