Singapore Home Launch, Meat Cooler Buyer Reception – Mingtiandi

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Renta Hills Residences Singapore

Rental Hills Residences in Ang Mo Kio

The launch of the first large-scale project in the second half of 2023 is a new outlook for housing choice in what has been Asia’s hottest housing market, after Singapore’s house prices fell for the first time in three years in the second quarter. It was met with a dispassionate response from facing homebuyers.

Propnex Realty said late Sunday that about 299 condominiums at Rentor Hills Residences, representing half the capacity of the Rentor Estate project, were priced at just over S$2,000 (about $1,483) per square foot on average. announced that the property had changed over the weekend.

The second project to hit the market in a recently established property, which was the largest seller in Lion City on Saturday and Sunday, was GuocoLand’s Lentor Modern, the area’s first development to achieve 84 percent. performance fell short. Utilization rate during the launch weekend last September.

City Developments’ The Mist in Bukit Timah, another project to hit the market on Saturday, found buyers for only 27 percent of the 408 units made available for purchase, or 110, but Ana Liszt and others found the result laudable as more homes began to enter the market. And buyers still face a hefty stamp duty hike introduced in April.

“In our view, sales over the weekend at both The Mist Residence and Renter Hills Residence were encouraging, given the steady supply of new projects starting later this month,” said CEO. Chief Ismail Ghafoor said. of Pronex.

Sluggish sales

Singapore’s hot housing market showed signs of slowing last quarter after the government raised taxes in April to curb property sales. Urban Redevelopment Authority (URA) data showed Singapore’s home sales fell 30% from April to June compared to the first three months of the year, with home prices falling for the first time in more than three years.

Quek Leng Chan

GuocoLand is chaired by Malaysian businessman Quek Leng Chan

Despite that economic downturn, Renter Hills Residences start at S$1,834 per square foot, or about S$945,000 for a one-bedroom condo and S$1.36 million for a two-bedroom unit. It was roughly on par with neighboring projects launched in the area. last year.

One- and two-bedroom homes accounted for 70% of Renta Hills Residences’ total sales, with lower sticker prices making the homes more accessible to a wider range of buyers.

GuocoLand, in collaboration with TID Residential, a joint venture between Hong Leong and Japan’s Mitsui Fudosan Co., Ltd., will build five towers, each with eight to 23 floors, on the site acquired for S$587 million early last year. Renter Hills Residence is under development as a set.

The project will be located directly opposite the future Hillock Park and will be connected to both the MRT Rent-A-Rent station and the mall portion of the Rent-A-Rental Integrated Development.

At its launch last September, GuocoLand’s Lentor Modern sold homes at prices ranging from S$1,856 to S$2,538 per square foot, and the project is now 90% sold.

Ghafoor said Rentor Hills Residences sales were in line with market expectations and some buyers may be waiting to see what will be available in the upcoming project launch. He said it was considered “admirable”.

“Overall, the healthy closing rate reflects solid demand among homeowners for new homes, and we believe there is still plenty of liquidity in the market,” he said. “Project developers were more sensitive in pricing the units given the weaker economic outlook, continued high interest rates and cautious market sentiment.”

Dominated by locals

The performance of the mid-sized city venture in the Ang Mo Kio district outperformed the disappointing weekend bookings at CDL’s The Mist in the Bukit Timah district. There, only 27 percent of the units sold, or 110 out of 408, were available in the first two days.

CDL said on Sunday that buyers paid an average of S$2,057 per square foot for homes in Myst, about 99% of which were local Singaporeans. One- and two-bedroom condominiums priced between S$998,000 and S$1.33 million were the biggest sellers.

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“The positive adoption of The Mist by local homebuyers reflects strong demand for suburban housing,” said Sherman Kwek, CEO of CDL Group. “We are confident that attractively priced The Mist will continue to be an excellent choice for those seeking the best of both worlds: a luxurious resort-style sanctuary with strong location attributes.”

The project consists of two 24-storey residential towers located within a 10-minute walk from MRT Kasiew Station and Bukit Panjang Integrated Transportation Hub.

Gafoor said the weekend sales of the two newly launched projects varied according to their location and their characteristics.

The Mist’s 27 percent occupancy follows two previous launches in the same neighborhood this year, with The Reserve Residences and The Botany at Dairy Farm collectively bringing over 800 new units. Considering it was sold, it was deemed “admirable”. On July 1, he said, citing his official record:

Meanwhile, Renter Hills’ launch benefited from pent-up demand in the region and less competition from Renter Modern, which is now 90% sold, according to Edmund Thai, a research and consulting firm. Mr. Ram Chan Ung said.

“Every project has its own characteristics and sales proposition. Looking at the two projects, both are competitively priced and have the advantage of being close to MRT stations and commercial facilities,” he said. added.

Gaffour hopes more buyers will consider buying from The Mist after evaluating options for future launches.

Also on sale this month are the 520-unit Pine Tree Hill project by UOL Group and its Singapore Land subsidiary in Bukit Timah and the 1,008-unit Grand Dammam project by SingHaiyi Group in Tanjong Katong.

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