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Slow Sales For These New Condo Launches in August

TMW Maxwell, a new mixed-use development in the downtown central business district by CEL Development, Singhaiyi Investments and Chuan Investments was much lower than expected by market watchers(CBD),with only 7 of the 324 units were sold, at an average price of S$3,310 psf.

On the same note, The Arden, a new launch project that launched on the same weekend has a take up rate of approximately 23% at an average price of S$1750psf. This equates to 27 units out of 105 units being taken. The Arden is a 99 years leasehold development located along Phoenix Road. While Orchard Sophia a freehold boutique development at Sophia road saw similar take up rate of 18 out of 78.

The vast difference in the sales results between the previous month launches, may be from the results of buyer being spoilt for choices given that in the short span of six weeks, eight private residential project launches with more than 3,000 units were offered for sale simultaneously.

However, what does this mean for the property market, or rather what does such slow sales signifies? Is the booming property market finally coming to a halt or is something bigger brewing given the high interest rates and uncertain economy.

SPEAK WITH US today to receive unbiased insights and research of the property market as well as tips and strategy to manoeuvring in the current market.



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