Sales in Core Central Region pick up in July
In prime District 9, The Avenir situated at River Valley Close saw eight units sold in July. It is a redevelopment of the former Pacific Mansion, which the joint venture purchased for $980 million in 2018, registering the highest en bloc investment figure paid ever since the $1.3388 billion figure tag that the preceding Farrer Court gotten in 2007.
The eight units moved at The Avenir in July varied 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.
The second best-performing project in the CCR in July is The M on Middle Road, which saw 11 homes sold, going from 409 sq feet, one-bedroom units that fetched $992,200 ($2,426 psf), to 743 sq ft, two-bedroom units bought 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 release day in February at approximately $2,450 psf. To date, 387 units (74%) of the new Bugis condo have been grabbed.
At the high-end Wallich Residence at Tanjong Pagar, three units were sold off in July: the most recent was for a 1,259 sq feet, two-bedroom unit on the 58th flooring that fetched $4.85 million ($3,851 psf), according to a caveat lodged on July 17. The 99-year leasehold, deluxe project by GuocoLand belongs to an integrated property development that includes the GuocoTower Grade-An office space tower, the high-end hotel Sofitel Singapore City Centre, as well as a mall linked directly to the Tanjong Pagar MRT Stop in the CBD.
Developed by CEL Development, the real estate arm of listed corporation Chip Eng Seng Corp, Kopar is a high-end, 99-year leasehold apartment located on Makeway Road, just a five-minute walk from the Newton Food Centre and also the Newton MRT Station. It furthermore comes with the prestige of a District 9 address. 19 Nassim by Keppel Land also did very well in the month of July.
Throughout the second period of reopening post-Covid-19 “circuit breaker”, there has been a pick-up in both inquiries and transactions of projects in the Core Central Area (CCR). Interest has been particularly solid in new condos that had actually been debuted in the first 3 months of this year right before the circuit breaker was introduced on April 7.
“Transactions has emerged from both citizens as well as outlanders,” claims Dominic Lee, head of luxury team at PropNex.
The new launch in the CCR that sold off one of the most quantity of units in July was Kopar at Newton, which transacted 23 units as at July 19. Units sold vary from 517 sq ft to 1,819 sq feet, with pricings amongst $1.24 Mil ($2,404 psf) and $4.42 Mil ($2,428 psf). In June, 17 units were sold, while 7 were consumed in May, throughout the circuit breaker. The 378-unit Kopar was commenced on the weekend of April 4-5, prior to the start of the lockdown, and also 74 units were moved.