A brightened outlook for Singapore high-end condo units
When things are seemingly gloomy in Singapore’s property market, property developer GuocoLand has managed to sell all of the units in its 210-unit luxury condo project Goodwood Residences.
The Singapore-listed company mentioned that they have sold 3 penthouses (ranging from 3,900 to 9,600 square feet) at prices between S$6.5 million and S$14,23 million.
It was noted that the buyers were Singaporeans and foreigners and the company’s spokesman highlighted that the development was selling at a median price of approximately S$2,300 per square foot (psf), and neither deferred payment nor “deal sweeteners” were being offered to the buyers.
GuocoLand has also revealed that about 70% of its buyers were purchasing the units at Goodwood Residences for investment purposes.
Separately, the developer has also been having good sales at its other residential project, Leedon Residence – a 381-unit freehold condominium located near Farrer Road MRT Station, completed back in 2015.
There are approximately 100 units remaining for sale at Leedon Residence – priced at an average psf of marginally below s$2,000.
The developer has added that it has recently sold six 5-bedroom units at a price range of between S$8.5 million to S$10 million.
Market watchers have remained cautious yet optimistic on the high-end property segment as they noted that there is an 80% increase in the number of non-landed properties transacted at and above the S$2,000 psf mark.
They have added that the interest for luxury properties is mainly driven by the “value-for-money” purchases, rather than investors seeing these properties as tools for making huge investment returns.