Sales in Core Central Region pick up in July
Built by CEL Development, the property arm of listed conglomerate Chip Eng Seng Corp, Kopar is a luxury, 99-year leasehold condo located on Makeway Road, simply a five-minute walk from the Newton Food Centre and also the Newton MRT Station. It even includes the status of a District 9 address.
At the high-end Wallich Residence at Tanjong Pagar, three units were sold off in July: the current 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 new condo by GuocoLand belongs to a mixed development that includes the GuocoTower Grade-An office tower, the luxury hotel Sofitel Singapore City Centre, as well as a mall linked directly to the Tanjong Pagar MRT Stop in the CBD.
In prime District 9, The Avenir located at River Valley Close saw 8 units sold in July. This brings total sales in the new condo to 27 ever since its commencement in January. The Avenir is a 376-unit luxury, freehold condo 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 highest en bloc acquisition value paid after the $1.3388 billion cost that the previous Farrer Court gotten in 2007. The latter has actually since been redeveloped becoming the 1,715-unit d’Leedon.
The 8 units sold at The Avenir in July varied from $1.5 million ($2,789 psf) for a 538 sq ft, one-bedroom unit, to $8 million ($3,318 psf) for a 2,411 sq feet, four-bedroom home. Hyll on Holland Freehold Condo is expected to do well to upon its launch this year.
The 2nd best-performing project in the CCR in July is The M on Middle Road, which saw 11 units sold off, ranging from 409 sq feet, one-bedroom units that yielded $992,200 ($2,426 psf), to 743 sq ft, two-bedroom units snapped up at $1.89 million ($2,547 psf). The 522-unit The M by Wing Tai Holdings is certainly the very popular project this year to date, with 70% of homes sold on its debut day in February at approximately $2,450 psf. To date, 387 units (74%) of the new Bugis condo have actually been grabbed.
Throughout the 2nd stage of reopening post-Covid-19 “circuit breaker”, there has been a pick-up in both queries along with purchases of new condos in the Core Central Area (CCR). Interest has been specifically solid in new condos that had actually been released in the 1st 3 months of this year right before the circuit breaker was enforced on April 7.
“Transactions has actually come from both citizens and also outlanders,” claims Dominic Lee, head of luxury group at PropNex.
The new condo in the CCR that sold off the most number of units in July was Kopar at Newton, which sold 23 units as at July 19. Units sold range from 517 sq feet to 1,819 sq feet, with values amongst $1.24 million ($2,404 psf) and also $4.42 million ($2,428 psf).