Belgravia Ace sold 90% of their inventory on launch day

At 5pm today, 77 of 85 units were sold. This reflects a 90.6% take-up rate. Two of the three terraced homes were sold for an average price of $4 million. The majority of semi-detached homes sold at prices between $4.3 million and $4.6 million.”We were happy with the sales performance because it shows genuine interest by expectant owner occupiers,” Terence Teo, executive vice president of Tong Eng Group, says on behalf Fairview Developments. This joint venture is between Yeap Holdings and the Teo-family-controlled Tong Eng Group. This is due to many factors, such as the freehold tenure and superior product. We feel that the price paid was fair.

Mark Yip, CEO at Huttons Asia, stated that “the excellent sales at Belgravia Ace indicates a few things; the ample liquidity on the market; and the profile of buyers, which is primarily first-timers so that the cooling effects may not be keenly felt.According to Doris Ong (deputy CEO of ERA Realty), the response was strong with most buyers being future owners. “Most buyers were first-home buyers while some have sold their homes.” We saw extended families buy together and parents buying for their children.Belgravia Drive is located near Ang Mo Kio Avenue 5. It is also close to shopping malls like Heartland Mall, Seletar Mall, and Compass One in Sengkang. These malls are popular for their F&B and retail amenities. However, they also have a lot to offer in the way of quality tuition and enrichment centers. According to ERA’s Ong. While Belgravia Ace may be in a peaceful, landed residential enclave it is close to many amenities.

“Mak also points out that there is a limited supply of all types and types of landed housing. Are Belgravia Ace sales reflective of the wider residential market? He says that the landed housing market does not depend on foreign demand and therefore doesn’t necessarily reflect condominium demand.PropNex CEO Ismail Gafoor believes that the housing market is resilient, despite the cooling measures implemented Dec 15. 

According to Gafoor, 13,000 homes were sold last year at new launches. Gafoor says that 95% of units were bought by Singaporeans and Permanent Residents (PRs).Foreign home buyers were the most affected by the property cooling measures. This included the increase in ABSD. It is a flat 30 percent. Singaporeans and PRs are not affected by the higher ABSD if they buy multiple properties.Gafoor notes that buyers are more discerning about choosing well-designed developments at a fair price. Developers need to be careful about pricing. Prices will rise more this year than last year when private home prices rose more than 10%.

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