Strong take-up at recent launches could whet developers’ appetite for suburban sites

CONDOMINIUM projects such as Sky Eden@Bedok andLentor Modern are setting new benchmarks in Singapore’s property market, amid elevated land and construction costs, yet buyers appear unfazed.

Despite steeper interest rates, high inflation and macroeconomic headwinds, recent suburban launches have seen blistering sales – thanks to demand from HDB upgraders and owner-occupiers, as well as limited unsold supply to choose from. As at Q2 2022, unsold inventory stood at 17,506 units.

After a lull owing to the Hungry Ghost Festival, launched 158-unit Sky Eden@Bedok. It sold 118 units – or 75 per cent of its units – last week at an average price of S$2,100 per sq ft (psf). The 99-year-leasehold mixed-use development is the second major new launch in the Outside Central Region (OCR) this year, following on the heels of AMO Residence in Ang Mo Kio. A joint venture between , and Kheng Leong Company, the 99-year AMO sold 366 of its 372 units in July at a median price of S$2,110 psf.