Sales in Core Central Region pick up in July
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 feet, two-bedroom unit on the 58th floor 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 an integrated development that consists of the GuocoTower Grade-An office space tower, the deluxe hotel Sofitel Singapore City Centre, and also a shopping mall connected directly to the Tanjong Pagar MRT Station in the CBD.
Developed by CEL Development, the property arm of listed group Chip Eng Seng Corp, Kopar is a luxury, 99-year leasehold condominium situated on Makeway Road, just a five-minute stroll from the Newton Food Centre and also the Newton MRT Station. It even includes the stature of a District 9 address.
The 2nd best-performing new launch in the CCR in July is The M on Middle Road, which saw 11 homes sold, ranging from 409 sq ft, one-bedroom units that yielded $992,200 ($2,426 psf), to 743 sq ft, two-bedroom units taken up at $1.89 million ($2,547 psf). The 522-unit The M by Wing Tai Holdings is certainly the best-selling project this year to date, with 70% of units sold on its launch weekend in February at approximately $2,450 psf. To date, 387 units (74%) of the new Bugis condo have been bought.
In prime District 9, The Avenir situated at River Valley Close saw eight units sold off in July. It is a redevelopment of the former Pacific Mansion, which the joint venture acquired for $980 million in 2018, distinguishing the highest en bloc investment price paid since the $1.3388 billion figure tag that the previous Farrer Court gotten in 2007.
The 8 units moved at The Avenir in July varied 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 feet, four-bedroom home. Parc Canberra EC also did very well in the month of July.
During the 2nd stage of resuming post-Covid-19 “circuit breaker”, there has actually been a pick-up in both inquiries and purchases of new condos in the Core Central Region (CCR). Interest has been especially solid in projects that had actually been commenced in the initial three months of this year right before the circuit breaker was introduced on April 7.
“Activities has actually arised from both noncitizens and also locals,” states Dominic Lee, head of luxury group at PropNex.
The new launch in the CCR that moved the most amount of units in July was Kopar at Newton, which sold 23 units as at July 19. Units moved range from 517 sq feet to 1,819 sq feet, with values amongst $1.24 Mil ($2,404 psf) and $4.42 million ($2,428 psf). In June, 17 units were sold, while seven were snapped up in May, throughout the circuit breaker. The 378-unit Kopar was released on the weekend of April 4-5, exactly before the beginning of the lockdown, and 74 units were sold.