Sales in Core Central Region pick up in July
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 picked up for $980 million in 2018, marking the greatest en bloc transaction value paid since the $1.3388 billion value tag that the former Farrer Court gotten in 2007.
The 8 units sold 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 phase of recommencing post-Covid-19 “circuit breaker”, there has actually been a pick-up in both queries and deals of new condos in the Core Central Region (CCR). Activity has been especially solid in projects that had actually been commenced in the first 3 months of this year right before the circuit breaker was introduced on April 7.
“Interest has actually arised from both citizens and also outlanders,” says Dominic Lee, head of deluxe group at PropNex.
The new launch in the CCR that sold off the most amount of units in July was Kopar at Newton, which moved 23 units as at July 19. Units sold vary from 517 sq ft to 1,819 sq ft, with prices between $1.24 Mil ($2,404 psf) and $4.42 Mil ($2,428 psf). In June, 17 units were moved, while 7 were consumed in May, during the circuit breaker. The 378-unit Kopar was released on the weekend of April 4-5, right before the beginning of the circuit breaker, as well as 74 units were sold.
The second best-performing project in the CCR in July is The M on Middle Road, which saw 11 units sold off, ranging from 409 sq ft, one-bedroom units that yielded $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 undoubtedly the very popular new condo this year to date, with 70% of homes sold on its launch day in February at an average of $2,450 psf. To date, 387 units (74%) of the project have actually been grabbed.
At the high-end Wallich Residence at Tanjong Pagar, 3 homes were sold in July: the most up to date was for a 1,259 sq ft, 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, high-end new condo by GuocoLand is part of an integrated development that consists of the GuocoTower Grade-An office tower, the luxury hotel Sofitel Singapore City Centre, as well as a shopping center linked straight to the Tanjong Pagar MRT Stop in the CBD.
Developed by CEL Development, the property arm of listed group Chip Eng Seng Corp, Kopar is a deluxe, 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 also comes with the reputation of a District 9 address. One Pearl Bank by Capitaland also did very well in the month of July.