The Singapore real estate industry has been hit hard by the pandemic, but that hasn’t dimmed the hopes of aspiring homeowners—private home sales hit an 11-month high in August, with the highest sales volume since September 2019.
Past trends have shown that sales tend to slow down during the Hungry Ghost Festival, but not this year. Analysts speculate that buyers could be looking to park their money in property due to the current volatility of the equity markets. Due to the circuit breaker early in the pandemic, demand has also been suppressed for several months and is now finding an outlet.
So, which launches were buyers flocking to in August? These were the properties that sold like hotcakes and drew the most interest.
Top 10 bestselling new launches in August 2020 (including EC)
1
Forett At Bukit Timah (Toh Tuck Road)
213
1,933
2
Treasure At Tampines (Tampines Lane)
109
1,364
3
Parc Clematis (Jalan Lempeng)
90
1,665
4
The Garden Residences (Serangoon North View)
65
1,576
5
The Woodleigh Residences (Bidadari Park Drive)
59
1,893
6
Jadescape (Shunfu Road)
53
1,783
7
Whistler Grand (West Coast Vale)
51
1,558
8
Daintree Residence (Toh Tuck Road)
50
1,720
9
The Florence Residences (Hougang Avenue 2)
47
1,555
10
Affinity At Serangoon (Serangoon North Avenue 1)
34
1,595
10
Noma (Guillemard Road)
34
1,639
10
Stirling Residences
34
2,025
Adapted from Colliers International, URA
There were three new launches in August 2020—Forett at Bukit Timah, Noma and Mooi Residences—making up 19.1% of August’s total sales. Of these, Forett at Bukit Timah was the most sought-after private housing project in August, while Noma was ranked tenth.
According to Tricia Song, Head of Research for Singapore at Colliers International, “One of the reasons (for robust monthly sales) could be attractively-priced freehold project launches.”
“The strong sales in August pointed to yet-satiated pent-up demand, and confidence in the property market, which have gone against the worsening economic conditions and rising unemployment.”
City fringe areas such as Toh Tuck and Serangoon have proved popular with buyers.
“August’s sales also signalled buyers’ propensity for ‘value’ as attractively-priced freehold city fringe projects garnered the most interest,” said Ms Song.
“In August, with attractive launches in the city fringe, the Rest of Central Region (RCR) made up the bulk of sales (excluding ECs) at 49.5%, compared to 38.8% in July 2020. In August, Outside Central Region (OCR) or the proxy for the mass market segment made up 40.3% of total sales, compared to 50.7% in July 2020.”
It seems that the dour economic climate has actually pushed buyers to purchase, rather than exercise caution.
According to Lee Sze Teck, Director of Research at Huttons Asia, “Possible reasons for the strong set of numbers could be down to genuine buying demand generated by the low interest rate environment, lack of alternative stable investment assets and the fear of missing out.”
While developers’ sales and new launches have seen healthy demand, some home buyers prefer resale condos due to the lack of waiting time.
So which are the resale condos that people have been searching for?
Top 10 most viewed condos on PropertyGuru (August 2020)
- Reflections at Keppel Bay
- Queens Peak
- Parc Rosewood
- d’Leedon
- Gem Residences
- Sims Urban Oasis
- Marina One Residences
- Eight Riversuites
- Caribbean at Keppel Bay
- Le Quest
The economic downturn has not damped property buyers’ willingness to pay for a central location, it seems.
A great many of the in-demand resale properties are located close to the city core, including Queens Peak at Queenstown, d’Leedon off Farrer Road and Marina One Residences in Marina Bay.
Projects in city fringe areas are also in high demand, and include Reflections at Keppel Bay and Caribbean at Keppel Bay, both located off Telok Blangah Road, Gem Residences in Toa Payoh, Sims Urban Oasis in Aljunied and Eight Riversuites in Boon Keng.
In fact, the only properties located more than 10 kilometres from the CBD are Parc Rosewood in Woodlands and Le Quest in Bukit Batok.
1. Reflections at Keppel Bay condo
|
Project
|
Reflections at Keppel Bay
|
|
Sale price
|
Up to $68,000,000
|
|
Rental price
|
$4,000 – $17,000
|
|
Tenure
|
99 years from 15 Mar 2006
|
|
Completion year
|
2013
|
|
District
|
4, Keppel
|
Located at Keppel, Reflections at Keppel Bay is for those who love the sea and have the budget for it. Considered a high-end development, the waterfront condo boasts a stunning facade in addition to a great location. There are six glass towers built to resemble beacons of light, and 11 low-rise blocks by the shoreline.
