Sales in Core Central Region pick up in July
At the high-end Wallich Residence at Tanjong Pagar, 3 homes were moved in July: the current was for a 1,259 sq feet, two-bedroom unit on the 58th flooring that sold for $4.85 million ($3,851 psf), according to a caveat lodged on July 17. The 99-year leasehold, deluxe development by GuocoLand is part of a mixed development that incorporates the GuocoTower Grade-An office space tower, the high-end hotel Sofitel Singapore City Centre, and also a shopping complex connected straight to the Tanjong Pagar MRT Station in the CBD.
Built by CEL Development, the real estate arm of listed corporation Chip Eng Seng Corp, Kopar is a luxury, 99-year leasehold condo positioned on Makeway Road, just a five-minute stroll from the Newton Food Centre and also the Newton MRT Station. It furthermore includes the eminence of a District 9 address. Parc Clematis Clementi also did very well in the month of July.
During the 2nd period of reopening post-Covid-19 “circuit breaker”, there has actually been a pick-up in both inquiries as well as purchases of projects in the Core Central Area (CCR). Interest has been especially strong in new launches that had been commenced in the first three months of this year prior to the circuit breaker was introduced on April 7.
“Activities has actually come from both locals as well as foreigners,” says Dominic Lee, head of high-end team at PropNex Realty.
The project in the CCR that sold off the most amount of units in July was Kopar at Newton, which transacted 23 units as at July 19. Units moved range from 517 sq feet to 1,819 sq ft, with figures amongst $1.24 million ($2,404 psf) and $4.42 Mil ($2,428 psf). In June, 17 units were moved, while 7 were snapped up in May, throughout the lockdown. The 378-unit Kopar was commenced on the weekend of April 4-5, right before the commencement of the circuit breaker, and also 74 units were sold off.
In prime District 9, The Avenir situated at River Valley Close saw 8 units sold off in July. This brings entire sales in the property development to 27 ever since its launch in January. The Avenir is a 376-unit high-end, freehold condominium built collectively by Hong Leong Holdings and GuocoLand. It is a redevelopment of the retired Pacific Mansion, which the joint venture purchased for $980 million in 2018, registering the highest en bloc investment figure paid after the $1.3388 billion cost that the former Farrer Court gotten 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 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 ft, four-bedroom home.
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 fetched $992,200 ($2,426 psf), to 743 sq feet, two-bedroom units taken up at $1.89 million ($2,547 psf). The 522-unit The M by Wing Tai Holdings is easily the very popular project this year to date, with 70% of homes moved on its release weekend in February at around $2,450 psf. To date, 387 units (74%) of the project have actually been snapped up.