January to March 2018 can surely be considered the best three months for new condo development project this year, largely due to the 14% rise in pricing for the square footage of newly developed condo units. With the average prices per square foot totalling at around $1,962 psf in the first few months of 2018 around river valley road, the Singapore new condo development market may actually reflect that in this rise of pricing per square foot, there is still a solid hold on potential buyers out there ready to purchase the newly developed 8 St Thomas Condo property in this stabilizing market.
What about the higher climbs in real estate prices?
Despite the higher climb in the market for newly developed condo properties, these land costs and the noticeable strong demand for these luxury properties shows that even with the stabilizing market there will be no significant rounding out of the market for new condo building units. With the transactions magnitude of condo units still at a low and these transactions may remain low for the next four months going forward. With a significant turn since prior months of January to March, these recorded transactions are still a bit lower than expected. With the various cooling measures set into place by the government, the Seller’s Stamp Duty and Total Debt Servicing Ratio are set to cool the market with the rise in total square footage prices.
What has happened in the past ten years in river valley?
While overall prices have heightened in the most recent months, there are still comparable figures that signals the market transaction of newly developed condo units remaining low in comparison to 2006 and 2009-2014, which is still lower than the last ten years average. However, With the pricing set to target the massive new developed condo market buyer, many pressing issues need to be understood by the market with these transaction volumes being low with the stabilized market and the rise in sq ft prices. This is so for the January to March mid-term sale in the Singapore market. The increase only indicates numbers up to 10% in the new condo development market.
Will Singapore residents or foreigners continue to buy with the rise in sq ft prices of 8 St Thomas?
In Singapore, the average price for homes have risen and this is not unseen in many new condo developments around Singapore. Especially those around river valley road and saint thomas walk. After this few month’s surge in new private condo prices, the housing and property demand are still on the upturn and more potential buyers are coming to the market with cash and ready to buy due to the cooling measures imposed on the buyer’s stamp duty and ultimately because they see the potential in gains on their investments even though there is a rise in the overall prices of newly developed condo units. Since so many investors love condo development properties and isn’t tired of living in them, it’s because of the sheer conveniences of owning the property type. Are residents willing to overlook the rise in sq ft prices for property? Will the first three months be the only three best months in 2018? It’s too soon to tell and you’ll have to visit 8 St Thomas to gain the experience on ground yourself.