765 private residential units were sold in October, data released by the Urban Redevelopment Authority (URA) revealed. This marks 26.3 percent month-on-month increase.
Marina One Residences (pictured) was the most popular project sold in October, according to analysts.
Alice Tan, Director and Head of Research at Knight Frank Singapore, said the increase in new sales volume is mainly due to Marina One Residences as the project saw very good response amid a relatively moderate market, selling 84 per cent of total units launched.
This shows buyers are now very sensitive to quality project attributes, Head of CBRE Research in South East Asia Desmond Sim added. “There is now a very clear trend of underlying demand for new homes; hovering at 400 to 500 units over the last six months during which the number of launches has been relatively fewer.”
The keen sales at Marina One Residences, according to JLL, was due to its attractive pricing, its proximity to MRT stations and the fact that many buyers see it as a prime inner city development. Notably, the median price of $2,228 psf at Marina One Residences “falls within the average price range of $2,000 to $2,700 psf at Marina Bay Residences and Marina Bay Suites”.
The debut of Marina One Residences in the Core Central Region (CCR) also contributed to the 438 units launched in the CCR, which is five times more than the 81 units launched in September, as observed by Chia Siew Chuin, Colliers International’s Director of Research & Advisory.
Developed by M+S, Marina One Residences offers 1,042 units in two towers and it was the only newly-launched project last month.