CapitaLand announced that 160 units or 80% of 200 units released during the first weekend of launch, have been sold as at 5pm on Sunday, July 21. Bookings had commenced at 11am on Saturday, July 20. The average sale price achieved was $2,400 psf.
The sales rate achieved translates to 21% of a total of 774 units in the private condo development at 1 Pearl Bank. “The strong performance during its first weekend of sales earned One Pearl Bank the distinction of the best-selling new launch in Singapore’s Central Area year to date,” according to CapitaLand in a release.
After expanding 3.7% in 2017, Singapore’s economic growth tapered to 3.1% in 2018 and the International Monetary Fund (IMF) has projected that it will slow to 2% in 2019. Growth had already decelerated to 1.1% in 1Q2019 and 0.1% in 2Q2019.
“Over the medium term, growth should stabilize around 2½ percent, increasingly driven by modern services alongside other trade-related sectors,” says IMF in a release on July 15, following the conclusion of its Article IV consultation with Singapore. “Risks to the outlook are tilted to the downside and mainly stem from external sources, including a tightening of global financial conditions, escalation of sustained trade tensions, and deceleration of global growth.”
Koh Brothers Building & Civil Engineering (KBCE) has jointly clinched a $668.2 million contract from the Public Utilities Board (PUB) for the construction of influent pumping stations at Tuas Water Reclamation Plant (TWRP). KBCE is a wholly-owned subsidiary of Singapore-listed engineering and construction company, Koh Brothers Eco Engineering.