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Prime district condos are bestsellers in October

By Angela Teo

/ EdgeProp |

November 19, 2017 10:30 AM SGT

Sophia Hills and Martin Modern emerged as the top-two-selling private residential projects in October, according to the latest figures released by URA. This marks an improved sentiment towards the Core Central Region, says Tricia Song, director and head of research (Singapore) at Colliers International.

Developers moved 758 private residential units in October, a 15.4% m-o-m improvement from September’s total of 657 units. “The take-up rate, as measured by the sales-to-launch ratio, was very robust at 313%,” notes Nicholas Mak, executive director of ZACD Group.

At Sophia Hills, which was the bestselling project last month, 62 units were sold at a median price of $2,029 psf. This brings total sales in the 493-unit development to 90.5% as at end-October.

At GuocoLand’s Martin Modern, 47 units were sold last month at a median price of $2,343 psf. The cumulative units sold were 186, or 88.6%, of the 210 units released in the 450-unit project to date.

The third bestseller in October was GEM Residences, jointly developed by Malaysian developer Gamuda Land, Evia Real Estate and Maxdin. The partners sold 43 units at a median price of $1,504 psf. This brings total sales to 469 units, which translates into 81.1% out of a total of 578 units in the development.

The 39.5% y-o-y drop in new-home sales in October was also a result of the number of new projects launched. According to Song, only 242 new units were launched last month compared with 1,494 units in October 2016, during which Forest Woods and The Alps Residences were launched and saw strong sales.

Projects that were fully sold last month were Commonwealth Towers (845 units), VIIO @ Balestier (56 units), The Rise @ Oxley — Residences (120 units) and The Wisteria (216 units).

Forty-seven units were sold at Martin Modern in October at a median price of $2,343 psf (Credit: GuocoLand)

Best-selling private projects in October 2017

Project Name	Street Name	Units Launched in the Month	Units Sold in the Month	Total Number of Unsold Units	Median Price ($psf)
Sophia Hills	Mount Sophia	0	62	47	2,029
Martin Modern	Martin Place	50	47	24	2,343
GEM Residences	Lorong 5 Toa Payoh	0	43	109	1,504
Stars of Kovan	Upper Serangoon Road	20	38	29	1,505
TRE Residences	Geylang East Avenue 1	0	38	22	1,424