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Singapore’s private home prices have been rising throughout this Covid pandemic from mid of last year to current quarter this year and it rose at a faster rate in the third quarter this year 2021 despite retightened Covid-19 restrictions, driven by the surge in landed property sales and prices, and the knock-on effects of the red-hot Housing Board resale market.
With private property values climbing up 1.1 per cent from the previous quarter, according to data from the Urban Redevelopment Authority (URA) on Friday (Oct 22). This was up from a 0.8 per cent rise in the second quarter, and came after a 3.3 per cent gain in the first quarter. The increase was also slightly above the flash estimate of a 0.9 per cent rise. Year on year, prices rose 7.5 per cent and were up 5.3 per cent to date this year.
The increase domestic demand is real and represents a genuine need for local home buyers as we see a huge majority of domestic buyers as foreigners are largely left out of our borders during this Covid pandemic. Property analysts believe this spike in domestic demand was not anticipated by both the government and developers resulting in an imbalance of supply and demand as the supply could not meet this surge in domestic demand.
With private property values climbing up 1.1 per cent from the previous quarter, according to data from the Urban Redevelopment Authority (URA) on Friday (Oct 22). This was up from a 0.8 per cent rise in the second quarter, and came after a 3.3 per cent gain in the first quarter. The increase was also slightly above the flash estimate of a 0.9 per cent rise. Year on year, prices rose 7.5 per cent and were up 5.3 per cent to date this year.
The increase domestic demand is real and represents a genuine need for local home buyers as we see a huge majority of domestic buyers as foreigners are largely left out of our borders during this Covid pandemic. Property analysts believe this spike in domestic demand was not anticipated by both the government and developers resulting in an imbalance of supply and demand as the supply could not meet this surge in domestic demand.
Singapore Contractors Association Limited (Scal) said in a statement that the cost of labour and materials has escalated by 30 per cent to 50 per cent and developers will not be able to bear this huge increase in building and construction costs. Future home buyers of new condo projects that has yet to TOP will inevitably be paying for higher construction costs if the situation is not resolved soon.
From URA records, on average in 2021, more than 1,000 new condo units are sold every month throughout this year (see above table). The current supply of available unsold new condo units in the market has dropped to a record low level from 2006 (see table below).
From URA records, on average in 2021, more than 1,000 new condo units are sold every month throughout this year (see above table). The current supply of available unsold new condo units in the market has dropped to a record low level from 2006 (see table below).
You may ask: "With current supply of available unsold new condos dwindling and prices going north, are there still anymore new condo projects with brand new 3 bedroom units below $1.5 million?"
Yes there are but I believe these units will not be around for long after this report is published. Here are the various projects with brand new 3 bedroom condo projects currently selling from below $1.5 million.
The Watergardens at Canberra (District 27)
#01-03 @ 958 sqft 3 bedroom condo @ $1,361,000 ($1,421 psf)
*price & avail as at 28 Nov 2021
The Watergardens at Canberra beckons you to a whole new realm of experiences. From its lush greenery, invigorating springs and immersive home scape, get ready to immerse yourself in an idyllic and luxurious home that is brimming with life. Best of all, residents of The Watergardens at Canberra enjoy the convenience of being well-connected to the rest of Singapore with the upcoming North-South Expressway.
The Watergardens at Canberra is an Award-Winning project by premier developers UOL, Singapore Land Group (UIC) and Kheng Leong. It is nestled in an exclusive landed enclave, located about 35pm to Canberra MRT and Plaza (click on image below to know more).
Yes there are but I believe these units will not be around for long after this report is published. Here are the various projects with brand new 3 bedroom condo projects currently selling from below $1.5 million.
The Watergardens at Canberra (District 27)
#01-03 @ 958 sqft 3 bedroom condo @ $1,361,000 ($1,421 psf)
*price & avail as at 28 Nov 2021
The Watergardens at Canberra beckons you to a whole new realm of experiences. From its lush greenery, invigorating springs and immersive home scape, get ready to immerse yourself in an idyllic and luxurious home that is brimming with life. Best of all, residents of The Watergardens at Canberra enjoy the convenience of being well-connected to the rest of Singapore with the upcoming North-South Expressway.
The Watergardens at Canberra is an Award-Winning project by premier developers UOL, Singapore Land Group (UIC) and Kheng Leong. It is nestled in an exclusive landed enclave, located about 35pm to Canberra MRT and Plaza (click on image below to know more).
