Sales in Core Central Region pick up in July
The 2nd best-performing new launch in the CCR in July is The M on Middle Road, which saw 11 units moved, varying from 409 sq ft, one-bedroom units that brought $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 day in February at around $2,450 psf. To date, 387 units (74%) of the project have been grabbed.
Developed by CEL Development, the real estate arm of listed corporation Chip Eng Seng Corp, Kopar is a deluxe, 99-year leasehold condo situated on Makeway Road, only a five-minute stroll from the Newton Food Centre and the Newton MRT Station. It even features the prestige of a District 9 address.
On the other hand in prime District 9, The Avenir located at River Valley Close saw eight units sold in July. This brings overall sales in the new condo to 27 since its release in January. The Avenir is a 376-unit deluxe, freehold condominium built jointly by Hong Leong Holdings and GuocoLand. It is a redevelopment of the retired Pacific Mansion, which the joint venture invested in for $980 million in 2018, distinguishing the highest en bloc investment price paid ever since the $1.3388 billion price that the former Farrer Court gotten in 2007. The latter has since been redeveloped into the 1,715-unit d’Leedon.
The eight units sold off at The Avenir in July varied 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. Florence Residences also did very well in the month of July.
At the high-end Wallich Residence at Tanjong Pagar, three homes were moved in July: the newest was for a 1,259 sq feet, 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 development by GuocoLand is part of a mixed property development that includes the GuocoTower Grade-A workplace tower, the luxury hotel Sofitel Singapore City Centre, and also a shopping center linked straight to the Tanjong Pagar MRT Stop in the CBD.
During the second period of reinstating post-Covid-19 “circuit breaker”, there has actually been a pick-up in both enquiries along with purchases of projects in the Core Central Region (CCR). Interest has been specifically solid in new launches that had actually been released in the 1st 3 months of this year right before the circuit breaker was imposed on April 7.
“Transactions has actually come from both locals as well as noncitizens,” says Dominic Lee, head of luxury team at PropNex.
The new condo in the CCR that sold the most quantity of units in July was Kopar at Newton, which sold 23 units as at July 19. Units moved range from 517 sq ft to 1,819 sq feet, with pricings between $1.24 Mil ($2,404 psf) and $4.42 million ($2,428 psf). In June, 17 units were sold, while 7 were consumed in May, throughout the lockdown. The 378-unit Kopar was commenced on the weekend of April 4-5, prior to the commencement of the lockdown, as well as 74 units were sold.