Is S$2.5 million an affordable price tag for a new leasehold 3-bedroom condo?
Even high-income earners might find these prices challenging for a 1,000 sq ft unit in projects outside of the prime districts
JUDGING by the frenzied buying at recent major new condo launches here, buyers are undeterred by stiff prices. Possibly, many people fear missing out as they believe that prices will rise further.
The Orie, a 99-year leasehold condo project located in Toa Payoh, sold 668 units or around 86 per cent of the 777 homes over its launch weekend last month at an average price of S$2,704 per square foot (sq ft). The bulk of the buyers were Singaporeans.
According to the latest data from the Urban Redevelopment Authority’s Realis records, some 681 units at The Orie have been sold as at Feb 17. Of that, slightly under half – 314 units – were sold at below S$2 million, while 367 were sold in the S$2 million to S$4.5 million range.
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