Sales in Core Central Region pick up in July
During the second phase of reopening post-Covid-19 “circuit breaker”, there has been a pick-up in both enquiries and purchases of new condos in the Core Central Region (CCR). Activity has actually been especially strong in new launches that had actually been commenced in the first 3 months of this year prior to the circuit breaker was enforced on April 7.
“Transactions has actually arised from both outlanders and also locals,” says Dominic Lee, head of deluxe team at PropNex.
The new condo 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 range from 517 sq ft to 1,819 sq feet, with pricings anywhere between $1.24 million ($2,404 psf) and $4.42 Mil ($2,428 psf). In June, 17 units were sold, while 7 were taken up in May, during the circuit breaker. The 378-unit Kopar was launched on the weekend of April 4-5, right before the commencement of the lockdown, as well as 74 units were sold off.
The second best-performing project in the CCR in July is The M on Middle Road, which saw 11 homes sold, varying from 409 sq feet, 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 easily the best-selling new condo this year to date, with 70% of homes sold off on its launch day in February at an average of $2,450 psf. To date, 387 units (74%) of the project have been grabbed.
In prime District 9, The Avenir located at River Valley Close saw 8 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 top en bloc transaction value paid since the $1.3388 billion value tag that the preceding 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 feet, one-bedroom unit, to $8 million ($3,318 psf) for a 2,411 sq feet, four-bedroom unit. Ki Residences by Hoi Hup is expected to do well to upon its launch this year.
At the deluxe Wallich Residence at Tanjong Pagar, three units were sold off in July: the current was for a 1,259 sq feet, two-bedroom unit on the 58th flooring that brought $4.85 million ($3,851 psf), according to a caveat lodged on July 17. The 99-year leasehold, deluxe new condo by GuocoLand belongs to a mixed property development that incorporates the GuocoTower Grade-An office space tower, the deluxe hotel Sofitel Singapore City Centre, and also a shopping complex connected straight to the Tanjong Pagar MRT Stop in the CBD.
Developed by CEL Development, the property arm of listed conglomerate Chip Eng Seng Corp, Kopar is a high-end, 99-year leasehold condominium located on Makeway Road, only a five-minute walk from the Newton Food Centre as well as the Newton MRT Station. It even includes the status of a District 9 address.