Sales in Core Central Region pick up in July
Developed by CEL Development, the real estate arm of listed group Chip Eng Seng Corp, Kopar is a high-end, 99-year leasehold residence positioned on Makeway Road, simply a five-minute stroll from the Newton Food Centre as well as the Newton MRT Stop. It even features the eminence of a District 9 address.
At the deluxe Wallich Residence at Tanjong Pagar, three homes were moved in July: the most recent was for a 1,259 sq feet, two-bedroom unit on the 58th floor that brought $4.85 million ($3,851 psf), according to a caveat lodged on July 17. The 99-year leasehold, high-end development by GuocoLand belongs to a mixed development that includes the GuocoTower Grade-An office space tower, the luxury hotel Sofitel Singapore City Centre, as well as a shopping center connected directly to the Tanjong Pagar MRT Stop in the CBD.
The second best-performing new launch in the CCR in July is The M on Middle Road, which saw 11 homes sold off, going from 409 sq ft, one-bedroom units that yielded $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 unquestionably the very successful new condo this year to date, with 70% of units sold off on its debut weekend in February at around $2,450 psf. To date, 387 units (74%) of the project have actually been snapped up.
During the second phase of reopening post-Covid-19 “circuit breaker”, there has actually been a pick-up in both queries as well as deals of new launches in the Core Central Area (CCR). Interest has been particularly strong in projects that had been released in the initial three months of this year right before the circuit breaker was enforced on April 7.
“Interest has arised from both citizens and outlanders,” says Dominic Lee, head of luxury team at PropNex Realty.
The new condo in the CCR that sold the most amount of units in July was Kopar at Newton, which transacted 23 units as at July 19. Units moved vary from 517 sq ft to 1,819 sq ft, with pricings amongst $1.24 Mil ($2,404 psf) and $4.42 million ($2,428 psf). In June, 17 units were sold, 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, just before the commencement of the lockdown, as well as 74 units were sold off.
In prime District 9, The Avenir situated at River Valley Close saw eight units sold off in July. It is a redevelopment of the former Pacific Mansion, which the joint venture picked up for $980 million in 2018, registering the top en bloc acquisition figure paid ever since the $1.3388 billion value tag that the former Farrer Court gotten in 2007. Piermont Grand also did very well in the month of July.
The eight units sold at The Avenir in July ranged 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. Piermont Grand EC also did very well in the month of July.