Sales in Core Central Region pick up in July
Throughout the second period of reinstating post-Covid-19 “circuit breaker”, there has been a pick-up in both queries and purchases of new condos in the Core Central Area (CCR). Activity has been especially strong in new condos that had been released in the 1st three months of this year before the circuit breaker was enforced on April 7.
“Transactions has actually arised from both noncitizens as well as citizens,” says Dominic Lee, head of high-end group at PropNex.
The new condo in the CCR that moved the most number of units in July was Kopar at Newton, which transacted 23 homes as at July 19. Units sold off vary from 517 sq ft to 1,819 sq feet, with values amongst $1.24 million ($2,404 psf) and also $4.42 million ($2,428 psf).
Built by CEL Development, the real estate arm of listed corporation Chip Eng Seng Corp, Kopar is a high-end, 99-year leasehold residence situated on Makeway Road, simply a five-minute walk from the Newton Food Centre as well as the Newton MRT Station. It even includes the stature of a District 9 address.
At the deluxe Wallich Residence at Tanjong Pagar, 3 units were sold off in July: the most recent was for a 1,259 sq feet, two-bedroom unit on the 58th floor that sold for $4.85 million ($3,851 psf), according to a caveat lodged on July 17. The 99-year leasehold, luxury new condo by GuocoLand belongs to a mixed development that includes the GuocoTower Grade-An office space tower, the deluxe hotel Sofitel Singapore City Centre, and a mall linked straight to the Tanjong Pagar MRT Stop in the CBD.
On the other hand in prime District 9, The Avenir situated at River Valley Close saw 8 units sold in July. This brings overall sales in the new condo to 27 since its commencement in January. The Avenir is a 376-unit luxury, freehold condo built jointly by Hong Leong Holdings as well as GuocoLand. It is a redevelopment of the previous Pacific Mansion, which the joint venture acquired for $980 million in 2018, marking the highest en bloc acquisition figure paid after the $1.3388 billion cost that the preceding Farrer Court commanded in 2007. The last mentioned has actually since been redeveloped becoming the 1,715-unit d’Leedon.
The eight 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 home.
The 2nd best-performing project in the CCR in July is The M on Middle Road, which saw 11 units sold, varying from 409 sq feet, 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 on its release weekend in February at around $2,450 psf. To date, 387 units (74%) of the new Bugis condo have actually been bought.