The property market in Singapore is finally coming back on its feet after a very long time of struggle. Hougang EC is a very good example of an executive condominium that has managed to generate quite a lot of revenue very fast.
The cool thing about this Singapore Condo is it has around 531 units in total, and it’s astonishing to see how much things have evolved in the meantime.
The average price of a unit was around $836, and the price continues to astonish everyone since not a lot of people have been able to get a unit at this price in Singapore. But the nice thing to note is that even if the launch was during a Sunday, Hundred Palms Residences was sold within the first 7 hours. Yes, it was sold in its entirety.
This is an astonishing thing, since it’s maybe the first time when an EC was sold during a day. It’s a surprise because the market is still recovering and it’s not in its full strength. But if anything, it’s clear that the market will soon be back on its knees, so obviously we can’t wait to see how it will be in the end.
Until this point, there were some mixed signals. This one was subsidized by the government for the locals, so the prices are a bit lower when compared to a private condo. But the Hundred Palms Residences will be fully private in around 10 years after its construction.
This type of approach is maybe the best one to focus on. In the past few months, it was nice to study and see multiple collective sales, which means that the property developers have a resurgence in their confidence.
During the first 6 months of this years, the developers have managed to move 2064 EC units, which is quite impressive if you compare the number to the 1867 units they sold in the same period last year. That doesn’t mean that everything is done. It will take quite a bit of time and effort into making this a reality and handling everything with extra care may require a lot of effort. But it is doable, and with the right set of ideas and a good approach, everything like this can work.
Some consider that the great response that the Hundred Palms Residences had may be due to some factors like location, among many others. It’s nice to see how everything like this manages to pay off, and it’s astonishing to explore all these great opportunitieSs to be had on the real estate market.
But yes, since the real estate market is getting better and better, we can imagine that there will be a lot more opportunities to explore things like this on the market. Only time can tell what will happen, but we are on the right path, that’s for sure. Hopefully, the real estate market in Singapore will get back on track. But until then, the Hundred Palms Residences sale is a miracle and one of the most impressive real estate sales in quite some time!
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