The launch weekend for Faber Residence and Penrith saw robust sales, with 342 and 447 units sold respectively, according to Huttons Asia CEO Mark Yip. The projects, located in Faber Hills and Queenstown, attracted significant interest due to a lack of new supply in these areas for nearly eight years. The recent rate cut by the US Federal Reserve, which lowered local borrowing rates to below 2%, has further spurred investor interest in the property market.
Faber Residence, the first development in Faber Hills since 2014, offers waterfront living and proximity to educational institutions like Nan Hua Primary School. The project saw high demand for compact units, with all 2-bedroom units sold out and only a few larger units remaining. The appeal of the area is enhanced by its educational facilities, allowing families to remain in the area as their children grow.
Penrith, situated in the mature Queenstown estate, benefits from excellent connectivity, including access to the AYE and Queenstown MRT station. The project attracted a mix of HDB upgraders and private property owners, with Queenstown’s record of million-dollar flat transactions providing liquidity for upgrades. The development’s larger units, particularly the 3-bedroom and 4-bedroom types, were in high demand, with only a couple of 4-bedroom units left.
The strong sales reflect a combination of pent-up demand, economic resilience, and ample liquidity in Singapore. The government may consider increasing land supply in the first half of 2026 to meet ongoing demand and moderate land prices.
