The property boom in Singapore in 2013 saw many older residential estates collectively sold en bloc to developers. With many of these having been developed into luxury condominiums and now set to be launched, the high-end property market is set to see a surge in supply.
Oue Twin Peaks is one such project as well. The development site was purchased en bloc from previous residents of Grangeford apartments back in 2007. Other developments that have recently entered the market include CDL’s Gramercy Park, a soon to be completed 174-unit luxury condominium.
The large influx of high-end condominium units has seen more competitive pricing and creative payment schemes in a bid to attract buyers. Developers Capitaland have recently released units from their latest luxury development, Victoria Park Villas, for pre-launch sales. Consisting of 106 semi-detached units and 3 bungalows, units here begin at $4.3 million for a 4,155 sqft area. In a better market, comparable units could have fetched nearly $6 million.
Over the last 5 years, prices of prime residential properties in Singapore have fallen nearly 20%, and now could be a good time for those looking to own a luxury condominium unit in a prime area.