Sales in Core Central Region pick up in July
The 2nd best-performing new condo in the CCR in July is The M on Middle Road, which saw 11 homes moved, 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 certainly the best-selling new launch this year to date, with 70% of units sold on its release day in February at an average of $2,450 psf. To date, 387 units (74%) of the new Bugis condo have been grabbed.
Throughout the second stage of reopening post-Covid-19 “circuit breaker”, there has been a pick-up in both enquiries along with transactions of projects in the Core Central Area (CCR). Activity has been specifically solid in projects that had been released in the 1st three months of this year prior to the circuit breaker was imposed on April 7.
“Transactions has emerged from both citizens as well as outlanders,” says Dominic Lee, head of deluxe team at PropNex Realty.
The project in the CCR that moved the most number of units in July was Kopar at Newton, which transacted 23 units as at July 19. Units sold range from 517 sq feet to 1,819 sq ft, with pricings amongst $1.24 million ($2,404 psf) and $4.42 million ($2,428 psf). Sengkang Grand Residences at Buangkok MRT also did very well in the month of July.
At the luxury Wallich Residence at Tanjong Pagar, 3 homes 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 project by GuocoLand belongs to an integrated development that features the GuocoTower Grade-An office space tower, the luxury hotel Sofitel Singapore City Centre, and a mall linked directly to the Tanjong Pagar MRT Stop in the CBD.
Built by CEL Development, the property arm of listed conglomerate Chip Eng Seng Corp, Kopar is a high-end, 99-year leasehold condominium situated on Makeway Road, simply a five-minute walk from the Newton Food Centre and the Newton MRT Station. It furthermore features the status of a District 9 address.
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 purchased for $980 million in 2018, marking the greatest en bloc transaction figure paid after the $1.3388 billion value tag that the former Farrer Court commanded in 2007.
The eight 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.