High Park Residences buys lift July new private home sales to highest in two years

Thousands turned up for the opening of the sales gallery for High Park Residences in Fernvale Road.
Thousands turned up for the opening of the sales gallery for High Park Residences in Fernvale Road. PHOTO: FERNVALE DEVELOPMENT

SINGAPORE - The launch of High Park Residences last month sent new private home sales soaring to the highest in over two years.

Developers moved 1,594 new private homes last month, over four times the 375 new homes sold in June, according to figures released on Monday (Aug 17) by the Urban Redevelopment Authority.

High Park Residences, which was launched in the month, accounted for most of July's sales as the developer sold 1,169 of 1,186 units offered, according to the URA data.

A total of 1,468 new private homes were launched last month, which saw the highest sales since June 2013, when 1,768 homes were launched and 1,806 were sold. Across regions, 61 homes in the central region were sold, compared with 49 in June. In the city fringes, 69 homes were sold, down from 79 in June. In the suburbs, 1,464 units were sold, up from 247 in June.

Including executive condominiums (ECs), 2,089 units were sold in the month, up from 485 in June. At The Brownstone EC, which was launched in the month, 187 units were sold at a median price of $818 psf.

High Park

Residences at Fernvale Road in Sengkang is a project by CEL Development, a unit of mainboard-listed Chip Eng Seng Corp, and Unique Residence, a joint venture between Heeton Homes and Kim Seng Heng Realty. The condo is coming up beside Thanggam LRT Station and Sengkang Bus Interchange, and near Seletar Mall.

Apart from location, the 99-year project also attracted buyers because the units were on the smaller side, making them more affordable, said market consultants. The smallest unit, a studio apartment of 36 square metres, was priced at $398,000. The median price of units in the development was $989 per sq ft.

While projects with good location and pricing will continue to draw buyers, the outlook for the overall property market remains subdued, say market watchers, given an oversupply, rising interest rates and existing mortgage curbs.

Private home prices dropped for a seventh consecutive quarter in the three months to the end of June, the longest losing streak in 13 years, after surging 40 per cent to a record in the five years to 2013.