Taking advantage of the greater demand by Singaporeans for overseas properties amidst the cooling local housing market, nearly 100 Australian residential projects were unveiled in Singapore so far this year, said media reports.
According to Savills’ Head of International Property Sales for Asia Pacific Gavin Sung, that is more than two times the number seen in 2013.
“More Australian developers have found it a good opportunity to market their properties overseas, and local agencies here have been looking for more income streams and selling international properties,” he noted.
Among the major launches in 2014 are Hiap Hoe’s Marina Tower Melbourne mixed-use project, the 92-storey Aurora Melbourne Central integrated development UEM Sunrise and Melbourne’s 100-storey Australia 108 condo by World Class Land.
Marina Tower Melbourne (pictured), which consists of 269-room hotel and two apartment blocks with a total of 461 units, has seen a take-up rate of 75 percent to 80 percent. Its one-bedroom flats are priced from A$400,000 (S$430,480) to A$490,000 (S$527,338), while its three-bedroom counterparts cost between A$1.25 million (S$1.35 million) and A$2 million (S$2.15 million).
For Aurora Melbourne Central, over 95 percent of its 941 residential units were sold a month after it started its preview in October, with 15 percent of the units picked up by Singaporeans. Its one-bedroom units have an average price of A$418,000 (S$449,851), while two-bedders cost between A$605,000 (S$651,101) to A$792,000 (S$852,350).
Finally, World Class Land moved 133 of the 193 initially-released units at the 1,105-unit project in November, with price ranging from A$410,000 (S$440,000) to A$580,000 (S$624,196) for one-bedroom units and A$520,000 (S$559,624) to A$899,000 (S$967,504) for two-bedders.
Reapfield Property Consultants’ Executive Director Peter Thng noted most Singapore investors prefer to buy apartments, but their interest on landed properties is growing as well.
Image source: Hiap Hoe