The Private Home Sector Continues to Rise Against All Odds

The outbreak of Covid-19 changed, without a doubt, not just the way we live our lives, but also the world around us. The economy became more fragile and unpredictable, and we had to learn to deal with brand new conditions. Thus, considering the precarious state of the economy, the sales of new homes, in general, were expected to drop significantly. However, the private home sector managed to defy the predictions of specialists, continuing its upward trend, despite all odds.


What is more amazing is the fact that the current rises have not been seen for more than two years already. This September was the 5th month in a row when the level of sales was above expected and predicted values. If August recorded a sale of 1,258 of private units, September came with an even higher number, the total amount of units sold rising to 1,329. And all of this happened even though there were very few private home launches, an aspect that was highly affected by the unpredictability of the market in current conditions.

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The Possibility to Reissue OTP to The Same Buyer Faces New Restrictions

Are you looking to buy a new Singapore condo any time soon? In this case, you should know that you should be able to commit to the conditions of the issued OTP, as the possibility to reissue another OTP is not an option any longer. In other words, you should act within the validity of the issued OTP, as you won’t be able to get another one for the coming 12 months. This new restriction was recently released by the URA and should become familiar to all homebuyers because it can affect the final results of a property purchase.

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Penrose condo units witnessed 60% sale over the launch weekend itself

According to reports, about 60% of the Penrose condominium units were sold by the Hong Leong group over the week of their launch itself. Even though experts predicted that the real estate market would take some time to recover from the blow of the pandemic, the statistics of this sale spurned a completely different story.
Out of 566 units, a total of 341 were sold in the 99-year leasehold area of development located in Sims Drive. The starting price of these condos were marked at $788,000 for an one-bedroom apartment, followed by the two-bedroom ones for $943,000, three-bedroom for $1.33 million and lastly, four-bedroom condos for $2.11 million.

For the unversed, the sizes of the apartments that are a part of the Penrose condominium fall within the window of 474 sq. ft. (one-bedroom) and 1,389 sq. ft. (four-bedroom). Hong Leong admitted that the take-up for these housing units were pretty decent as the selling prices were mostly between $1,500 and $1,700 for every unit.

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