Private homes priced between $1 million and $1.5 million were the most sought-after among the respondents polled in a home ownership aspiration survey conducted jointly by Knight Frank and The Edge Property recently.
An analysis of URA caveats for private non-landed homes also confirms the trend. Condominium units and apartments priced between $1 million and <$1.5 million accounted for 37% of the caveats lodged so far this year, followed by those in the $500,000 to <$1 million price range.
Respondents also expressed a preference for new homes. Thirty per cent preferred to purchase uncompleted homes, while 28% would go for completed homes that are less than five years old. Respondents ranked proximity to the city centre and a good range of facilities as the two most important criteria in selecting a home.
The Edge Property has compiled a list of condos that match respondents’ criteria. These condos — shoebox units were excluded — have average transacted prices so far this year that fall within the sweet spot of $1 million to $1.5 million. Moreover, the list comprises condos with at least 150 units to ensure the developments are of substantial enough size to offer a good range of facilities. The condos are located in the cityfringe area, which offers a good balance between proximity to the city centre and affordability.
Sims Urban Oasis by GuocoLand is located one stop away from the Paya Lebar MRT station and five stops away from the Raffles Place MRT station
Sims Urban Oasis is a 1,024-unit condominium by GuocoLand. The development sits on a 2.4ha site located about 400m from the Aljunied MRT station and in the vicinity of the upcoming Mattar MRT station of the Downtown line.
Sims Urban Oasis was launched in February 2015, when 112 units were sold at a median price of $1,397 psf. The strong sales momentum has continued, with an average of 31 units sold monthly since the launch. Based on URA caveat data as at Oct 10, 180 units have been sold so far this year at an average price of $1,365 psf.
Transacted prices so far in 2016 have ranged from $666,660 to $733,000 for one-bedroom units, $840,000 to $1.12 million for two-bedroom units, $1.19 million to $1.38 million for three-bedroom units and $1.32 million to $1.6 million for four-bedroom units.