The normal cost of new condos from the Core Central Region (CCR) rose 10.5 per cent to $3,014 per square foot (psf) from the second quarter from $2,728 psf at the first quarter, reported Singapore Business Review mentioning OrangeTee & Tie.
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This substantial cost increase of new home sales might be a result of the rise in demand for luxury houses throughout the period under review. At Q2 2019, 37 units at Boulevard 88 switched hands at an average cost of $3,736 psf, while 3 Cuscaden transferred 27 units at $3,584 psf.
OrangeTee & Tie noted that resale condominium costs also improved at a slower rate at 1.3 percent during the exact same period.
With demand for luxury houses rising substantially lately, total sales volume at the CCR climbed for a second consecutive quarter, from Q1’s 563 units to 615 units in Q2 2019, included the property agency.