Sales in Core Central Region pick up in July
Developed by CEL Development, the real estate arm of listed group Chip Eng Seng Corp, Kopar is a luxury, 99-year leasehold apartment located on Makeway Road, simply a five-minute stroll from the Newton Food Centre as well as the Newton MRT Station. It also features the status of a District 9 address. Parc Central Residences EC is expected to do well to upon its launch this year.
Meanwhile in prime District 9, The Avenir located at River Valley Close saw eight units sold off in July. This brings total sales in the property development to 27 since its commencement in January. The Avenir is a 376-unit deluxe, freehold apartment developed jointly by Hong Leong Holdings and also GuocoLand. It is a redevelopment of the retired Pacific Mansion, which the joint venture obtained for $980 million in 2018, registering the top en bloc purchase price paid ever since the $1.3388 billion price that the former Farrer Court commanded in 2007. The latter has since been redeveloped into the 1,715-unit d’Leedon.
The 8 units sold 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 unit.
During the 2nd stage of reinstating post-Covid-19 “circuit breaker”, there has been a pick-up in both enquiries as well as deals of new condos in the Core Central Area (CCR). Activity has actually been especially solid in new launches that had been released in the initial three months of this year before the circuit breaker was enforced on April 7.
“Interest has emerged from both outlanders and citizens,” says Dominic Lee, head of deluxe group at PropNex Realty.
The project in the CCR that sold the most number of units in July was Kopar at Newton, which sold 23 homes as at July 19. Units moved vary from 517 sq feet to 1,819 sq feet, with pricings between $1.24 million ($2,404 psf) as well as $4.42 million ($2,428 psf).
The 2nd best-performing new condo in the CCR in July is The M on Middle Road, which saw 11 homes sold, varying from 409 sq ft, 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 undoubtedly the very successful new condo this year to date, with 70% of units sold on its debut day in February at around $2,450 psf. To date, 387 units (74%) of the project have been bought.
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 fetched $4.85 million ($3,851 psf), according to a caveat lodged on July 17. The 99-year leasehold, luxury new condo by GuocoLand is part of a mixed property development that incorporates the GuocoTower Grade-A workplace tower, the deluxe hotel Sofitel Singapore City Centre, as well as a shopping mall connected straight to the Tanjong Pagar MRT Station in the CBD.