The Sanxin private housing project received a warm response, with Jiaxi Green Garden selling 88% over the weekend

Changchun Industries also revealed that among numerous buyers, Singapore citizens accounted for 90%, while permanent residents and foreigners accounted for 9% and 1%, respectively.

He said, "Despite the uncertain global economic outlook and the holding period for seller's stamp duty (SSD) being extended from three years to four years, the demand for newly built private homes remains strong. This indicates that the current demand mainly comes from genuine homebuyers rather than speculative behavior driven by an overheated market."

Promenade Peak, located on Zion Road, developed by Changchun Industries (Allgreen Properties), also performed robustly, selling 320 units or 54% over the weekend. This project is located quite close to Jiahui Green Garden, consisting of 63 floors and a total of 596 units.

Changchun Industries stated in a press release on Sunday that the project is divided into two series: the Promenade Collection, with areas ranging from 527 to 1,076 square feet, and the Promenade Suites, with areas ranging from 1,163 to 1,884 square feet, with average prices of SGD 2,894 and SGD 3,343 per square foot, respectively. The highest transaction price currently stands at SGD 3,521 per square foot.

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He said, "Developers are 'democratizing' the high-end residential market, allowing more buyers the opportunity to enter the private home market in the core central area."

Ouyang Xue Ning, Senior General Manager of Market Operations at Wing Tai Property Management, said, "The strong sales performance of Jiahui Green Garden confirms our strategy of balancing unit efficiency and price affordability, resonating with local buyers eager to invest in the core central area."

MOGUL.sg's Chief Researcher, Mai Jun Rong, analyzed that the key to the success of Jiahui Green Garden lies in the developers reducing the unit sizes, thereby lowering the prices to levels affordable for the local middle class.

Huttons' CEO, Ye Run Ming, pointed out that in terms of sales units, Jiahui Green Garden is the best-selling project in the core central area this year.

Developed jointly by Kheng Leong and Low Keng Huat, the Canberra Crescent Residences, located on Canberra Crescent, also achieved impressive sales, selling 150 units over the weekend, accounting for 40% of the total units. The average price per square foot was SGD 1,974.

Analysts pointed out that this shows strong sales performance for both urban and suburban, high-end and mass-market private residential projects, reflecting robust overall market demand and buyers' solid confidence in the private home market in the medium to long term.

Wing Tai Holdings stated in a press release on Sunday (August 3) that during the weekend sales event, Jiahui Green Garden sold a total of 460 units, accounting for 88% of the total units, with an average price of SGD 3,130 per square foot. About 98% of the buyers were Singapore citizens or permanent residents, with the remainder being foreigners Ye Runming said: "For buyers, the smaller unit area of River Valley Green makes the total price more attractive and relatively affordable. Buyers also see this as an excellent opportunity to invest in the core central region."

Located in River Valley Green, the project is developed by Wing Tai Holdings. This 99-year leasehold project in the core central region (CCR) features a 36-story residential building with a total of 524 units, offering options from one-bedroom to four-bedroom, and provides residents with convenient access to the Great World MRT station.

ERA President Zhu Yongqiang pointed out in a statement released on Saturday that the sales performance of River Valley Green shows that despite the economic headwinds our country is facing, the demand for residential properties in the core central region remains strong, primarily supported by stable demand from local buyers.

The local private residential market remains active, with the three newly launched projects River Valley Green, Promenade Peak, and Canberra Crescent Residences selling 88%, 54%, and 40% of their units respectively during the opening weekend