Sales in Core Central Region pick up in July
During the second stage of reinstating post-Covid-19 “circuit breaker”, there has actually been a pick-up in both enquiries as well as transactions of new condos in the Core Central Area (CCR). Interest has been particularly strong in projects that had been commenced in the 1st three months of this year right before the circuit breaker was enforced on April 7.
“Interest has arised from both citizens and noncitizens,” claims Dominic Lee, head of luxury team at PropNex Realty.
The new condo in the CCR that sold off the most number of units in July was Kopar at Newton, which moved 23 units as at July 19. Units moved vary from 517 sq ft to 1,819 sq ft, with pricings amongst $1.24 million ($2,404 psf) and also $4.42 million ($2,428 psf).
Developed by CEL Development, the real estate arm of listed conglomerate Chip Eng Seng Corp, Kopar is a luxury, 99-year leasehold apartment positioned on Makeway Road, simply a five-minute stroll from the Newton Food Centre and also the Newton MRT Stop. It furthermore includes the stature of a District 9 address.
The second best-performing new condo in the CCR in July is The M on Middle Road, which saw 11 units sold off, varying from 409 sq ft, one-bedroom units that fetched $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 very successful project this year to date, with 70% of units sold off on its release weekend in February at approximately $2,450 psf. To date, 387 units (74%) of the project have been grabbed.
In prime District 9, The Avenir situated at River Valley Close saw eight units moved in July. It is a redevelopment of the preceding Pacific Mansion, which the joint venture purchased for $980 million in 2018, distinguishing the greatest en bloc purchase price paid after the $1.3388 billion value tag that the previous Farrer Court commanded in 2007.
The 8 units sold off 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 home. One North Gateway Condo is expected to do well to upon its launch this year.
At the deluxe Wallich Residence at Tanjong Pagar, 3 units were sold off in July: the current was for a 1,259 sq ft, 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, deluxe development by GuocoLand is part of a mixed property development that consists of the GuocoTower Grade-An office tower, the high-end hotel Sofitel Singapore City Centre, as well as a shopping mall linked straight to the Tanjong Pagar MRT Stop in the CBD.