Belgravia Ace sells over 90% of units released
By Cecilia Chow
/ EdgeProp Singapore |
Of a total of 107 freehold units at Belgravia Ace, 104 are semi-detached houses and only three are terraced houses (Photo: Samuel Isaac Chua/EdgeProp Singapore)
SINGAPORE (EDGEPROP) - The launch of the 107-unit strata landed housing project Belgravia Ace has been closely watched: This is because the developer, Fairview Developments, received more than 200 cheques as expressions of interest in the lead-up to today’s launch. It's also the first new residential project launch of 2022.
At the end of sales by balloting at 5pm today, 77 out of 85 units released were sold, reflecting a take-up rate of 90.6%. Two of the three terraced houses were sold at an average price above $4 million. Meanwhile, most of the semi-detached houses flew off the shelves at prices ranging from $4.3 million to $4.6 million.
“We were pleased with the sales performance as it shows genuine interest from expectant owner occupiers,” says Terence Teo, executive director of Tong Eng Group, on behalf of Fairview Developments, a joint venture between the Teo-family controlled Tong Eng Group and Yeap Holdings. “This is a testament to many factors such as the freehold tenure, superior product, great design, layout and a multitude of facilities within the development. All things considered, we feel the price achieved was reasonable.”
Of a total of 107 freehold units at Belgravia Ace, 104 are semi-detached houses and only three are terraced houses. Fairview Developments, decided to hold back 22 units in the project, hence only 85 strata houses were released for sale.
Showflat of a typical strata semi-detached house at Belgravia Ace where most of the units were sold at prices ranging from $4.3 million to $4.6 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
According to Mark Yip, CEO of Huttons Asia, “The excellent sales seen at Belgravia Ace signifies a few things: the ample liquidity in the market; the profile of the buyers, which is predominantly first-timers, so that the impact of the cooling measures may not be keenly felt this time”.
Response on the ground was strong, with most of the buyers being future owner occupiers, says Doris Ong, deputy CEO of ERA Realty. “Most of the buyers were first-home buyers, while others have already sold their existing homes. We also saw parents buying on behalf of their children, and extended families buying together.”
The Belgravia Drive neighbourhood, located off Ang Mo Kio Avenue 5, is also near shopping malls such as Compass One in Sengkang, Seletar Mall and Heartland Mall. Besides retail and F&B amenities, the draw of these malls is the variety and quality of the tuition and enrichment centres available. notes ERA’s Ong. “While Belgravia Ace is located in a quiet, landed residential enclave, it’s close to many amenities.”
The strength of the sales at Belgravia Ace shows that demand for reasonably priced landed homes “is largely unaffected by the cooling measures”, according to Nicholas Mak, ERA Realty head of research. “This is because the buyers are predominantly Singaporeans who are not impacted by the additional buyer’s stamp duty [ABSD] if they are buying their first and only residential property,” he adds.
The attic level of a strata semi-detached house at Belgravia Ace, which comes with a home lift that accesses every floor (Photo: Samuel Isaac Chua/EdgeProp Singapore)
New supply of all types of landed housing, including strata landed housing, is also limited, Mak points out. Is the sales at Belgravia Ace reflective of the broader residential market? “The landed housing market doesn’t depend on foreign demand,” he adds, “and therefore, doesn’t necessarily mirror demand in the condominium market.”
Despite the cooling measures announced on Dec 15, PropNex CEO Ismail Gafoor believes the housing market remains resilient. Last year, over 13,000 new homes were sold at new launches, he says. “And 95% of the units were purchased by Singaporeans or Permanent Residents (PRs),” according to Gafoor.
The property cooling measures, especially the hike in ABSD, was the highest for foreign home buyers, even those buying their first home, as it’s a flat 30%. For Singaporeans and PRs, they are only hit by a higher ABSD when buying multiple properties.
“However, buyers are discerning in choosing developments that are well-designed and well-priced,” notes Gafoor. “Therefore, developers have to be cautious about their pricing. We expect prices to see a more modesst rise this year, unlike last year, where private home prices increased more than 10%.”
Check out the latest listings near Belgravia Ace, Belgravia Drive
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