In June 2009, private home sales remain strong in Singapore. According to the developer of Far East Organisation, they have already sold 74 apartments in their 280-unit Vista Residences during the private preview in the third week of June. The company has also released 88 units at a weekend previews, and 85 percent of these units have already been sold out.
Far East Organisation will be officially launching another project in Thomson Road in July 2009. Frasers Centrepoint, however, mentions that it has already sold two of its projects, which include the 110-unit Woodsville 28 and the 330-unit 8@Woodleigh. The prices of homes at 8@Woodsleigh range from $790 per square foot (psf), while units at Woodsville 28 have an average price of $775 per square foot.
According to a note of OCBC Investment Research Analyst Foo Sze Ming, the Vista Residences provide smaller size units that demand a higher psf pricing, and as such, they warned that the strength in the buying momentum at higher psf pricing for the recently launched condominiums must not be viewed as a new trend for property prices. He believes that the spillover effect from the earlier pent-up demand that has attracted back into the market some of the wealthy local investors is the driving force for the buying strength over the past weeks. Foo also notes that in their view, the inflow of foreign funds into the property market and a pick-up in employment opportunities are the potential catalysts for the price increase in condominiums.
More mass-market and mid-market condominium launches are also expected in the coming weeks. These upcoming launches will include Chip Eng Seng’s 388-unit with 99-year leasehold project at Elias Road called Oasis@Elias, and Tripartite Developers’ 329-unit freehold project at Flora Road called The Gale.