GuocoLand’s 455-unit River Modern sold an “impressive” 90% of its units at launch on March 7, at an average selling price of $3,266 psf. “We see this as further evidence of market resilience, which bodes well for upcoming project launches such as Pinery Residences and Rivelle Tampines executive condominium (EC),” say Khoo and Wang.
Despite rising tensions in the Middle East, Singapore’s private residential market is expected to remain resilient, supported by owner-occupiers who contribute to the bulk of demand, say HSBC Global Investment Research analysts Rayson Khoo and Joy Wang.
During periods of global uncertainty, local buyers might even allocate more capital to Singapore property, add Khoo and Wang in a March 16 report. “[This] may have contributed to the strong sales at River Modern earlier this month.”
