Private homes priced between $1 million and $1.5 million were the most sought-after among the respondents polled in a home ownership aspiration survey conducted jointly by Knight Frank and The Edge Property recently.
An analysis of URA caveats for private non-landed homes also confirms the trend. Condominium units and apartments priced between $1 million and <$1.5 million accounted for 37% of the caveats lodged so far this year, followed by those in the $500,000 to <$1 million price range.
Respondents also expressed a preference for new homes. Thirty per cent preferred to purchase uncompleted homes, while 28% would go for completed homes that are less than five years old. Respondents ranked proximity to the city centre and a good range of facilities as the two most important criteria in selecting a home.
The Edge Property has compiled a list of condos that match respondents’ criteria. These condos — shoebox units were excluded — have average transacted prices so far this year that fall within the sweet spot of $1 million to $1.5 million. Moreover, the list comprises condos with at least 150 units to ensure the developments are of substantial enough size to offer a good range of facilities. The condos are located in the cityfringe area, which offers a good balance between proximity to the city centre and affordability.
Sims Urban Oasis by GuocoLand is located one stop away from the Paya Lebar MRT station and five stops away from the Raffles Place MRT station
Sims Urban Oasis is a 1,024-unit condominium by GuocoLand. The development sits on a 2.4ha site located about 400m from the Aljunied MRT station and in the vicinity of the upcoming Mattar MRT station of the Downtown line.
Sims Urban Oasis was launched in February 2015, when 112 units were sold at a median price of $1,397 psf. The strong sales momentum has continued, with an average of 31 units sold monthly since the launch. Based on URA caveat data as at Oct 10, 180 units have been sold so far this year at an average price of $1,365 psf.
Transacted prices so far in 2016 have ranged from $666,660 to $733,000 for one-bedroom units, $840,000 to $1.12 million for two-bedroom units, $1.19 million to $1.38 million for three-bedroom units and $1.32 million to $1.6 million for four-bedroom units.
A total of 227 units were sold at a median price of $1,440 psf when The Poiz Residences was launched in November 2015
The Poiz Residences is a mixed-use development by MCC Land. It is adjacent to the Potong Pasir MRT station and comprises 731 residential units and 84 shops. A total of 227 residential units were sold at a median $1,440 psf when it was launched in November 2015. The average transacted price so far in 2016 is $1.3 million, or $1,346 psf. Based on the latest URA developer sales data, there are still 189 units available for sale.
Thomson Impressions is located near Ai Tong School and comprises 288 units
At Thomson Impressions, 80 units were sold at a median price of $1,399 psf when it was launched in October 2015. The 288-unit development is located near a popular primary school, Ai Tong School, and surrounded by three parks — Bishan Park, Lower Peirce Reservoir Park and MacRitchie Reservoir Park. Units sold so far this year have averaged $1.33 million, or $1,411 psf. Some 115 units are still available for sale, according to the latest URA developer sales data.
When Gem Residences was launched in May, 312 units were sold at a median price of $1,431 psf
Located about 500m from the Braddell MRT station, Gem Residences is a 578-unit condo jointly developed by Gamuda, Evia Real Estate and Maxdin. When it was launched in May, 312 units were sold at a median price of $1,431 psf. The average transacted price so far this year is $1.02 million, or $1,420 psf. A total of 256 units are still available for sale at the development, based on the latest data from URA.
The average price for units sold at Sturdee Residences so far this year is $1.17 million, or $1,539 psf
Sturdee Residences is located in the vicinity of the Farrer Park MRT station and City Square Mall. The 305-unit condo is developed by Sustained Land. A total of 126 units were sold at a median price of $1,620 psf when the condo was launched in April. The average price for units sold so far this year is $1.17 million, or $1,539 psf. Based on the latest developer sales data released by URA, the developer has 120 remaining units available for sale.
The average transacted price at The Venue Residences so far this year is $1.36 million, or $1,401 psf
The Venue Residences is a mixed-use project by City Developments and Hong Leong Holdings. The 266-unit development is located about 300m from the Potong Pasir MRT station. The average transacted price so far this year is $1.36 million, or $1,401 psf. Based on URA developer sales data, the developer has 121 remaining units available for sale.
Monthly rents at Eight Riversuites so far this year have averaged $2,199 for one-bedroom units and $2,652 for two-bedroom units
At Eight Riversuites, located about 500m from the Boon Keng MRT station, 192 units were sold at a median psf price of $1,340 when it was launched in May 2012. Developed by United Engineers Developments, Eight Riversuites comprises 843 non-landed and 19 strata landed homes. Prices have averaged $1.41 million, or $1,272 psf, so far this year. According to the developer, there are 15 strata landed units between 2,800 and 3,000 sq ft available for sale. Monthly rents at Eight Riversuites so far this year have averaged $2,199 for one-bedroom units and $2,652 for two-bedroom units.
The Shore Residences was completed in 2014 and comprises 408 units
The Shore Residences is a 408-unit condo located 500m from the upcoming Marine Parade MRT station. The development by Far East Organization was completed in 2014. Prices have averaged $1.46 million, or $1,498 psf, so far this year. Average monthly rents at The Shore Residences so far this year are $2,932 for one-bedroom units and $3,978 for two-bedroom units.
Prices at Regent Residences have averaged $1.06 million, or $1,355 psf, so far this year
Completed in 2015, Regent Residences is a 180- unit freehold development located about 600m from the Boon Keng MRT station. Prices have averaged $1.06 million, or $1,355 psf, so far this year. Monthly rents so far this year have averaged $1,987 for one-bedroom units and $2,580 for two-bedroom units.
Completed in 2014, Nin Residence is located across the road from the Potong Pasir MRT station
Nin Residence is a 219-unit development by Qingjian Realty. It is located across the road from the Potong Pasir MRT station and was completed in 2014. Based on transactions so far this year, the average price is $1.48 million, or $1,288 psf. Monthly rents so far this year have averaged $2,223 for one-bedroom units and $2,905 for two-bedroom units.
All the units at Alexis were snapped up in less than a fortnight when it was launched in 2009
Completed in 2012, Alexis is a freehold mixed-use development comprising 293 residential units and 21 shop units. The development, jointly developed by Fission Group and Yi Kai Group, is located about 500m from the Queenstown MRT station. All the units at Alexis were snapped up in less than a fortnight when it was launched in February 2009. Prices have averaged $1.1 million, or $1,268 psf, so far this year. Average monthly rents so far this year are $2,637 for one-bedroom units and $3,343 for two-bedroom units.
Average monthly rents at 8@Woodleigh are $1,968 for one-bedroom units and $3,050 for two-bedroom units
8@Woodleigh is located within walking distance of the Woodleigh MRT station. The 330-unit development by Frasers Centrepoint was completed in 2012. Based on transactions so far this year, the average price is $1.22 million, or $1,247 psf. Monthly rents so far this year have averaged $1,968 for one-bedroom units and $3,050 for two-bedroom units.
A 1,109 sq ft unit at Beacon Heights changed hands at $1 million, or $902 psf, in September
Located on Mar Thoma Road near Whampoa, Beacon Heights is a 999-year leasehold development completed in 2012. Prices have averaged $1.1 million, or $1,024 psf, so far this year. Monthly rents so far this year have averaged $2,123 for one-bedroom units and $2,658 for two-bedroom units.
Read more about Sims Urban Oasis.
This article appeared in The EdgeProp Pullout Issue 750 (Oct 17, 2016) of The Edge Singapore.