The Singapore property market continues to demonstrate remarkable resilience and robust demand, as evidenced by the impressive sales figures from two major launches over the recent weekend.
Elta: A Resounding Success in Clementi
On February 22, the joint venture between MCL Land and CSC Land Group unveiled Elta, a 501-unit condominium situated along Clementi Avenue 1. The launch witnessed a remarkable 65% of units sold, translating to 326 apartments, at an average price of $2,537 per square foot (psf). Notably, Singaporean buyers accounted for 90% of the sales, with permanent residents making up the remaining 10%. The two-bedroom units emerged as the most sought-after, with 98% sold at prices starting from $1.388 million ($2,261 psf). This strong uptake underscores the project's appeal, attributed to its strategic location near educational institutions and employment hubs, as well as the developers' solid track record in the Clementi area.
Ā
ParkTown Residence: Setting New Benchmarks in Tampines North
Simultaneously, UOL Group and CapitaLand Development launched ParkTown Residence in Tampines North on February 23. The development achieved an extraordinary sales rate, with 1,041 out of 1,193 units (over 87%) sold during the launch weekend at an average price of $2,360 psf. The majority of buyers were Singaporean homeowners and investors, drawn to the project's unique proposition as a fully integrated residential and lifestyle development. ParkTown Residence offers direct connectivity to a retail mall, the future Tampines North MRT station, a bus interchange, a green boulevard, a community club, and a hawker centre. The overwhelming response reflects the market's confidence in integrated developments that provide seamless connectivity and comprehensive amenities.
Market Implications and Future Outlook
The successful launches of Elta and ParkTown Residence, collectively selling over 1,300 units in a single weekend, have significantly bolstered the property market's momentum. This surge in demand is indicative of buyers' confidence in well-located projects with strong value propositions. Industry analysts anticipate that this trend will persist, with developers' sales in February expected to exceed 1,500 units. Consequently, projections for full-year sales in 2025 have been revised upwards to between 7,500 and 8,500 units, with anticipated price growth ranging from 4% to 7%.Ā
Ā
Key Highlights:
-
Elta Launch:
- 65% of 501 units sold
- Average price: $2,537 psf
- Predominantly Singaporean buyers
- High demand for two-bedroom units
-
ParkTown Residence Launch:
- 87% of 1,193 units sold
- Average price: $2,360 psf
- Strong interest from homeowners and investors
- Appeal of integrated development with extensive amenities
-
Market Outlook:
- February sales projected to surpass 1,500 units
- Revised full-year sales forecast: 7,500 to 8,500 units
- Anticipated price growth: 4% to 7%
These developments underscore the vibrant and dynamic nature of Singapore's real estate landscape. For prospective buyers and investors, this presents a timely opportunity to engage with the market. To explore available units and learn more about these exciting projects, please contact us for personalized assistance and insights.