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Property News24 Apr 2017

392 units sold at new Seaside Residences condo

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In a fresh sign of the gradually recovering market, Frasers Centrepoint Singapore's latest condominium project, Seaside Residences in Siglap, moved a hefty 392 units - 70 per cent of the 560 units released - in its first weekend of sales .

The sales represented about 46.5 per cent of the 843 units at the project, which has sea views and is near the upcoming Siglap MRT station.

"The strong sales in this launch phase indicate that buyers value the rare and premium location of Seaside Residences," said Mr Christopher Tang, chief executive of Frasers Centrepoint Singapore.

The Straits Times understands the average sale price achieved was about $1,700 per sq ft. The 99-year leasehold project has one- to five-bedroom units, with sizes from 420 sq ft to 3,294 sq ft.

It is the fourth private condo project launched this year. All have booked fairly healthy sales, albeit many of the units sold were smaller one and two-bedders.

Savills Singapore research head Alan Cheong said: "This is another sign the market is recovering. I think demand will likely be sustained but it doesn't mean developers can be too adventurous... Buyers are still price sensitive."

The other three projects are: The Clement Canopy in Clementi, Grandeur Park Residences in Tanah Merah and Park Place Residences At PLQ in Paya Lebar.

Seaside Residences and upcoming Tang Skyline's 400-unit mixed use development Artra in Redhill, due to open for booking this weekend, are set to keep new home sales momentum going this month.

Last month, developers sold 1,780 new units, excluding executive condos, up about 82 per cent from the 979 in February - the highest monthly sales since June 2013. As at March 31, The Clement Canopy had sold about 53 per cent of units, Grandeur Park Residences about 67 per cent, and Park Place Residences At PLQ nearly 51 per cent.

"Despite the brisk sales, I don't think we are at the bottom of the market yet because resale prices continue to be weak and employment outlook remains uncertain," said International Property Advisor chief executive Ku Swee Yong.

The Straits Times
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