Property sales in Singapore posted a growth of 30 percent thanks to high demand for luxury condominiums like Provence Residence EC offers. According to data released by the Urban Redevelopment Authority of Singapore, a total of more than 900 private homes were sold over the past month, an increase from the less than 700 units sold in the month before. Nearly a third of the properties sold are in the price range above Singapore dollars, or about the US $ 1,460 per square meter. The Singapore property market is likely to enjoy the flow of investor funds shifting from investment instruments in the form of money to safer instruments.
Geopolitical instability and social unrest in the region, coupled with an intensifying US-China trade war, could trigger a shift in investment instrument behavior among investors. Most investors may be cutting back on more volatile equity investments and choosing safer assets or shifting their funds from high-risk countries to countries with more stable markets such as Singapore. Sales were also supported by the launch of two new condo developments, both of which have an acceptance rate of more than 25 percent. That is why you could not miss the opportunity with Provence Residence.
The launch of new condos continued to drive demand in Singapore’s secondary market such as the Provence Residence EC. Resale prices rose 1 percent per month, an increase for the seventh straight month in the city-state. The growth in prices for condos for sale in the secondary market was driven by relatively higher prices from new residential launches. Apart from the “fear of falling behind” and low-interest rates, the new, more expensive launch is causing a positive spillover effect on surrounding old residential properties. All regions experience price increases. The core central region (CCR), other central regions (RCR), and outside the central region (OCR) increased by 1.5 percent, 0.7 percent, and 1.1 percent, respectively.