Two suburban projects, River Isles (pictured) in Punggol and Sea Esta in Pasir Ris, are set to be launched in the next two weeks, adding nearly 986 new homes to the pipeline.
Experts said that the latest projects will test the demand for new homes in the market, given that sales have been defying gravity since the start of the year.
Qingjian Realty’s 610-unit River Isles development, located at the junction of Punggol Central and Edgedale Plains, is set for preview this week, with an average selling price of around S$850 psf.
Indicative prices of three-bedroom units, which make up almost 50 percent of all units, start from S$810,000 (S$850 psf). According to the developer, unit sizes range between 893 sq ft and 1,183 sq ft.
It added that one-bedroom units start from S$440,000, or around S$940 psf to S$1,000 psf, while two-roomers will be priced from S$670,000 or around S$900 psf to S$920 psf.
Over at Pasir Ris, the 376-unit Sea Esta, which is being developed by Hoi Hup Realty, will be sold at an average price of around S$850 psf to S$890 psf.
Buyers will have to spend at least S$590,000 for two-bedroom units while three-bedders will be priced from S$770,000.
The project is expected to be officially launched next weekend.
Meanwhile, experts noted that many residential projects have been launched in areas like Pasir Ris and Punggol, prompting developers to closely monitor their pricing to lure home buyers amid stiff competition.
Nicholas Mak, Head of Research and Consultancy at SLP International, said that buyers will be more price sensitive if project locations are not great, for instance if they are located far from an MRT station.
“The rate of sales will be proportional to the price… Many suburban projects in these areas are priced at the S$800 to S$900 psf range, so it just depends on whether you are in the upper or lower end of that scale.”
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