Three-quarters of the units in Blossom Residences, a 602-unit private condo development in Buona Vista, have been sold. This is in spite of cooling measures such as higher stamp duties and tighter loan limits. This development has become increasingly popular due to its location near the MRT station, as well as amenities such as supermarkets and schools. The project has a mix of one- to four-bedroom units, with prices ranging from S$650,000 to S$1.3 million. The project is a joint venture between Allgreen Properties and Wing Tai Asia.
While the government's cooling measures have somewhat slowed down the property market, it seems that the demand for well-located private residential properties remains strong. As the economy recovers and foreign investment returns to Singapore, we may see further demand for high-end properties in prime locations. However, it is important for the government to continue to monitor the property market closely to prevent a property bubble and ensure sustainable growth in the long term.