Singapore property market to end the year on a high: Sales and prices up

The residential market looks set to end 2006 on a high with a take-up rate of around 9,700 new homes and price increases in the region of 9 per cent.  

According to a report by real estate services firm CB Richard Ellis, the final quarter of the year saw the highest sales, with approximately 3,000 new units being sold.  

A total of 792 units from four projects were fully sold this quarter. They were the Regency @ Tiong Bahru, Grand Duchess at Patrick’s, Ford @ Holland and Marina Bay Residences. The latter saw all 428 units selling out in two days at prices averaging $1,850 per square foot (psf).  

During the year, a total of 1,899 units from six other launch projects were sold out. These include The Esta, Newton One, The Beacon, Southbank, Urban Edge @ Holland V, and The Oceanfront @ Sentosa Cove. The projected 9 per cent increase in home prices has been driven by the rise in the high-end market.  

Luxury projects like St Regis Residences Singapore, The Tate Residences, and Ardmore II hit prices averaging $2,500psf, $2,200psf, and $2,300psf respectively. These figures surpass the levels previously set during the 1996 market peak.  

Mr Joseph Tan, director for residential property at CB Richard Ellis, said this strong growth is set to continue. “We expect this lively pace of the residential market to keep up, underpinned by the strengthening economy, more job opportunities, and rising wages,” he said.  

Source: TODAY, 23 December 2006

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