Facilities-wise, Reflections at Keppel Bay is impressive as well: there is an Olympic-length pool, an in- and outdoor fitness gym and station and a tennis court, among others.
Residents also enjoy complimentary 3-year membership at Marina at Keppel Bay, which gives them access to the exclusive facilities, clubhouse, members’ lounge and more.
2. Queens Peak condo in Queenstown
|
Project
|
Queens Peak
|
|
Sale price
|
Up to $8,015,000
|
|
Rental price
|
$1,300 – $8,500
|
|
Tenure
|
99 years from 28 Sep 2015
|
|
Completion year
|
2020
|
|
District
|
3, Alexandra
|
Queens Peak is located along Dundee Road in District 3, and as if just being opposite Queenstown MRT station isn’t enough, there are also plans to build a link bridge directly into the station. Queenstown MRT is on the East West Line (EWL), and goes directly to CBD areas like Tanjong Pagar and Raffles Place.
In general, Queenstown is quite a prime city fringe location—recently, HDB flats at Dawson Road even sold at over $1 million! (Read: Million-Dollar HDB Resale Flats in 2020: What’s So Special About Them?)
Although there aren’t many modern malls in the area, the nearest ones being Queensway Shopping Centre and The Anchorage, there’s IKEA Alexandra, which is a hit with people of all ages.
3. Parc Rosewood condo in Woodlands
|
Project
|
Parc Rosewood
|
|
Sale price
|
$500,000 – $1,810,000
|
|
Rental price
|
$899 – $3,200
|
|
Tenure
|
99 years from 7 Jul 2011
|
|
Completion year
|
2014
|
|
District
|
25, Admiralty / Woodlands
|
Parc Rosewood is located on Rosewood Drive in Woodlands, sandwiched between Woodlands Avenues 1 and 2. It is located 18 minutes’ walk from Woodlands MRT.
The area’s key amenities, including shopping mall Causeway Point and Woodlands Regional Library, are clustered around Woodlands MRT. The transport situation is a bit better for drivers as the Seletar Expressway (SLE) exit is located less than 1km away.
Despite Parc Rosewood’s distance from the city core and less-than-ideal accessibility, it has proven popular due to its affordability, with the price of units starting at just $500,000.
4. d’Leedon (former Farrer Court) condo at Farrer
|
Project
|
d’Leedon
|
|
Sale price
|
Up to $1,050,000 – $10,000,000
|
|
Rental price
|
$1,200 – $15,000
|
|
Tenure
|
99 years from 8 Apr 2010
|
|
Completion year
|
2014
|
|
District
|
10, Farrer
|
For those on the lookout for condos near the city, d’Leedon condo is located right on the outskirts of a Good Class Bungalow enclave. It’s also a stone’s throw from Farrer Road MRT on the Circle Line. From there, Orchard Road and the CBD are mere minutes away. d’Leedon is also near popular dining and drinking spots at Dempsey Hill and Holland Village.
As it’s near the Botanic Gardens and Bukit Timah Nature Reserve, d’Leedon is also ideal for those who love nature. There are also eight retail units, which add to the convenience. For families, popular schools St Margaret’s Secondary School, Raffles Girls Primary School and National Junior College are nearby.
5. Gem Residences condo in Toa Payoh
|
Project
|
Gem Residences
|
|
Sale price
|
$799,999 – $2,480,000
|
|
Rental price
|
$1,250 to $6,500
|
|
Tenure
|
99 years from 21 Sep 2015
|
|
Completion year
|
2020
|
|
District
|
12, Toa Payoh
|
Gem Residences is one of the few condominiums located in Toa Payoh, on the city fringe. As you’ve probably already guessed, accessibility is great—there’s a side gate to Braddell MRT (on the North South Line), which is just 400m away. If you work in the CBD, it’ll take only about 20 minutes to get to City Hall MRT.
Additionally, there’s a stretch of eateries right across the road. For families, Gem Residences is also near top schools Raffles Institution (RI), St Joseph’s Institution (SJI) and CHIJ Primary and Secondary School.
6. Sims Urban Oasis condo in Aljunied
|
Project
|
Sims Urban Oasis
|
|
Sale price
|
$670,000 – $2,110,500
|
|
Rental price
|
$1,100 – $6,600
|
|
Tenure
|
99 years from 4 Dec 2012
|
|
Completion year
|
2017
|
|
District
|
14, Eunos / Geylang / Paya Lebar
|
Sims Urban Oasis is a luxury mixed-use development that combines condo living with shops and a childcare centre. The condo’s premium facilities include four swimming pools, one of which is perched on a sky terrace.