Every home in The Watergardens at Canberra is a safe haven of comfort and respite nestled in a harmonious landscape of water and green. Click for floorplans, prices and showflat viewing
Affinity at Serangoon (District 19)
#02-42 @ 850 sqft 3 bedroom condo @ $1,414,000 ($1,664 psf)
*price & avail as at 28 Nov 2021
Affinity at Serangoon is a 99-year leasehold development, strategically located along Upper Serangoon Road in District 19. The nearest MRT station is Serangoon MRT Station and Bus Interchange. Affinity at Serangoon also enjoys good connectivity to other parts of the island via major expressways such as the Central Expressway (CTE), Seletar Expressway (SLE), Tampines Expressway (TPE) and Kallang-Paya Lebar Expressway (KPE). Sitting on the former site of Serangoon Ville HUDC, Affinity at Serangoon consists of a total of 1,012 apartments, 40 strata landed houses and 5 retail shops.
Situated in a mature housing estate, residents can enjoy the convenience of shopping and dining such as NEX, Chomp Chomp Food Centre, Serangoon Gardens Market. Families with school-going children can look forward to the prestigious schools in the vicinity such as Rosyth Primary School, Zhonghua Primary School, Nanyang Junior College, the French School and Australian International School. Business centres such as Serangoon North Industrial Estate, Seletar Aerospace Park and the Future Punggol Digital District are also nearby Affinity at Serangoon (click on image below to know more).
#02-42 @ 850 sqft 3 bedroom condo @ $1,414,000 ($1,664 psf)
*price & avail as at 28 Nov 2021
Affinity at Serangoon is a 99-year leasehold development, strategically located along Upper Serangoon Road in District 19. The nearest MRT station is Serangoon MRT Station and Bus Interchange. Affinity at Serangoon also enjoys good connectivity to other parts of the island via major expressways such as the Central Expressway (CTE), Seletar Expressway (SLE), Tampines Expressway (TPE) and Kallang-Paya Lebar Expressway (KPE). Sitting on the former site of Serangoon Ville HUDC, Affinity at Serangoon consists of a total of 1,012 apartments, 40 strata landed houses and 5 retail shops.
Situated in a mature housing estate, residents can enjoy the convenience of shopping and dining such as NEX, Chomp Chomp Food Centre, Serangoon Gardens Market. Families with school-going children can look forward to the prestigious schools in the vicinity such as Rosyth Primary School, Zhonghua Primary School, Nanyang Junior College, the French School and Australian International School. Business centres such as Serangoon North Industrial Estate, Seletar Aerospace Park and the Future Punggol Digital District are also nearby Affinity at Serangoon (click on image below to know more).
Situated in a mature housing estate, Affinity at Serangoon residents enjoy the convenience of shopping & dining at NEX, Chomp Chomp Food Centre, Serangoon Gardens. Click for floorplans, prices and showflat viewing
Midwood (District 23)
#04-13 @ 893 sqft 3 bedroom condo @ $1,451,000 ($1,625 psf)
*price & avail as at 28 Nov 2021
The Midwood residences nestles in a quaint corner of an established residential estate. The development strives to negate and create an inviting series of spaces using changing vistas and levels. The 29 storey building optimizes surrounding views and encourages effective cross- ventilation. Beautiful curtain walls blend seamlessly with the expressed verticality of the building, creating a contiguous connection between tall surrounding trees and the architecture. This visual effect blends together the dense surrounding landscapes, creating an impression of an oasis within the forest where one resides with nature.
Cosy private enclosed spaces are carved out along the building’s façades; providing much needed respite. Tropical greens provide shade and relaxing views as they allow residents to immerse themselves within the lush landscape whilst chilling inside their homes. A touch of class is achieved by the arches that manifest themselves in different forms and in different spaces. They serve as unifying vocabulary of the modern architectural language (click on image below to know more).
#04-13 @ 893 sqft 3 bedroom condo @ $1,451,000 ($1,625 psf)
*price & avail as at 28 Nov 2021
The Midwood residences nestles in a quaint corner of an established residential estate. The development strives to negate and create an inviting series of spaces using changing vistas and levels. The 29 storey building optimizes surrounding views and encourages effective cross- ventilation. Beautiful curtain walls blend seamlessly with the expressed verticality of the building, creating a contiguous connection between tall surrounding trees and the architecture. This visual effect blends together the dense surrounding landscapes, creating an impression of an oasis within the forest where one resides with nature.
Cosy private enclosed spaces are carved out along the building’s façades; providing much needed respite. Tropical greens provide shade and relaxing views as they allow residents to immerse themselves within the lush landscape whilst chilling inside their homes. A touch of class is achieved by the arches that manifest themselves in different forms and in different spaces. They serve as unifying vocabulary of the modern architectural language (click on image below to know more).
