Developers moved 1,921 units in July including executive condominiums, 150% higher than June’s 768 units. The increase in sales was mainly driven by newly-launched projects, including Lake Grande and Treasure Crest executive condominium (EC). However, sales are down 10.7% y-o-y from the 2,151 units in July last year.
“Sales figures for July 2016 indicate continued traction for the stock of unsold units from ongoing projects,” says Desmond Sim, Head, CBRE research, Singapore and South East Asia. CBRE will not be surprised to see some reserve sites being triggered before the end of the year, should this current momentum continue.
MCL Land’s Lake Grande is the best-selling project last month with 464 units sold at a median price of $1,368 psf. Trailing behind were The Trilinq (42 units at a median price of $1,393 psf) and The Glades (35 units at a median price of $1,413 psf).
The good reception of Lake Grande could be due to the government’s development proposals for Lakeside Gateway. Lakeside Gateway will be a new mixed-use business precinct and home to the future terminus of the Kuala Lumpur-Singapore high speed rail (HSR).
“Buyers were attracted by upcoming developments in the Jurong Lake District, including the Jurong Innovation District and high speed rail, which is tentatively due for completion by 2026,” says Eugene Lim, key executive officer, ERA.
MCL Land’s Lake Grande is the best-selling project last month
In the EC segment, sales jumped 258% to 830 units sold in July from 232 units in June. Treasure Crest led the pack with 398 units sold at a median price of $751 psf. Meanwhile, Bellewaters trailed with 70 units sold at a median price of $790 psf while 43 units were sold at a median price of $796 psf at Sol Acres.
“Treasure Crest sold well, as buyers, both first and second timers, were drawn to the attractive pricing, good location and well-designed product,” notes Lim.