Chart of the Day: Caveats for district 1 and 2 private condos soared 153% in 2017

Demand for the condos has breached the 21-quarter average of 85 units.

This chart from OrangeTee Research shows that 493 caveats were lodged in 2017, a 153% increase from 2016 (195 units). Meanwhile, 89 caveats were lodged in Q1 of 2018.

"The sales of non-landed homes in district 1 (D1) and 2 (D2) have been increasing over the last four quarters despite the increase in average prices," it said. Sales were transacting above the five-year average of 85 units.

Demand has been rising despite price hikes. The average price of non-landed new homes in the two districts has reached a historical high at $2,653 psf in Q1 2018. The price of subsales has also reached a historical high at $2,319 psf in this quarter.

"The business hub at Shenton Way and bright lights of Boat Quay / Chinatown give D1 & D2 a strong appeal. The continuous route along the waterfront that links up the necklace of attractions at the Marina Centre, Collyer Quay and Bayfront offers buyers both panoramic views of the promenade as well as direct access to connecting malls like Marina Bay and Suntec City," OrangeTee & Tie head of research & consultancy Christine Sun said.

OrangeTee noted that the spike in Q4 of 2014 was due to the launch of Marina One Residences (289 units sold).