The real estate market revolving around the private home sector is enjoying interesting growth, due to the upgrades provided by the HDB and the unsatiated interest of homebuyers. However, it is expected for things to get spiced up even more, now that the Covid-19 vaccine is being widely spread and used. Very soon, the borders abroad will open for those who got vaccinated, which could mean a significant increase in sales of private homes in Singapore.
Mr. Chia Ngiang Hong, who is the group general manager of City Developments, said that there is still room for development in this area if we are to look at the numbers. Compared to the peak period, which happened between 2013 and 2014, when 23,000 properties were sold, last year only 9,982 properties enjoyed closed transactions, while 2019 concluded with an even smaller number of units, of only 9,912. Thus, until the former peak values are reached, there’s plenty of room for growth.
Considering that the vaccine is now becoming widely available and that the number of vaccinated people is growing steadily from one day to another, plus countries are looking to reach arrangements regarding safe travels, the country expects to see more foreign buyers soon. Foreign homebuyers and investors are welcome to the country, as it is obvious that they can contribute to the revival of the market.
Such statements were released before anyone had the chance to enjoy a preview of a new project that was created after the health crisis began. We are talking about the Irwell Hill Residences, located in District 9, a leasehold new launch condo that encompasses 540 units, distributed in two tall towers with a futuristic design. In the proximity of the Great World MRT station and Orchard MRT station, the project was inspired by today’s most stringent aspects. Thus, the design of the towers reflects a green lifestyle and wishes to bring awareness to the need to conserve four species of rain trees, considered a botanical heritage of the area.
The project was also designed while thinking about the need to work at home, something that happened to a large number of people, whether they were employees or students. Out of a sudden, they had to find solutions for working at home, designing a corner where they could be productive while separating their personal life from their professional life. This is why this project wishes to bring improvements, providing spaces with co-working conditions and functional rooms meant to host conferences and meetings.
The good news is that the project will be able to serve a wide range of homebuyers. It can provide everything from studios, with surfaces ranging around 398 square feet to four-bedroom units of premium quality, which offer 1,582 square feet. Picky buyers can indulge with a penthouse as well, as there will be three different options in this case, of various sizes.
How much will the units cost? Those interested in studios should know that the starting price of such a unit is $998,000, while a high-end four-bedroom unit, featuring its private elevator, will be sold for the amount of $4 million. The selected date for the launch of the project is the 10th of April, which will also be the start day for bookings.
To learn more about the above article, visit the website below,
https://www.straitstimes.com/business/property/room-for-growth-in-private-home-sales-if-foreign-buyers-return-cdl
For more information on this new condo that will be launching soon, visit the link below,
