Artist’s impression of Rivercove Residences EC in Sengkang.
UPDATED: Sales of new private homes, including executive condominiums (ECs), rose 68.1 percent in April to 1,325 units from 788 in the previous month, according to latest figures from the Urban Redevelopment Authority.
Excluding ECs, developers sold 729 units last month, up slightly from 716 units in March.
The highly anticipated Rivercove Residences EC in Sengkang was the most popular project in April, moving 512 out of 628 units at a median price of $970 psf. This development is the only EC launch in 2018.
“The robust demand for ECs, a hybrid between public and private housing, was driven by the limited supply and relatively affordable price points for the “sandwiched” class,” said Tricia Song, head of research for Singapore at Colliers International.
Other top-selling projects were Phase 2 of Park Place Residences at Paya Lebar Quarter, which sold 166 units at a median price of $2,060 psf, The Verandah Residences at Pasir Panjang Road (141 units at $1,846 psf), Harbour View Gardens, also along Pasir Panjang Road (52 units at $1,763 psf), and The Tapestry in Tampines (51 units at $1,391 psf).
Commenting on the strong sales seen at recent launches, PropNex Realty CEO Ismail Gafoor said: “Those waiting at the sidelines in the last three years are now purchasing units at new launches, sensing that prices might increase moving forward.”
According to PropertyGuru’s Property Market Outlook report, prices of new launches are expected to be at least 5.0 percent higher than last year.
Other new project launches slated for this month include Affinity at Serangoon, The Garden Residences, also at Serangoon, and Margaret Ville at Margaret Drive.
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