In the lead-up to new restrictions on the reissuing of Options to Purchase kicking in at the end of September, the private housing market saw strong sales. This was followed by a dry patch in October when no new launches took place.
As reported in our Property Market Index Q4 2020, here are the top selling condos in Q3 of 2020.
The launch of Penrose sold the highest number of units in Q3 despite having been held only in mid-September as buyers scrambled to secure units before the new restrictions kicked in.
In second place was Treasure at Tampines, which has enjoyed strong sales since its launch in March 2019.
Forett at Bukit Timah came in third. This development, which was launched during the Circuit Breaker, has seen high demand thanks to its location in the popular District 21.
Wondering why these particular projects emerged as stars in Q3 2020? Here’s our take.
Hong Leong Holdings’ Penrose condo saw very strong demand at its launch on the last weekend of September just before the new restrictions kicked in, with over 60% of units being sold.
The 99-year leasehold condo development on Sims Drive in Aljunied consists of 560 1- to 5-bedroom units and is expected to obtain its Temporary Occupation Permit (TOP) in 2024.
The high sales figures were likely influenced by an urgency to buy before the new restrictions kicked in, as well as the affordable per square foot prices of $1,261 to $2,140, or $699,000 to $2,310,000 per unit. The property is located 7 minutes’ walk from Aljunied MRT, which is only 5 stops and 12 minutes away from Raffles Place.
According to Rex Tan from Huttons Asia, many buyers were also attracted by the potential upside of this property, especially given the nearby Sims Urban Oasis’s current resale prices.
Check out Penrose condo units for sale on PropertyGuru.
2. Treasure at Tampines
Sim Lian development Treasure at Tampines is one of the more affordable private condo developments available at the moment, which could be the key to its popularity. Some units are priced as low as $610,000.
“The prices are very acceptable by HDB upgraders and first-timers, who are the majority of the buyers. Plus, it is located at an iconic location in the east,” says Jeremy Lim, also from Huttons Asia.
The 99-year leasehold development located on Tampines Lane consists of a whopping 2,203 units spread out over 12 floors. Its TOP is expected in 2023.
Browse Treasure at Tampines units for sale on PropertyGuru.
3. Forett at Bukit Timah
Freehold development Forett at Bukit Timah has proven popular since its launch in April 2020. It occupies the site of the former Goodluck Garden on Toh Tuck Road, in the vicinity of Beauty World and Upper Bukit Timah
The area enjoys popularity due to its proliferation of F&B options as well as the peaceful and scenic character of the neighbourhood. The development’s freehold status also seems to have boosted demand.
Explore Forett at Bukit Timah units for sale on PropertyGuru.
4. Parc Clematis
Consisting of 1,468 units spread out over 24 floors, the 99-year leasehold Parc Clematis condo development is expected to receive its TOP in 2023.
According to Zac Huang from ERA, Parc Clematis has a “great location for upgraders in the west”. The development is located within walking distance of Clementi MRT, which makes it a good choice for those who work at NUS or in the One-North area. Clementi itself is a popular mature town offering easy access to lifestyle hub Holland Village. It also connects directly to the CBD via the MRT’s East West Line, so it’s not a surprise that buyers have been snapping up units since its launch in August 2019.
Have a look at Parc Clematis units for sale on PropertyGuru.
Jadescape is marketed as one of the first fully smart homes in Singapore. From face recognition technology at the lift lobby to smart air con units, dish washers, sinks and water heaters that can reduce utility bills, this is a home for the future.
Jadescape is located within walking distance of Marymount MRT on Shunfu Road, is 99-year leasehold and has 1,206 units. The development is slated to receive its TOP in 2023, which, according to Jeremy, is a key reason why we’re seeing interest now. “The main reason it’s selling well is due to the short waiting time to completion,” he says.
See available Jadescape condo units for sale on PropertyGuru.
6. The Florence Residences
Farsighted buyers have been eyeing the public transport infrastructure improvements that The Florence Residences will benefit from in the near future. Located on Hougang Avenue 2 and within walking distance of Hougang MRT, the 99-year leasehold property will profit from the conversion of the station into an interchange when the Cross Island Line opens.
Additionally, The Florence Residences had the most available units for new condos in District 19: “There are still choice units at different price points for buyers to consider,” Rex says.
The development consists of 1,410 units on 18 floors and should receive its TOP in 2023, six years before the Cross Island Line’s expected completion.
Check out The Florence Residence units for sale on PropertyGuru.
7. The Garden Residences
This 99-year leasehold development on Serangooon North Avenue 1 is composed of 613 1- to 4-bedroom units on 15 floors. Its location in the popular Serangoon area with its many shopping and F&B options has no doubt contributed to its popularity.
Also, its TOP is expected in 2021. Usually, as projects approach completion, their prices increase. However, Zac shares that The Garden Residences actually lowered their prices, making it an even better buy.
The development is not within walking distance of its closest MRT stations, Kovan and Ang Mo Kio. However, the Central Expressway offers a quick connection to the city core.
Browse The Garden Residences condo units for sale on PropertyGuru.
8. The Woodleigh Residences
This 99-year leasehold development is located in the sought-after Bidadari area, which is currently being redeveloped into a residential estate. The 667-unit, 13-floor development is expected to receive its TOP in 2022.
Many buyers were probably interested in The Woodleigh Residences as it is an integrated development. “Many consumers are still very impressed and confident about integrated and mixed-use developments in Singapore because rental has proven to be easy over the years,” says Jeremy.
Situated at the junction of Upper Serangoon Road and Upper Aljunied Road, the condo development is well-located, at about 13 minutes’ walk from Woodleigh MRT station and within close proximity to elite schools Cedar Girls’ School and Maris Stella High School.
Browse units for sale at The Woodleigh Residences on PropertyGuru.
9. Daintree Residence
Daintree Residence is the second property on this list located on Toh Tuck Road near Beauty World and is further evidence of the popularity of the area.
When compared to nearby projects, Daintree Residence’s affordability may have even it the edge when it came to the more cost-conscious buyers: “At about $1,6XX psf, Daintree Residences was positioned as a much more affordable project than The Linq at Beauty World and Forett at Bukit Timah, both of which are selling at around $1,9XX to $2,XXX psf,” explains Rex.
The 99-year leasehold, 327-unit development, whose TOP is expected in 2021, enjoys the same locational benefits as Forett at Bukit Timah, including proximity to good F&B options and Bukit Timah Nature Reserve, as well as slightly better accessibility as it is a 10-minute walk from Beauty World MRT.
Have a look at Daintree Residence units for sale on PropertyGuru.
10. Stirling Residences
Stirling Residences’s location on Stirling Road, a stone’s throw from Queenstown MRT and on the city fringe, is the key to its popularity. The 99-year leasehold property comprising 1,259 units should receive its TOP in 2022.
With lifestyle destinations like IKEA Alexandra and a thriving hawker scene, the area surrounding Stirling Residences is a big draw. Nearby Queenstown MRT also connects directly to Raffles Place via the East West Line in under 15 minutes, making the development’s city fringe location an even bigger draw.
As Zac puts simply, “It’s got a prime RCR location.”
Check out Stirling Residences units for sale on PropertyGuru.
For more data and insights on Q3 2020, read our Property Market Index Q4 2020.
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