Condo Executives Increase Property Sales in Singapore

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Property sales in Singapore posted a growth of 20 percent in May thanks to high demand for luxury condos such as Anchorvale Crescent EC

Nowadays many investors are allocating more funds to this property business, because it is safer and the profits are very promising

Based on data released by the Property Authority of Singapore, 752 private homes were sold over the past month, up from 335 units sold in April.

Nearly half of the properties sold are in the price range above 2,000 Singapore dollars or around US $ 1,460 per square meter. According to OrangeTee & Tie Pte., 52 new housing units have been sold for 3 million Singapore dollars or more.

Christine Sun, Head of Research and Consultation at OrangeTee believes that the Singapore property market is enjoying an flow of investor funds that has shifted from investments in money to safer investments, which are investment property that continues to grow, such as the Sengkang EC condominium

 “Geopolitical instability and social unrest around the region, coupled with an increasingly intensive US-China trade war, could trigger a shift in investment instruments among investors,” Sun said, as quoted by Bloomberg, Monday (06/17/2019).

He added, most investors may be reducing equity investments that are more volatile and choosing safer assets, or diverting their funds from high-risk countries to countries with more stable markets such as Singapore.

Sales were also supported by the launch of a new condominium development, namely The Ola EC, which has an acceptance rate of more than 35 percent.

“This take rate can be considered healthy in the current market situation,”

Total sales of new private homes listed in June sales, not including executive condominiums, became 2,525 units in the first five months of this year, growing 2.6 percent compared to the same period in 2018.

“For the rest of the year, we expect consistent sales performance, with an estimated 8,500 to 9,000 new private homes to be transacted,” Frank said