04-08-2025
Buyers snag over 900 condo units at three new launches in S'pore
SINGAPORE: Home buyers took up more than 900 new condominium units over the weekend, with River Green in River Valley chalking up the strongest sales rate of 88% at an average price of S$3,130 per sq ft.
Promenade Peak, also in the River Valley area, recorded a 54% take-up rate, with prices going up to S$3,521 per sq ft, while the suburban Canberra Crescent Residences moved 40% of its units at an average price of S$1,974 per sq ft.
Taken together, the three new projects sold more than 62% of their combined inventory of 1,496 units, noted PropNex chief executive Kelvin Fong.
Including the 893 new units sold in July, the new home sales tally (excluding executive condominiums) for the third quarter of 2025 so far stands at more than 1,820 units – well over the 1,212 sold in the whole of the second quarter, Fong said.
This reflects continued strength in private housing demand and home buyers' confidence in the mid- to long-term outlook of Singapore's residential property market, he said.
Huttons Asia CEO Mark Yip highlighted that the strong turnout at the 524-unit River Green and 596-unit Promenade Peak, in particular, indicates robust appetite for prime homes.
'To collectively sell more than 700 units on launch weekend is an impressive result,' said Yip.
'This speaks volumes of the demand in the market and acceptance of these two projects.'
The strong weekend performance also pushes new home sales in the core central region (CCR) to their highest level in over 16 quarters, said Fong.
It signalled a broader recovery in the CCR market, following tepid sales since additional buyer's stamp duty rates were hiked in April 2023, he noted.
'Many buyers are seeing the strong value proposition of CCR projects in view of the narrowing price gap between CCR new launches and that of the rest of the central region of late.'
The strong showing follows firm bidding activity in recent state land tenders in other prime locations.
Just last week, a Holland Link site drew five bids with a top offer of S$368.4mil, or S$1,432 per sq ft.
In June, a Dunearn Road site attracted nine bids, with a high of S$491.5mil, or S$1,410 per sq ft.
Of the three new projects launched, River Green in District 9 led the pack with 460 units, or 88%, of its 524 units sold as at Aug 3. Prices averaged S$3,130 per sq ft, said Wing Tai in a statement.
Around 98% of buyers were Singa-poreans and permanent residents, the developer added.
This marks the best-selling CCR project in recent memory, said Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc.
Its performance surpassed that of Upperhouse at Orchard Boulevard, which moved 54% of its 301 units when it launched two weeks earlier.
The Robertson Opus, another development in the River Valley area, sold 41% of its 348 units that same weekend.
Prices of Upperhouse and The Robertson Opus averaged at S$3,350 per sq ft and S$3,360 per sq ft respectively then.
Yip from Huttons said River Green's compact unit sizes made them more affordable and appealing to buyers.
Fong said that one-bedders sold for S$1.16mil to S$1.5mil, two-bedders for S$1.46mil to S$2.4mil, three-bedders for S$2.19mil to just under S$3mil and four-bedders for S$2.7mil to S$3.5mil.
Likewise, chief research officer Nicholas Mak observed that the average unit size at the 99-year leasehold development was 668 sq ft – significantly smaller than the estimated 921 sq ft per unit in its government tender.
'By shrinking the size of each condominium unit and making these properties affordable to the middle-class locals. It can be argued that some developers are democratising the high-end housing market in Singapore or at least creating an illusion of doing so,' said Mak.
In the city fringe, the 99-year leasehold Promenade Peak sold 320 units, or 54% of its 596 units, said developer Allgreen in a statement on Aug 3.
One to three-bedroom units under its Promenade Collection were sold at an average of S$2,894 per sq ft, while three- to five-bedroom units under its Promenade Suites averaged at S$3,343 per sq ft.
Sales figures from PropNex showed that one-bedders sold from S$1.4mil, two-bedders from S$1.8mil and three-bedders from S$2.8mil.
Prices of four-bedders and five-bedders ranged from S$4.6mil to around S$6.6mil. — The Straits Times/ANN
