The Urban Redevelopment Authority reports that residential property sales in Singapore were up 42% in July from the previous month and analysts say much of the increase is due to foreign interest. Parc Centros, Park Olympia and River Islas all saw significant jumps in sales, as did sales in the Core Central Region. Sales of Executive Condominiums did not factor into the surge, but units in suburban areas across the region more than made up for the lack of premium sales and demonstrated that location was one of the most important factors in buyers’ decisions. For more on this continue reading the following article from Property Wire.
Buyers from Indonesia, China and India are boosting demand for private residential properties in Singapore.
The latest figures from the Urban Redevelopment Authority (URA) show that sales, excluding Executive Condominiums, soared in July, up almost 42% compared with the previous month. Three out of the top four best selling projects were located in the suburban areas. They were Parc Centros in Punggol which sold 492 units last month, Parc Olympia located in Loyang at 204 units, and River Isles in Punggol with 86 units.
The figures also showed that developers sold 253 units of new homes located in the core central region, 181 units at the city fringe, and 1,509 units in suburban areas last month. Including ECs, URA said a total of 2,067 units of new homes were sold in July.
Private home sales in the month of July for Singapores Core Central Region (CCR) jumped by almost 80% month on month to reach 253 units. 'As the market prepares for the upcoming Ghost Month, all segments have seen a jump in sales. A notable rise was recorded in the CCR which saw home sales peak at 253. In fact, Julys home sales in the CCR were the highest in the last 15 months, only after April 2011's sales volume of 306,' said Tejaswi Chunduri, regional analyst at PropertyGuru.
'This reinforces the fact that location is the most important factor when considering property investment. This also indicates a return in developer investor confidence as investors are on the lookout for strategically located projects,' she added.
Meanwhile the URA has put up new residential sites for sale to provide developers and home-buyers with more choices for private housing with the expectation of creating 1,600 residential units. A site at New Upper Changi Road is described as being located within an established private housing estate and close to Tanah Merah MRT Interchange station.
It is also easily accessible by East Coast Parkway and Pan Island Expressway. Another at Prince Charles Crescent is located in an established residential area within the central region. It is located near Redhill MRT station and is also a short drive away from the Central Business District, Marina Bay and Orchard Road. And a land Parcel at Woodlands Avenue 6/Woodlands Drive 16 is situated within the HDB Woodlands estate, the site is near to Admiralty and Woodlands MRT stations.
It is also easily accessible via Seletar Expressway (SLE). Tender for the residential sites at Prince Charles Crescent, Woodlands Avenue 6 / Woodlands Drive 16 and New Upper Changi Road and will close at 12 noon on 20 September 2012, 9 October 2012 and 16 October 2012 respectively. Selection of the successful tenderer will be based on the tendered land price only.
This article was republished with permission from Property Wire.