Located just five minutes’ walk from Aljunied MRT, Sims Urban Oasis’s city fringe location also enjoys excellent connectivity. The journey to Raffles Place MRT takes less than 25 minutes from door to door.
7. Marina One Residences condo at Marina Bay
|
Project
|
Marina One REsidences
|
|
Sale price
|
Up to $26,091,000
|
|
Rental price
|
$2,400 – $14,000
|
|
Tenure
|
99 years from 1 Jul 2011
|
|
Completion year
|
2017
|
|
District
|
1, Marina
|
Marina One Residences is a luxury condo development in the heart of the fancy District 1. It’s right at the doorstep of Marina Bay MRT and Downtown MRT, and near enough to Bayfront MRT, Tanjong Pagar MRT and Raffles Place MRT. With close access to 4 out of 6 MRT lines in Singapore, Marina One Residences takes accessibility to another level.
Extreme convenience aside, Marina One Residences also has a stunning facade to match. It’s where the city meets nature—the modern residential towers are surrounded by lush greenery, and on the higher floors, residents can enjoy panoramic views of the sea, Marina Bay Sands and Gardens by the Bay.
As expected, this slice of paradise costs a pretty penny. Prices go up to $26 million, and even the smallest, one-bedroom units start at $1.6 million.
8. Eight Riversuites condo in Whampoa East
|
Project
|
Eight Riversuites
|
|
Sale price
|
$710,000 – $3,080,000
|
|
Rental price
|
$900 – $5,000
|
|
Tenure
|
99 years from 11 Jul 2011
|
|
Completion year
|
2016
|
|
District
|
12, Balestier / Toa Payoh
|
Eight Riversuites enjoys an excellent city fringe location, just six minutes’ walk from Boon Keng MRT. Residents can commute by MRT to Raffles Place in under 20 minutes.
The condo’s location on the banks of the Kallang River and the Kallang Park Connector running alongside is another draw, given the current popularity of waterfront living.
The neighbourhood is also conveniently situated less than 6km from Little India as well as Kallang’s many sporting and leisure facilities.
9. Caribbean at Keppel Bay condo
|
Project
|
Caribbean at Keppel Bay
|
|
Sale price
|
Up to $11,000,000
|
|
Rental price
|
$1,900 – $13,000
|
|
Tenure
|
99 years from 16 Aug 1999
|
|
Completion year
|
2004
|
|
District
|
4, Harbourfront / Telok Blangah
|
Caribbean at Keppel Bay is a luxurious, resort-style condominium in the Keppel Bay enclave off Telok Blangah Road. Other than a beautiful waterfront location, the project boasts premium facilities including ten swimming pools, three tennis courts and a gym.
The project is located a short drive from Harbourfront Centre and VivoCity, as well as reputable schools like CHIJ (Kellock) and Radin Mas Primary School. It also connects rapidly to the CBD via Telok Blangah Road and Keppel Road in about 15 to 20 minutes by car.
10. Le Quest condo in Bukit Batok
|
Project
|
Le Quest
|
|
Sale price
|
Up to $1,808,000
|
|
Rental price
|
$1,898 – $4,500
|
|
Tenure
|
99-years from 29 Aug 2016
|
|
Completion year
|
2021
|
|
District
|
23, Dairy Farm / Bukit Panjang / Choa Chu Kang
|
Le Quest is located in mature town Bukit Batok, about 18 minutes’ walk from Bukit Batok MRT. The mixed-use development will feature shops, a supermarket, a food court and a childcare centre.
The area’s main shopping mall, West Mall, is located next door to Bukit Batok MRT. Meanwhile, the Jurong East area, with its malls such as Jcube and Westgate, are less than 4km away.
Accessibility at the moment isn’t great, but when Tengah Park MRT on the Jurong Region Line opens in 2027, Le Quest will enjoy a bit more connectivity, as the new station will be located a manageable 14 minutes’ walk away.
In the coming years, the development of Tengah estate next door will dramatically change Le Quest’s surroundings. The government has plans to build 42,000 homes and develop a neighborhood with lots of green and sustainable features, access to nature as well as a car-free central zone. However, for residents of Le Quest, who can move in from 2021, that could mean years of construction taking place nearby.
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