RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Executive Condominium sales volume up 11.1% to 3,004 units

That is despite having only 1,555 units launched from January to July.

The Executive Condominium (EC) primary market performed well in the first seven months of 2017, garnering sales of 3,004, JLL reported.

This is despite having only 1,555 units launched from January to July, 41.5% lower than last year.

JLL said July was a robust month for the Executive Condominium (EC) market as Hundred Palms Residences launched and sold all of its 531 units at a median price of $843 psf.

"The absence of new EC projects in the vicinity and its location in a mature housing area, transportation accessibility and proximity to amenities contributed to strong demand from buyers," JLL said.

Other notable projects during the month were INZ Residence, which sold 65 units at a median price of $796 psf, and The Visionaire, which sold 65 units at $830 psf. Parc Life also sold 63 units for a median price of $790 psf, whilst The Criterion sold 62 units for a median price of $768 psf.

JLL national director of research and consultancy Ong Teck Hui said, "The strong performance of Hundred Palms Residences despite its optimistic pricing reveals that there is still firm demand for new ECs and this accounts for the good sales progress at previously launched EC projects as well. The number of uncompleted EC units with pre-requisites for sale and are launched but unsold has fallen 54 per cent to 1,591 units in 2Q17 from a year ago. There is only one EC development in the launch pipeline (Anchorvale Lane) and the next EC land sale at Sumang Walk is slated for December 2017."

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