Singapore. The newest launch in OCR sold more than 48% of its total units at an average price of S$2,070 per square foot. This is lower than the ASP of OCR non-landed new private homes at S$2,088 per square metre as of January 2023.
Around 72% of the total units sold are one to two-bedrooms. Roughly 20% of the units are three-bedroom apartments.
According to PropNex CEO Ismail Gafoor, this number went above their expectations.
“We think this is a strong performance, and is reflective of the genuine demand for mass market homes, amidst the limited unsold OCR new private homes inventory,” Gafoor stated.
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A large chunk of the smaller units purchased proves that there’s still an investment demand in the current market. Owner-occupiers of bigger units may take a while to review their finances before committing to this huge expense.
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