North Gaia, the first executive condominium (EC) project launched in Singapore this year, sold 164 out of 616 units over its launch weekend, representing a take-up rate of nearly 27%. The strong sales performance, with 1,045 e-applications received, indicates pent-up demand for homes in the Yishun area.
The average price of the units sold was S$1,301.93 per square foot (psf), with 84.1% being 3-bedroom units, 10.4% 4-bedroom units, and 5.5% 5-bedroom units Notably, 62% of buyers opted for the deferred payment scheme
Comparing North Gaia’s pricing to upcoming EC launches provides insights into market trends. Ken Low of marketing agent SRI noted that 70% of North Gaia’s buyers were second-timers He expects City Developments (CDL), MCL Land’s EC at Tengah Garden Walk and Qingjian Realty, Santarli Construction’s EC at Tampines Street 62 to launch at higher prices, as their land acquisition costs were steeper.
CDL and MCL Land have already begun previewing their 99-year leasehold, 407-unit Piccadilly Grand project at Northumberland Road. Prices start from S$1.058 million for a 1-bedroom unit (around S$2,186 psf) and go up to over S$3 million for 5-bedroom units ranging from 1,582-1,679 sq ft. This project will be closely watched to gauge market sentiment after the latest cooling measures introduced in December.
Another upcoming launch is Bukit Sembawang Estates’ 99-year leasehold, 298-unit Liv @ MB on Arthur Road.Guide prices are expected to range from S$2,200-2,500 psf for 1-bedroom (495-667 sq ft) and 2-bedroom (624-1,044 sq ft) units. The 3-room units (1,119-1,453 sq ft) are anticipated to start at S$2,100 psf, while the 4-bedroom units (1,518-1,668 sq ft) on floors 12 and above may see slightly higher prices due to their elevated placement.
In summary, North Gaia’s strong launch weekend sales of 27% at an average price of S$1,301.93 psf, with a high proportion of 3-bedroom units sold, suggests healthy demand for ECs in the Yishun area. However, upcoming EC launches in Tengah and Tampines are expected to price in higher land costs, while non-landed projects like Piccadilly Grand and Liv @ MB will test the market’s appetite at higher quantum prices above S$1 million. The performance of these launches will provide further clarity on EC and private housing market trends in Singapore. The Plantation Close site, spanning 16,441.2 square meters, is expected to yield around 495 EC units and is strategically located between the future Tengah Park and Bukit Batok West MRT stations. Analysts predict the launch price for the new EC could range from S$1,450 to S$1,550 psf, driven by recent demand trends and the area’s accessibility to key amenities like Jurong Lake Gardens and Nanyang Technological University. The bidding process utilized a modified concept and price revenue system, allowing developers to propose innovative construction methods, indicating a forward-thinking approach to residential development in Singapore.