Welcome to our weekly update, where we share with you the latest happenings in the first-hand market. As usual, the reason why we do this is simple. The better you understand demand, the greater you are in picking out properties with higher capital appreciation.
However, do take note that the weekly update is a guide for your reference only. Do not be distracted by all the condos on the list. It is far more important to understand the why before looking at all the “what”. This decision-making process will ensure that you acquire a property that fit your requirements. And never live a day regretting your selection.
Every Week, There Is Always A Minimum Number of Condos Sold
If you have followed our weekly updates from the start, you would have noticed a minimum number of condos sold per week. This minimum number is what I refer to as the baseline consumption. No matter what economic climate we are in, units will still sell every week. Although people purchase real estate for all kinds of reasons, some acquire it because, ultimately, it is a basic need.
Hence, understanding this baseline demand is critical. Because if you have no clue what is the number is, you can make terrible assumptions of the property market, just like how a journalist from Bloomberg commented that people who purchased condos during the pandemic are no different from gamblers. If you want to understand more about this baseline consumption, you can read my analysis here.
1) WEST ZONE – 49 units
Ki Residences – 7 units
Forett @ Bukit Timah – 6 units
Mayfair Garden – 1 unit
Midwood – 4 units
Parc Clematis – 7 units
Daintree Residence – 5 units
Normanton Park – 8 units
Dairy Farm Residences – 1 unit
Clavon – 2 units
Whistler Grand – 3 units
Verdale – 2 units
View at Kismis – 1 unit
Kent Ridge Hill Residences – 1 unit
Twin VEW – 1 unit
2) CENTRAL ZONE – 21 units
One Pearl Bank – 1 unit
Avenue South Residences – 1 unit
Sky Everton – 1 unit
Stirling Residences – 1 unit
The Hyde – 1 unit
Kopar at Newton – 1 unit
The Atelier – 4 units
Van Holland – 2 units
Fourth Avenue Residences – 3 units
Royal Green – 1 unit
35 Gilstead – 1 unit
Kopar at Newton – 2 units
Woodleigh Residences – 1 unit
The M – 4 units
3) NORTH ZONE – 29 units
4) EAST ZONE – 29 units
5) EC CLUSTER – 13 units
6) LUX CLUSTER – 51 units
The Reef at King’s Dock – 2 units
Riviere – 1 unit
Meyer House – 1 unit
Marina One Residences – 2 units
Nouvel 18 – 4 units
Martin Modern – 1 unit
Wallich Residences – 1 unit
Boulevard 88 – 1 unit
RV Altitude – 34 units
8 St Thomas – 2 units
Leedon Green – 2 units
The sales momentum for this week is somewhat consistent with the previous week. Averaging about 150 to 200 units if there are no major mass-market condo launches. The only noteworthy new project was The Atelier at 2 Makeway Avenue by Bukit Sembawang. Comprising of a total of 120 units, The Atelier sold only 4 units during the launch. On the other hand, units at RV Altitude continue to sell well, clearing 34 units due to the developer having markdown prices.
Understanding The Atelier And RV Altitude (Same Same But Different)
If you were to analyze both The Atelier and RV Altitude, you would realise that these two developments are somewhat similar. Both are freehold, located in district 9 and comprising about a hundred plus units. The main difference would be the overall quantum. In my previous weekly sales update, I have highlighted that the price drop at RV Altitude has resulted in the doubling of affordability. Instead of catering to just the top 10% earners in Singapore, the top 20% of the population can now afford a unit there. Hence, it is no surprise that all the typical 2 bedroom units at RV Altitude are now sold.
Using the same logic, you can clearly understand why sales at The Atelier did not do as well. The Atelier is a product that is only catered to the top 10% of earners in Singapore. Now, purchasing a product like The Atelier is also not wrong. Some individuals are specifically looking at such condos because they value privacy and have the opportunity to interact with like-minded individuals. The personal connections you create in your community can be even far more valuable than the price you paid for the house. Like I always say, different properties have different attributes. The most important thing is understanding the various developments’ characteristics and finding the best one for your needs.
I hope you have benefitted from our weekly sharing updates and learn something valuable each time. Of course, if you do need further assistance in your real estate needs, don’t hesitate to give us a call. Meanwhile, stay safe, do your homework and always look at the numbers!
Article contributed by Jerry Wong.
Jerry Wong is a realtor with Propnex Realty. He loves coffee, cookies and condos and has been in real estate for ten years. Most importantly, he loves connecting people to properties and gets enormous satisfaction when they acquire their dream home. Or making well-informed decisions that see their assets grow. Book a video call appointment, and Jerry will share with you the following.
- How certain factors affect real estate prices. Why some condos can make a million dollars while others can lose that same million.
- Why timing is not the most important thing. Because some people can buy the same condo at the same time, but one end up making $100k to $200k while the other suffers losses of the same amount!
- Understanding your requirements and craft a solution for your real estate needs. Be it in asset progression, tax planning, financial calculations, rentals, sales, etc.
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