Sales in Core Central Region pick up in July
In prime District 9, The Avenir situated at River Valley Close saw 8 units sold off in July. It is a redevelopment of the preceding Pacific Mansion, which the joint venture acquired for $980 million in 2018, distinguishing the highest en bloc investment price paid ever since the $1.3388 billion figure tag that the previous Farrer Court commanded in 2007.
The eight units sold off 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 ft, four-bedroom home.
At the deluxe Wallich Residence at Tanjong Pagar, three units were moved 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, luxury development by GuocoLand belongs to an integrated property development that features the GuocoTower Grade-An office space tower, the luxury hotel Sofitel Singapore City Centre, and a shopping mall connected straight to the Tanjong Pagar MRT Station in the CBD.
Built by CEL Development, the real estate arm of listed corporation Chip Eng Seng Corp, Kopar is a deluxe, 99-year leasehold residence located on Makeway Road, just a five-minute stroll from the Newton Food Centre and the Newton MRT Stop. It furthermore features the stature of a District 9 address.
During the 2nd phase of recommencing post-Covid-19 “circuit breaker”, there has been a pick-up in both queries along with purchases of new condos in the Core Central Area (CCR). Interest has been particularly strong in projects that had actually been debuted in the first three months of this year right before the circuit breaker was imposed on April 7.
“Interest has actually arised from both noncitizens and also locals,” states Dominic Lee, head of luxury team at PropNex.
The project in the CCR that sold the most number of units in July was Kopar at Newton, which moved 23 units as at July 19. Units sold range from 517 sq feet to 1,819 sq feet, with figures amongst $1.24 million ($2,404 psf) and $4.42 million ($2,428 psf). Midwood Condo Hillview also did very well in the month of July.
The second best-performing new condo in the CCR in July is The M on Middle Road, which saw 11 units moved, going from 409 sq ft, 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 easily the very successful new launch this year to date, with 70% of units sold off on its release weekend in February at an average of $2,450 psf. To date, 387 units (74%) of the project have actually been grabbed.