Lakegarden Residences sells an average of $2120 psf. Altura sells for an average price of $1433psf

A new condominium development in Jurong, sold 71 of its 306 units at an average price of S$2,120 psf during its launch on August 5. This represents a take-up rate of 34%. The project, which is developed by Wing Tai, comprises two towers with a total of 306 units, of which nearly three-quarters being 2 & 3 bedroom units.

The launch performance of The LakeGarden Residences was relatively modest compared to that of Altura, an Executive Condo (EC) project that was launched over the same weekend. Altura sold 220 of its 360 units, equating to a take-up rate of 61%. with an average price of $1433 psf for an EC which sets a new benchmark of EC prices.

As previously mentioned in our previous article to monitor the launch of Lakegarden Residences, we spoke about the indicative prices being $1.03 million ($1,954 psf), while three-bedders from 926 sq ft start from $1.8 million ($1,944 psf). However, it seems that the average launch price was higher than the indicated.

Based on the above, it indicates confidence by the developer to being able to sell at a higher price than indicated. A take up rate of 71 units could be seen as a lukewarm performance, however it is worthy to note it is a 16% shy of fifty percent of the entire development.

What is notable perhaps is the prices of Altura with an astonishing price of $1433 psf which sets the record for EC prices. It is notable to note that the current average prices of District 23 that Altura is part of is currently only transacting at an average psf of S$1351 psf for resale private residential (excluding new sale & executive condominiums)

Price Graph (psf S$) of District 23 Private Residential ( Excluding New Sales & Executive Condominium)

What is seemingly record breaking prices. How should we steer in the property market today? Is a bubble forming and are we expecting the prices to crash in near future? Should I continue to wait and see or should I enter the market today?

If you have these burning questions you're wondering GET IN TOUCH with us today for a non-obligatory discussion