Singapore residential property weekend roundup: Centennia Suites Hot

Last weekend saw an uptrend in high end properties with hot interest in Centennia Suites, developed by The Lippo Group, along River Valley Road.

Agents said prices were already reaching between $2100- $2200 psf. Lippo is said to be having a special VIP viewing on the 20th of February. The Orchard Residences at ION are also selling well at around $3500 psf, say agents.

Andrew Chan, COO of estate agency group Black Diamond said that for the last 2 weeks developers had been busy launching projects, seizing the initiative from an improved market demand for premium properties in districts 9, 10, and 11. After a dormant 1-1.5 year absence of premium property launches, the big winners over the weekend saw property developers pocketing rates of $2500-$2600 psf pricing for “Urban Street” in the Cairnhill Area. Also the “Esprada”, along St Thomas walk which launched high end, small units, over the weekend were received very well by the public, achieving high prices from $2200 and $2300 psf.

There was also a resale of the en-bloced site “The Harrison Area” which was resold to a China group at $2058 psf plot ratio. Black Diamonds’ Chan said that the Harrison Area could potentially look to fetch a $3000psf ratio in future when it is redeveloped.

With 14500 new homes launched in 2009, compared 14811 in 2007 and moderate figures this year of about 10,000 new homes, it seems supply and launches are returning.

Another trend to watch is the growth of so called ‘Mickey Mouse’ units, which are small format of apartments, and according to property agents, the trend will continue as it is affordable and appealing to single young working professionals. Mickey Mouse Unit (aka small format apartments) of $500 psf and below which generally go for a low quantum of $300,000- $600,000 will continue to be in demand this year.