Private property buyers are returning into the market after the Hungry Ghost Month.
However, the festival’s conclusion was not the only reason for a quick turnaround in the buying activity over the long weekend. A new property launch also boosted buying sentiment.
Most of the transactions were concentrated in NV Residences project in Pasir Ris. The developers, Hong Leong Group and City Developments, launched a preview for the project last Wednesday and around 160 units were snapped up at $830 psf.
Subsequently, another 90 units were sold, and the strong demand has stirred up the average prices.
As of September 12, a total of 250 units out of the 300 units released were taken up. 80 percent of the buyers were Singaporeans and the rest were PRs and foreigners.
Meanwhile, property buyers also snapped up 10 units at The Minton in Hougang over the past weekend, said Peter Ow, managing director for residential services at Knight Frank. The number of sales was also similar at the Oasis@Elias near the NV Residences.
Mr. Ow said that both project, The Minton and Oasis@Elias, performed better than a week ago. Property buyers have enough time to think through the new property measures and “it looks like people are settling down,” he said, adding that “those who are really keen, they are willing to commit.”
Far East Organization’s Seletar project also sold nine units over the long weekend, bringing the total number of units sold to 225 at $1,074 psf.
Industry players will be monitoring upcoming launches, including Hoi Hup Sunway’s Vacanza@East at Kembangan, for a brighter sense of where the Singapore property market is headed.