Sales in Core Central Region pick up in July
The 2nd best-performing new condo in the CCR in July is The M on Middle Road, which saw 11 units sold off, going from 409 sq ft, one-bedroom units that yielded $992,200 ($2,426 psf), to 743 sq ft, two-bedroom units snapped up at $1.89 million ($2,547 psf). The 522-unit The M by Wing Tai Holdings is unquestionably the very successful project this year to date, with 70% of units sold off on its release weekend in February at an average of $2,450 psf. To date, 387 units (74%) of the project have actually been bought.
Built by CEL Development, the property arm of listed group Chip Eng Seng Corp, Kopar is a deluxe, 99-year leasehold residence positioned on Makeway Road, only a five-minute stroll from the Newton Food Centre and also the Newton MRT Stop. It also includes the status of a District 9 address.
In prime District 9, The Avenir positioned at River Valley Close saw 8 units sold in July. It is a redevelopment of the former Pacific Mansion, which the joint venture bought for $980 million in 2018, registering the greatest en bloc purchase figure paid since the $1.3388 billion figure tag that the previous Farrer Court commanded in 2007.
The 8 units sold off 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 home. Clavon Condo at Clementi Avenue 1 is expected to do well to upon its launch this year.
At the deluxe Wallich Residence at Tanjong Pagar, 3 units were moved in July: the most recent was for a 1,259 sq ft, 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, luxury development by GuocoLand belongs to a mixed development that incorporates the GuocoTower Grade-An office tower, the luxury hotel Sofitel Singapore City Centre, and also a mall connected directly to the Tanjong Pagar MRT Stop in the CBD.
Throughout the second phase of recommencing post-Covid-19 “circuit breaker”, there has been a pick-up in both enquiries as well as purchases of new condos in the Core Central Area (CCR). Interest has actually been specifically strong in projects that had actually been commenced in the 1st 3 months of this year right before the circuit breaker was enforced on April 7.
“Activities has emerged from both outlanders and also citizens,” claims Dominic Lee, head of luxury group at PropNex.
The project in the CCR that sold off the most number of units in July was Kopar at Newton, which transacted 23 units as at July 19. Units sold off vary from 517 sq ft to 1,819 sq ft, with pricings amongst $1.24 million ($2,404 psf) and also $4.42 million ($2,428 psf).