Singapore condo sales are on a roll, with a new development, the Albracca condominium, getting sold for the amazing sum of $69.12 million. It’s the fifth deal like this during the year, and it shows that the market is coming back.
An interesting thing to explore about this Meyer Road condo is that the price was $1409 per plot ratio per sq feet. However, it’s important to note that even the owners of the Albracca didn’t expect the sale to go so well. In fact, they expected to get somewhere between 60 and 65 million, not 6millions+. So, the development was a success for them.
Albracca is a freehold condo located near the Tanjong Rhu. It has multiple apartments that vary in size. The amazing thing to note here is that the zone is residential and the Meyer Road site has around 23400 square feet. Apparently, the owners will each get around $4-$7 million from this sale. It is an incredible opportunity, and it shows the outstanding type of results that you may be able to get from selling a development here.
The apartments in this Meyer Road condo range in size. The largest one is up to 3972 square feet, whereas the smaller ones have around 1658 square feet. So yes, you have some pretty large apartments here, which means that selling them won’t be a problem at all.
Up until this point, the collective sales transaction for this year in Singapore alone was around $1.58 billion. It already surpasses the $1 billion from last year, so it’s clear that there’s plenty of excitement to be had in here.
But how was the sales process? The Albracca received dozens of bids from developers, so it was indeed a very popular site that lots of people wanted. There was a fund manager that placed a bid, alongside contractors or even some boutique developers. It shows that you can get an extraordinary amount of money from this type of transactions.
According to the real estate professionals on the market, this Meyer Road establishment is set to further help Singapore’s real estate turn around and become very profitable once again. Thankfully, the sales from recent months show that the condos in here are extremely profitable and, with the right market knowledge, you can make a fortune.
The Meyer Road condo sale shows that Singapore is indeed profitable for real estate development. Yes, there was a market crash a few years ago, and that did last for quite some time. But it’s safe to say that the market problems won’t last for a very long time. That’s extraordinary, and it brings in some really good feelings in regards to the future of this market.
Since the market transactions are getting higher and higher, we expect the next condo complex sale to go well above expectations as well. One thing is certain; it has never been so profitable to invest in Singapore real estate. So yes, we are very excited to see what the future holds in this regard!
Nearby developments near Meyer Road
Looking for new launch condos in 2019? Below are a list of Singapore condo that you can consider,