New condominium projects attracts buying interest

Over the past weekends in March 2017, new condominium launches have been the talk of the town. The last few weekends saw active interest from the market with new developments such as Grandeur Park Residences, The Santorini and Highline Residences were actively in the thoughts of the market.

Besides, there was also Park Place Residences with ignited the market with its integration of the shopping mall, business hub and residences. This project is the gem of Lendlease, featuring 429 residential units that is located within the Payar Lebar Quarter. It open for the preview in Mid March, was attracted a good crowded indicating active interests in the market. Property agency, Knight Frank noted that the size of the crowded indicated good buying interests.

The Santorini at Tampines
The Santorini at Tampines

Earlier in February, local big boy, UOL Group, had a great start to the year with their gemstone project – The Clement Canopy at Clementi. According to the listed big boy, they saw a substantial size of crowd during the preview weekend at its showflat along Clementi Avenue 1. They noted that the recent adjustment made in the Budget 2017 had been a purposeful re-calibration that has positively impacted the market sentiment. One of their spokesperson said – “Our sales momentum has remained constant; we did not see a sharp increase.” So far, the 99-year leasehold The Clement Canopy has sold 244 units out of the 350 released, at prices ranging from $1,330 to $1,360 psf.

Buying interest was a brisk in the Eastern part of Singapore too! With Grandeur Park Residences topping the charts and spurring sales in the nearby housing projects such as Coco Palms, The Glades and the Santorini. There is also more upcoming action with Seaside Residences at Siglap too!

Meanwhile, CEL Development, the property arm of listed construction company Chip Eng Seng Corp, launched the 720-unit Grandeur Park Residences, located next to the Tanah Merah MRT station, in early March. As at March 14, 464 units (64.4%) in the 99-year leasehold condo had been sold at an average price of $1,350 psf. “The easing in the cooling measures didn’t result in a greater turnout at showflats,” says Chng Chee Beow, executive director of CEL Development. “In fact, it had very minimal impact.”

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