What is the main attraction that has turned the fortunes? The area is now a high brow settlement with an array of retail shops; cafes and choice boutiques and populated by young professionals. These are the parameters that made the sales as hot as it currently is. Other condo units that offer great deal at the moment include; Principal garden, the Sturdee Residences, Sims urban oasis, and Cityscape Singapore.
Prior to this sales boom, Kapel land has closed the sales. The wisdom in the adage that winners never quit is perhaps the tonic needed by the developers to wade through the dark moments of low sales.
The interest of the developers in Tiong Bahru is understandable. It is a choice area that has all the metrics that will make buyers with minimum sales overtures to buy.
The last private new launch Condo in Tiong Bahru was ten years ago in 2006 in which 198 units were put up for sale. Two others were held in 2004 and in 2005. All three put together are free holds. They are all private apartment blocks that are in need of redevelopment.
These are happy days for developers because the tide is now swinging in their favor. Of recent, the transaction at Twin Regency, completed in 2007 was sold for $2.95 million at $1,391 psf that was conducted in May this year. In June, the highest price was achieved with a margin of $436 in excess over the price of psf in May.
What about the sales Condo at the Marine Parade area located in the east? There were several transactions that was held there of recent. The 612 unit involved was completed in 2004. In 2004, the unit went for $651psf; the last sales in this year went for $1,324psf. This mathematically translates into a marginal gain of $673; an increment of over 100%.
The Marine Blue is a new free hold private Condo. If a cursory look is taken into the account of their sales since the beginning of the year, it shows a very healthy performance; an indicator to the fact that sales for now are indeed hot.
Emerging facts are pointing in the direction that buyers are returning; not as mere observers but as active participants. The music in the property market is blaring once again and buyers are dancing to the melodious tunes. The developers are happy no doubt, no wonder innumerable deals are now on offer by other developers such as for the Venue and Highline Residences. It seems every developer is reinventing their selling strategies on new launch Condo units as well as private Condo sales.
There is no doubt about this, sales in this Singapore Condo is hot. But for how long will this last? That is the question in the realm of conjecture.