Upmarket Condo Sales See Sunshine

The second half (2H) of 2016 is seeing an upward trend in the Singapore condo market, particularly for upmarket new launches.

Goodwood Residences in Bukit Timah recently sold its last 3 penthouses. Following the sales of these 3 units, this new condo launch has sold out all of its 210 units. GuocoLand, the developer is definitely happy to announce the sell-out of Goodwood Residences, of which about 70% were bought for investment rather than for home stay. It was further ascertained that the last 3 units sold were based on normal scheme, that is, devoid of carrots such as deferred payment scheme, or DPS, which developers tend to embark on to attract investors for unsold new condo launch units.

Another new launch development by GuocoLand is Leedon Residence along Farrer Road. For this development, DPS has been introduced, thereby attracting healthy response from investors and home buyers as well. With per square foot (psf) averaging slightly less than $2,000, 6 units of 5-bedder were snapped up recently with price tags between $8.5m and above $10m.

While it is convenient to attribute the upward trend to the DPS, do take note that the initial outlay of 20% plus regular Buyer’s Stamp Duty and Additional Buyer’s Stamp Duty nevertheless amount to 6-figure, which is more than enough to buy a smaller new condo launch unit!

Another upcoming luxurious new condo Singapore launch by GuocoLand is at the Martin Road. This plump land parcel in River Valley attracted top bid. The developer is quietly confident that take-up rate will be very encouraging, pointing towards a generally more bullish Singapore condo sales market.