Sales in Core Central Region pick up in July
Built by CEL Development, the real estate arm of listed corporation Chip Eng Seng Corp, Kopar is a luxury, 99-year leasehold condo located on Makeway Road, only a five-minute walk from the Newton Food Centre as well as the Newton MRT Station. It furthermore features the prestige of a District 9 address.
At the high-end Wallich Residence at Tanjong Pagar, 3 units were moved in July: the most recent was for a 1,259 sq ft, two-bedroom unit on the 58th floor that sold for $4.85 million ($3,851 psf), according to a caveat lodged on July 17. The 99-year leasehold, luxury project by GuocoLand belongs to an integrated development that features the GuocoTower Grade-A workplace tower, the high-end hotel Sofitel Singapore City Centre, and a shopping mall linked directly to the Tanjong Pagar MRT Station in the CBD. Royalgreen freehold condo at Bukit Timah also did very well in the month of July.
During the second period of recommencing post-Covid-19 “circuit breaker”, there has been a pick-up in both queries as well as purchases of new condos in the Core Central Area (CCR). Interest has actually been particularly strong in projects that had actually been released in the initial 3 months of this year right before the circuit breaker was introduced on April 7.
“Transactions has emerged from both noncitizens and also citizens,” says Dominic Lee, head of high-end group at PropNex Realty.
The project in the CCR that moved one of the most number of units in July was Kopar at Newton, which moved 23 units as at July 19. Units sold off range from 517 sq feet to 1,819 sq feet, with prices amongst $1.24 Mil ($2,404 psf) and $4.42 Mil ($2,428 psf). In June, 17 units were moved, while 7 were taken up in May, during the circuit breaker. The 378-unit Kopar was commenced on the saturday and sunday of April 4-5, prior to the beginning of the lockdown, as well as 74 units were sold.
In prime District 9, The Avenir located at River Valley Close saw eight units sold in July. This brings total sales in the development to 27 ever since its launch in January. The Avenir is a 376-unit high-end, freehold apartment built jointly by Hong Leong Holdings as well as GuocoLand. It is a redevelopment of the previous Pacific Mansion, which the joint venture bought for $980 million in 2018, marking the top en bloc acquisition value paid since the $1.3388 billion price that the former Farrer Court commanded in 2007. The latter has actually since been redeveloped becoming the 1,715-unit d’Leedon.
The 8 units sold off at The Avenir in July ranged from $1.5 million ($2,789 psf) for a 538 sq feet, one-bedroom unit, to $8 million ($3,318 psf) for a 2,411 sq ft, four-bedroom home.
The 2nd best-performing new launch in the CCR in July is The M on Middle Road, which saw 11 homes sold off, varying from 409 sq ft, one-bedroom units that brought $992,200 ($2,426 psf), to 743 sq ft, two-bedroom units bought up at $1.89 million ($2,547 psf). The 522-unit The M by Wing Tai Holdings is undoubtedly the very successful project this year to date, with 70% of homes moved on its release day in February at around $2,450 psf. To date, 387 units (74%) of the new Bugis condo have been bought.