Rivercove Residences riding on high ec demand

Rivercove Residences riding on high ec demand

 

Executive condo (EC) earnings hit fever pitch past month, which Watched the maximum figure recorded as monthly information became available in 2007.

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Buyers snapped up 978 units, boosting overall sales of personal and EC houses to 2,086 – almost twice the 1,064 units sold in June.
Higher compared to 838 changed in precisely the exact same month this past year, which had recorded the greatest monthly EC earnings figure since November 2014.

July’s strong sales numbers, that have been published by the Urban Redevelopment Authority yesterday, are probably because of jobs like the Hundred Palms Residences EC at Yio Chu Kang Road, that offered all 531 units in its launch in a median cost of $834 per sq ft (psf).

Other popular ECs contained iNz Residence at Choa Chu Kang, that marketed 65 units in a median cost of $796 psf, also Parc Life at Sembawang, at which 63 units went in a median cost of $790 psf.
That excluding the earnings of Hundred Palms Residences, 447 EC units were marketed, which is much greater than the monthly average of approximately 250 units within the previous couple of decades.

He explained: “The requirement for ECs has jumped substantially in July and is Expected to improve because of this projected widening price gap between the costs of HDB resale apartments and mass-market condo units.

“Since There’s only 1 executive condo yet to be established, there

Excluding EC units, the amount of new private houses sold last month soared from 35 percent to 1,108 units from June’s 820 units.

July’s sales were similar to this 1,092 units transferred in exactly the exact same month this past year.

The top-selling condominium last month was luxury Martin Modern in Martin Place, which transferred 109 units.

“The real estate market is currently from this thawing state and has gone

Overall, programmers sold 7,675 personal residential units at the The first seven weeks of this year – up 56.4 percent on precisely the exact same period a year – while 3,061 ECs are transferred, a 12.3 percent increase.

“That range was identified as inherent demand, and we’re now Seeing the potential swing of pent up demand coming to the marketplace,” he added.

Mr Sim noted that the powerful EC take-up past month Wasn’t surprising As the top between personal residential and EC costs had widened because of high property forecasts.

Participants are tipping improved purchasing momentum for the rest of this Year, though the Hungry Ghost Month that begins next Tuesday could impede sales.
Consultancy, stated that last month’s house sales show that buyers are “also buying from formerly established jobs, together with many of them enjoying encouraging earnings progress and decreasing unsold inventory”.

He forecasts total earnings for the year will probably be between 11,000 and 14,000 units.