Sales in Core Central Region pick up in July
During the second phase of resuming post-Covid-19 “circuit breaker”, there has actually been a pick-up in both inquiries as well as purchases of new condos in the Core Central Region (CCR). Interest has been particularly strong in new condos that had been debuted in the first 3 months of this year right before the circuit breaker was introduced on April 7.
“Activities has actually come from both citizens as well as outlanders,” states Dominic Lee, head of high-end group at PropNex.
The new condo in the CCR that sold the most number of units in July was Kopar at Newton, which transacted 23 units as at July 19. Units sold off range from 517 sq feet to 1,819 sq feet, with pricings amongst $1.24 Mil ($2,404 psf) and $4.42 million ($2,428 psf). In June, 17 units were sold off, while seven were consumed in May, during the lockdown. The 378-unit Kopar was debuted on the weekend of April 4-5, right before the start of the circuit breaker, and also 74 units were sold. Midtown bay integrated development also did very well in the month of July.
At the high-end Wallich Residence at Tanjong Pagar, three units were moved in July: the most 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, high-end development by GuocoLand is part of an integrated development that incorporates the GuocoTower Grade-An office space tower, the deluxe hotel Sofitel Singapore City Centre, and a shopping center linked directly to the Tanjong Pagar MRT Station in the CBD.
The 2nd best-performing new launch in the CCR in July is The M on Middle Road, which saw 11 units sold off, ranging from 409 sq feet, one-bedroom units that yielded $992,200 ($2,426 psf), to 743 sq ft, two-bedroom units snapped up at $1.89 million ($2,547 psf). The 522-unit The M by Wing Tai Holdings is certainly the very popular project this year to date, with 70% of homes sold off on its launch weekend in February at around $2,450 psf. To date, 387 units (74%) of the project have been grabbed.
Developed by CEL Development, the real estate arm of listed corporation Chip Eng Seng Corp, Kopar is a deluxe, 99-year leasehold condo situated on Makeway Road, simply a five-minute stroll from the Newton Food Centre and also the Newton MRT Stop. It furthermore includes the eminence of a District 9 address.
At the same time in prime District 9, The Avenir located at River Valley Close saw eight units moved in July. This brings total sales in the property development to 27 ever since its debut in January. The Avenir is a 376-unit deluxe, freehold apartment built jointly by Hong Leong Holdings and also GuocoLand. It is a redevelopment of the former Pacific Mansion, which the joint venture acquired for $980 million in 2018, registering the highest en bloc transaction figure paid after the $1.3388 billion cost that the former Farrer Court gotten in 2007. The last mentioned has since been redeveloped becoming the 1,715-unit d’Leedon.
The 8 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 feet, four-bedroom home.