Sales in Core Central Region pick up in July
Developed by CEL Development, the real estate arm of listed corporation Chip Eng Seng Corp, Kopar is a deluxe, 99-year leasehold residence located on Makeway Road, just a five-minute stroll from the Newton Food Centre as well as the Newton MRT Station. It furthermore includes the prestige of a District 9 address.
In prime District 9, The Avenir situated at River Valley Close saw eight units sold off in July. It is a redevelopment of the preceding Pacific Mansion, which the joint venture obtained for $980 million in 2018, marking the top en bloc investment value paid after the $1.3388 billion figure tag that the previous 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 ft, one-bedroom unit, to $8 million ($3,318 psf) for a 2,411 sq feet, four-bedroom home.
During the second stage of reinstating post-Covid-19 “circuit breaker”, there has been a pick-up in both inquiries as well as transactions of projects in the Core Central Area (CCR). Interest has actually been especially strong in new launches that had actually been launched in the initial three months of this year right before the circuit breaker was imposed on April 7.
“Transactions has arised from both locals and outlanders,” says Dominic Lee, head of deluxe group at PropNex Realty.
The new condo in the CCR that sold off the most number of units in July was Kopar at Newton, which sold 23 homes as at July 19. Units sold off vary from 517 sq feet to 1,819 sq feet, with figures amongst $1.24 million ($2,404 psf) as well as $4.42 million ($2,428 psf). Penrose Condo is expected to do well to upon its launch this year.
At the luxury Wallich Residence at Tanjong Pagar, three homes were sold in July: the current 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 development by GuocoLand is part of an integrated property development that incorporates the GuocoTower Grade-An office space tower, the deluxe hotel Sofitel Singapore City Centre, as well as a shopping center connected directly to the Tanjong Pagar MRT Stop in the CBD.
The 2nd best-performing new condo in the CCR in July is The M on Middle Road, which saw 11 units moved, going from 409 sq feet, 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 undoubtedly the very successful new launch this year to date, with 70% of units sold on its launch day in February at an average of $2,450 psf. To date, 387 units (74%) of the project have been snapped up.