Located just 300 meters within Hillview MRT Station, Midwood offers convenience to its residents in a well-developed private residential estate. Click for floorplans, prices and showflat viewing
Parkwood Residences (District 19)
#01-01 @ 861 sqft 3 Bedroom @ $1,478,000 ($1,717 psf)
*price & avail as at 28 Nov 2021
Whilst the stunning architecture makes Parkwood Residences a superior home in the truest sense, this is also where you discover an inner sanctuary shaped for you and your loved ones. 18 exclusive apartments designed not only to please the individual, but also to facilitate warm interaction amongst families and the entire Parkwood community.
You will have more time to enjoy the things that truly mattered. With retail and lifestyle malls like Heartland Mall, Hougang Mall, Upper Serangoon Shopping Centre and NEX Shopping Centre near home, you and your family can dine, shop for essentials and relax over coffee or wine, conveniently away from the city crowd.
Revel in the sense of spatial expanse with elevated ceiling heights* of up to 4600mm at the penthouses and up to 3300mm at the typical units. More than just a canvas for lofty decorations, it provides added visual headroom for spatial freedom. Dip into the rooftop pool for a refreshing swim under the open sky (click on image below to know more).
#01-01 @ 861 sqft 3 Bedroom @ $1,478,000 ($1,717 psf)
*price & avail as at 28 Nov 2021
Whilst the stunning architecture makes Parkwood Residences a superior home in the truest sense, this is also where you discover an inner sanctuary shaped for you and your loved ones. 18 exclusive apartments designed not only to please the individual, but also to facilitate warm interaction amongst families and the entire Parkwood community.
You will have more time to enjoy the things that truly mattered. With retail and lifestyle malls like Heartland Mall, Hougang Mall, Upper Serangoon Shopping Centre and NEX Shopping Centre near home, you and your family can dine, shop for essentials and relax over coffee or wine, conveniently away from the city crowd.
Revel in the sense of spatial expanse with elevated ceiling heights* of up to 4600mm at the penthouses and up to 3300mm at the typical units. More than just a canvas for lofty decorations, it provides added visual headroom for spatial freedom. Dip into the rooftop pool for a refreshing swim under the open sky (click on image below to know more).
Discover an inner sanctuary shaped for you and your loved ones at Parkwood Residences designed not only to please the individual, but also to facilitate warm interaction amongst families and the entire Parkwood community.
Phoenix Residences (District 23)
#01-10 @ 1,033 sqft 3 bedroom condo @ $1,478,240 ($1,431 psf)
*price & avail as at 28 Nov 2021
Phoenix Residences is conveniently located just a few minutes' walk from Bukit Panjang MRT Station in the quiet area of Bukit Panjang. District 23 located at Bukit Panjang has always been in demand with regards to the property that are located around the area. This is because there are many prime amenities and the district is just a short drive away to Bukit Timah via Upper Bukit Timah Road as well as Jurong East. The convenience provide residents with various amenities at the doorstep and therefore Phoenix Residences located at Phoenix Walk is a highly sought after location.
Phoenix Residences is a short distance from amenities and everything that you need is a short walk or short drive away. There are also many iconic shopping centres that are located near to Phoenix Residences such as Bukit Panjang Plaza and Hillion Mall and therefore convenience is right at your doorstep (click on image below to know more).
#01-10 @ 1,033 sqft 3 bedroom condo @ $1,478,240 ($1,431 psf)
*price & avail as at 28 Nov 2021
Phoenix Residences is conveniently located just a few minutes' walk from Bukit Panjang MRT Station in the quiet area of Bukit Panjang. District 23 located at Bukit Panjang has always been in demand with regards to the property that are located around the area. This is because there are many prime amenities and the district is just a short drive away to Bukit Timah via Upper Bukit Timah Road as well as Jurong East. The convenience provide residents with various amenities at the doorstep and therefore Phoenix Residences located at Phoenix Walk is a highly sought after location.
Phoenix Residences is a short distance from amenities and everything that you need is a short walk or short drive away. There are also many iconic shopping centres that are located near to Phoenix Residences such as Bukit Panjang Plaza and Hillion Mall and therefore convenience is right at your doorstep (click on image below to know more).
Phoenix Residences is a short distance from iconic shopping centres such as Bukit Panjang Plaza and Hillion Mall with convenience nearby. Click for floorplans, prices and showflat viewing
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