Low interest rates and new project launches kept propping up the market with at least 325 homes sold over the past week.
Eight Riversuites, a 99-year leasehold near to Boon Keng MRT has sold more than 200 units during the preview over the weekend.
After the early bird discount, the average selling price was $1,400 psf according to some sources. This is higher than the 999-year leasehold Riviera 38, which is $1,100 psf on average which is further from Boon Keng MRT station.
Eight Riversuites' one-bedroom units of about 450 sq ft were priced at about $600,000 which made up about 60% of the 862-unit project.
Last week, Far East Organization sold another 67 units of Seahill, a 99-year leasehold project at West Coast Link, for a total sales of 185 units out of 338. The average price for this project is about $1,329 psf.
This developer also sold another 34 units in Hillsta at Choa Chu Kang, euHabitat at Eunos and Silversea at the East Coast.
MCL Land sold another 27 units of Ripple Bay at Pasir Ris for a total of 532 units out of 679-units at an average of $870 psf.
Buyers have been buying new private homes at a new quarterly record of 6,682 homes for the first three months of 2012.
It appears that the appeal for new projects that are priced right in good location will remain strong.
8 May 2012