Sales in Core Central Region pick up in July
In prime District 9, The Avenir located at River Valley Close saw 8 units moved in July. It is a redevelopment of the preceding Pacific Mansion, which the joint venture picked up for $980 million in 2018, marking the greatest en bloc purchase figure paid since the $1.3388 billion price tag that the preceding Farrer Court gotten in 2007.
The eight 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 ft, four-bedroom home. Mountbatten Residences at Katong is expected to do well to upon its launch this year.
Developed by CEL Development, the real estate arm of listed group Chip Eng Seng Corp, Kopar is a deluxe, 99-year leasehold condo positioned on Makeway Road, just a five-minute stroll from the Newton Food Centre as well as the Newton MRT Station. It even comes with the prestige of a District 9 address.
At the luxury Wallich Residence at Tanjong Pagar, 3 units were sold in July: the most up to date was for a 1,259 sq ft, two-bedroom unit on the 58th flooring that brought $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 consists of the GuocoTower Grade-An office space tower, the luxury hotel Sofitel Singapore City Centre, and also a shopping complex connected straight to the Tanjong Pagar MRT Stop in the CBD.
The 2nd best-performing new launch in the CCR in July is The M on Middle Road, which saw 11 homes sold off, ranging 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 certainly the best-selling new launch this year to date, with 70% of units sold on its release weekend in February at around $2,450 psf. To date, 387 units (74%) of the project have been snapped up.
During the second phase of resuming post-Covid-19 “circuit breaker”, there has been a pick-up in both enquiries and transactions of projects in the Core Central Area (CCR). Interest has actually been specifically solid in new launches that had actually been debuted in the first three months of this year before the circuit breaker was imposed on April 7.
“Interest has actually come from both noncitizens and citizens,” says Dominic Lee, head of luxury group at PropNex.
The new launch in the CCR that moved the most quantity of units in July was Kopar at Newton, which sold 23 units as at July 19. Units sold off range from 517 sq feet to 1,819 sq ft, with values between $1.24 million ($2,404 psf) and $4.42 million ($2,428 psf). In June, 17 units were moved, while seven were snapped up in May, throughout the circuit breaker. The 378-unit Kopar was released on the weekend of April 4-5, right before the beginning of the lockdown, and also 74 units were moved.