Sales of executive condominium (EC) units had picked up drastically in July, thanks to the buoyant sales of Hundred Palms Residences in Hougang which encountered a complete sell out within the same day of its new launch. All of its 531 units were purchased well within just seven hours on the first day of the new launch condo sales and all this was done at a median price of $843 psf. As a results of such robust sales with resounding track records, developers sold nine hundred and seventy eight executive condominiums units, a resulting increase of three hundred and one percent from the two hundred and forty four units in June.
One contributing factors to the success of Hundred Palms Residences new condo launch is the pent up demand accumulated over the years as there is this much felt absence of new executive condominium projects within the Hougang vicinity in the locality of a mature HDB estate area with accessibility to commuting and transports infrastructure and close proximity to amenities.
All the previously launched ECs also experienced a spilled over effect from Hundred Palms Residences launch where ECs such as The Visionaire, Parc Life both in Sembawang and Northwave in Woodlands also see an increase in sales volume.