Sales in Core Central Region pick up in July
During the 2nd period of recommencing post-Covid-19 “circuit breaker”, there has been a pick-up in both inquiries and transactions of projects in the Core Central Region (CCR). Interest has actually been particularly solid in projects that had been commenced in the initial three months of this year before the circuit breaker was established on April 7.
“Interest has emerged from both noncitizens and also locals,” says Dominic Lee, head of luxury group at PropNex.
The new condo in the CCR that moved the most amount of units in July was Kopar at Newton, which moved 23 units as at July 19. Units sold off vary from 517 sq ft to 1,819 sq ft, with prices between $1.24 million ($2,404 psf) and $4.42 million ($2,428 psf). In June, 17 units were sold, while seven were consumed in May, throughout the lockdown. The 378-unit Kopar was commenced on the saturday and sunday of April 4-5, prior to the start of the circuit breaker, and also 74 units were moved.
In prime District 9, The Avenir positioned at River Valley Close saw 8 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 greatest en bloc investment value paid after the $1.3388 billion value tag that the former Farrer Court gotten in 2007.
The eight units sold off at The Avenir in July varied 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 ft, four-bedroom home. OLA EC also did very well in the month of July.
At the high-end Wallich Residence at Tanjong Pagar, three homes were sold in July: the most current was for a 1,259 sq feet, 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 project by GuocoLand belongs to an integrated development that includes the GuocoTower Grade-An office tower, the deluxe hotel Sofitel Singapore City Centre, and a shopping center connected straight to the Tanjong Pagar MRT Station in the CBD.
Built by CEL Development, the property arm of listed conglomerate Chip Eng Seng Corp, Kopar is a deluxe, 99-year leasehold apartment positioned on Makeway Road, just a five-minute walk from the Newton Food Centre and also the Newton MRT Stop. It even includes the stature of a District 9 address.
The second 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 yielded $992,200 ($2,426 psf), to 743 sq feet, two-bedroom units snapped up at $1.89 million ($2,547 psf). The 522-unit The M by Wing Tai Holdings is easily the very popular project this year to date, with 70% of homes moved on its release weekend in February at around $2,450 psf. To date, 387 units (74%) of the new Bugis condo have actually been snapped up.