Posted on 15 Nov 2011

Which way is the Singapore private residential property price index heading?  Will new launch of private condominium be well received?

[Update on 9 Feb 2015 ] This post is 3 years old and home buyers sentiments have not changed. In current property market conditions when the private residential property price index has been on a decline, only new condo launches at attractive pricing will capture home buyers attention. Look out for next exciting condo launch Kingsford Waterbay Condo in Hougang.

On the ground, when I do my roadshow, home buyers are still staying on the sideline, asking us to let them know if something interesting crops up.

Hmmph!  The something interesting is definitely very chim!  What is interesting to me, might not be interesting to the home buyers, right?

Home buyers generally are waiting for the next downturn which they think would happen next year.

Recent news have been focusing on the state of global economy, and many are expecting year 2012 to go into recession.

The stock market has been in a roller coaster ride since August this year, after a plunge when it was announced that credit rating agency Standard & Poors (S&P) downgraded its credit rating of the U.S. federal government from AAA to AA+.

So what has been happening at new launch of private condominiums since October 2011?

Freehold private condominium near Boon Keng MRT

Per my previous blog, the 1 bedroom units at Regent Residences located near Boon Keng MRT station was snapped up within an hour.  According to an article found in the website, it was 70% sold in less than a week, for an average price of $1,200 per sq ft (psf).  This freehold private condominium has a total of 180 units in a 27-storey tower.

Freehold Cluster House in Seletar Hills Estate

A freehold cluster house, Este Villa. located in Seletar Hills Estate was fully sold in four days.

Leasehold 99 years Private Condominium in Hougang

Parc Vera, located at Hougang Ave 7, has 75% of units released taken up over the weekend of launch at the end of October 2011.  The average selling price was about S$800 psf.  It comprises 452 units spread across four 18-storey blocks, offering two, two plus study, three and four-bedroom units, as well as penthouses.

Parc Vera attracts HDB upgraders, featuring a double-storey waterfall from a lap pool on the third floor to a childrens pool and Jacuzzi on the first level.

Latest New Launch of Private Condominium

The latest residential property launched is The Palette at Pasir Ris Grove.  Again, high take-up rate!  200 of 300 units were snapped up during the preview launch, at an average selling price of S$870 psf.

Which is the next new launch of private condominium?

The integrated development at Bedok MRT, Bedok Residences. is geared up for a preview, expected to happen on 23 November 2011.

This development comprises of 583 units in 8 blocks of 15-storey residential apartments, has an indicative selling price of between $1100 to $1500 psf.

Comparative Market Analysis for Bedok Residences

Looking at comparative developments, theres a 1 bedroom unit sold at Optima @ Tanah Merah in September at $1374 psf.  Whereas the 1 bedder at The Trumps was sold at $1272 psf in July 2011.

Both are next to MRT stations in the East, along the East West MRT line, but not at a town centre.

So if the developer priced their 1 bedder at Bedok Residences at $1400 or $1500 psf, is this interesting to home buyers?

Bedok Residences Contact Details

To find out more on launch details of the Condo at Bedok MRT, please leave me a message at Contact Form or call me at HP No. 96700937