MCL Land’s 710 condo units of Lake Grande has sold 87 percent, or 436 of the 500 total units released during its launch, with units transacted at an average price of $1,368 psf.
According to MCL Land Chief Executive Koh Teck Chuan, home buyers preferred smaller size units, noticing 83% of the sales involving one and 2-bedroom units, while 17 out of every 20 home buyers were Singaporeans.
Despite the Singapore private residential market is expressing signs of bottoming out, with prices in second quarter fall at slowest pace since values started dropping at end of 2013, market watchers informed the strong demand for 17-storey Lake Grande units cannot be regarded as a sign of recovering among home buyers.
Rather, market watchers consider that the red-hot impression for the Lake Grande have been fired up by the government’s project to promote the Jurong Lake District as the home of the upcoming Kuala Lumpur–Singapore High Speed Rail (HSR), which link Singapore to Kuala Lumpur and will reduce travel time for about 90 minutes.
The major contributing aspect for strong sales of Lake Grande is all the hype over the masterplan for Jurong Lake District and the future high-speed rail onstream in year 2026, Savills Singapore Research Head Alan Cheong stated.