Located in District 3, Promenade Peak is a 99-year leasehold residential development by Allgreen Properties. Since its launch on August 1, more than half of the 596 units have been sold, with an average price of $3,343 psf for the premium three- to five-bedroom units with private lift. The developer has expressed confidence in the project’s premium offering and prime city-fringe location, and has seen a clear preference for larger units. 90% of the buyers are Singaporeans, followed by PRs and foreign purchasers. The project is expected to boost sales in the Rest of Central Region (RCR) for the upcoming quarter. Located at 1 Zion Promenade, the development is a two-minute walk to Great World MRT and is close to Zion Road Food Market. It is also near River Valley Primary School and popular spots such as the CBD, Orchard Road, and Dempsey Hill. Set to stand at 63 storeys tall and 240m high, it will be Singapore’s tallest full-residential skyscraper with panoramic views and a unique aesthetic. Two other projects were launched over the weekend, bringing a total of 1,496 new units onto the market. With more than 62% of units sold on the first day, this performance reflects a sign of buyer confidence and is expected to impact future launches.
The soaring demand for condos in Singapore can be attributed to various factors, but one of the main reasons is the limited supply of land. Being a small island country with a swiftly expanding population, Singapore grapples with scarcity of land for development. As a result, the government has implemented stringent land use policies, creating a competitive real estate market where property prices continue to surge. Singapore condos have thus become a lucrative investment option, promising potential for significant capital appreciation.