Two highly anticipated suburban condo launches in Singapore notched more than 1,220 units in sales over the weekend, with Tengah Garden Residences nearing sell-out at an average price of S$2,120 per square foot (psf), according to developers' reports.
Tengah Garden Residences, a 1,200-unit project in the Tengah estate, saw 99% of its units taken up, leaving only a handful available. The average price of S$2,120 psf reflects strong demand for new homes in the area, which is being developed as Singapore's first smart and sustainable town.
Vela Bay, a separate launch in the Pasir Ris area, sold 71% of its 1,000 units at an average price of S$1,750 psf. The project, which offers waterfront living, attracted buyers with its proximity to the beach and upcoming amenities.
Industry analysts attribute the robust sales to pent-up demand, attractive pricing relative to resale units, and the appeal of new developments in suburban locations. The strong take-up rates suggest continued confidence in the Singapore property market despite cooling measures.
