Despite efforts to cool the burgeoning property market in January, Singaporean property launches continue to find buyers.

Buy - Sell
(Prices on the rise for new condominiums in Singapore. Image courtesy of Singapore Tourism Board.)

The recent launch of H20 Residences in Sengkang, for example, sold 150 units out of the 200 on offer. The remaining units of the 521-unit residence will be released gradually to meet a strong demand, said developer City Developments (CDL).

Figures show that 85% of the buyers were Singaporean, whilst a growing number of foreigners and PR’s from China, Vietnam, Malaysia, Hong Kong, India and Indonesia comprised the remaining number.

Speaking to The Business Times, Chia Ngiang Hong, group manager of CDL, said “'H2O presents an exciting investment opportunity for savvy investors who can leverage on the development's proximity to the future Seletar Aerospace Park for rental and capital value appreciation potential.” He added that many buyers seemed attracted to the area’s growing development, such as the recent announcement of a Sengkang hospital by 2020. It is expected to have 500 to 600 beds and will be walking distance from Sengkang MRT Station.

Several launches elsewhere on the island have also attracted similar numbers of enthusiastic investors. The 561-unit Waterfront Isle, launched by Far East Organization, has now sold more than half of its units. The average price for the sales of the Bedok Reservoir Road residence is $947 per square foot. The 8-hectare residence on Alexandra Road, named The Interlace, sold 72% of its 900 units. Capitaland revealed that its unit prices have ranged from $850 to $1,300. Its innovative interconnected block design, created by the firm OMA (Office for Metropolitan Architecture) has been featured in many architectural publications and aims to be one of Singapore’s new landmarks.

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