Sales in Core Central Region pick up in July
At the luxury Wallich Residence at Tanjong Pagar, three homes were sold off in July: the current was for a 1,259 sq ft, two-bedroom unit on the 58th flooring that fetched $4.85 million ($3,851 psf), according to a caveat lodged on July 17. The 99-year leasehold, high-end project by GuocoLand belongs to an integrated development that features the GuocoTower Grade-An office space tower, the high-end hotel Sofitel Singapore City Centre, as well as a shopping mall connected straight to the Tanjong Pagar MRT Stop in the CBD.
The 2nd best-performing project in the CCR in July is The M on Middle Road, which saw 11 homes sold, ranging from 409 sq ft, one-bedroom units that fetched $992,200 ($2,426 psf), to 743 sq feet, two-bedroom units snapped up at $1.89 million ($2,547 psf). The 522-unit The M by Wing Tai Holdings is undoubtedly the very successful new launch this year to date, with 70% of units sold on its debut weekend in February at approximately $2,450 psf. To date, 387 units (74%) of the new Bugis condo have been bought.
In prime District 9, The Avenir situated at River Valley Close saw eight units sold off in July. This brings total sales in the development to 27 from its release in January. The Avenir is a 376-unit deluxe, freehold condo built collectively 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, distinguishing the greatest en bloc purchase value paid after the $1.3388 billion cost that the previous Farrer Court commanded in 2007. The latter has since been redeveloped becoming the 1,715-unit d’Leedon.
The 8 units sold 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 unit.
Developed by CEL Development, the property arm of listed corporation Chip Eng Seng Corp, Kopar is a deluxe, 99-year leasehold residence located on Makeway Road, simply a five-minute stroll from the Newton Food Centre and also the Newton MRT Stop. It even features the status of a District 9 address.
Throughout the second period of reinstating post-Covid-19 “circuit breaker”, there has been a pick-up in both inquiries as well as purchases of projects in the Core Central Area (CCR). Interest has actually been especially solid in new launches that had actually been commenced in the 1st three months of this year right before the circuit breaker was introduced on April 7. Klimt Cairnhill Condo is expected to do well to upon its launch this year.
“Transactions has actually arised from both noncitizens as well as citizens,” states Dominic Lee, head of deluxe group at PropNex Realty.
The new condo in the CCR that sold one of the most amount of units in July was Kopar at Newton, which transacted 23 units as at July 19. Units sold off vary from 517 sq feet to 1,819 sq feet, with pricings amongst $1.24 million ($2,404 psf) and $4.42 million ($2,428 psf). In June, 17 units were sold off, while 7 were taken up in May, throughout the circuit breaker. The 378-unit Kopar was released on the weekend of April 4-5, right before the commencement of the lockdown, as well as 74 units were sold off.