Sales in Core Central Region pick up in July
Developed by CEL Development, the property arm of listed conglomerate Chip Eng Seng Corp, Kopar is a luxury, 99-year leasehold condo situated on Makeway Road, just a five-minute walk from the Newton Food Centre as well as the Newton MRT Station. It even features the reputation of a District 9 address.
In prime District 9, The Avenir located at River Valley Close saw eight units moved in July. It is a redevelopment of the preceding Pacific Mansion, which the joint venture purchased for $980 million in 2018, distinguishing the top en bloc transaction price paid ever since the $1.3388 billion price tag that the former Farrer Court gotten in 2007.
The 8 units moved 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.
The second best-performing new launch in the CCR in July is The M on Middle Road, which saw 11 units sold, going 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 unquestionably the best-selling new launch this year to date, with 70% of homes sold off on its launch day in February at an average of $2,450 psf. To date, 387 units (74%) of the new Bugis condo have actually been grabbed.
During the 2nd phase of resuming post-Covid-19 “circuit breaker”, there has actually been a pick-up in both enquiries and purchases of projects in the Core Central Region (CCR). Interest has been particularly strong in new launches that had been launched in the initial three months of this year before the circuit breaker was imposed on April 7.
“Interest has actually come from both locals and noncitizens,” states Dominic Lee, head of luxury group at PropNex Realty.
The new launch in the CCR that sold off one of the most amount of units in July was Kopar at Newton, which moved 23 units as at July 19. Units moved vary from 517 sq feet to 1,819 sq feet, with prices amongst $1.24 Mil ($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 lockdown. The 378-unit Kopar was debuted on the weekend of April 4-5, right ahead of the start of the circuit breaker, as well as 74 units were sold.
At the luxury Wallich Residence at Tanjong Pagar, three homes were sold off in July: the current was for a 1,259 sq feet, 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, luxury project by GuocoLand belongs to an integrated development that incorporates the GuocoTower Grade-An office tower, the high-end hotel Sofitel Singapore City Centre, as well as a mall connected directly to the Tanjong Pagar MRT Station in the CBD. Leedon Green at Farrer Road also did very well in the month of July.