The Sunday of November 10 saw Chinese developer Kingsford Group successfully sell 696 units (76%) out of 916 units at Chuan Park, marking a successful launch for the property. The average price of units sold during the launch was approximately $2,579 per square foot.
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According to a spokesperson for Kingsford, the units sold during the launch comprised of two-bedroom, two-bedroom+study, and three-to-five-bedroom units. The majority of buyers were Singaporeans, accounting for 93% of the total number of homebuyers, while permanent residents and foreigners accounted for the remaining 7%.
Ismail Gafoor, CEO of PropNex, reported that around 92% of the units transacted were two- and three-bedroom units, while the remaining 8% were four- and five-bedders. The transacted prices across all units sold ranged from $1.6 million for two-bedders to $4.3 million for a five-bedroom unit. Gafoor stated that the overwhelming demand for Chuan Park is indicative of the developer’s sensitive pricing in the face of strong demand, particularly from prospective buyers within District 19.
Chuan Park, therefore, has emerged as the top-selling project of 2024 in terms of the number of units sold, surpassing the 400 units (75%) sold at the 533-unit Lentor Mansion in March. However, by the percentage of units sold, Norwood Grand, which was launched in October, remains the highest at 84% (292 out of 348 units).
According to Marcus Chu, CEO of ERA Singapore, two- and three-bedroom units were the clear favourites among buyers, as most of them are in their 30s and 40s. He also noted that many of the buyers were upgrading from older HDB flats or condominiums in nearby areas. On the other hand, older buyers who are downsizing from landed properties tend to prefer the larger four- or five-bedroom units, according to Chu.
The success of Chuan Park’s sales launch has marked another significant achievement for Kingsford. In January 2021, their 1,862-unit Normanton Park project sold about 600 units on the first weekend of its launch, with all units entirely sold within 18 months.
Kingsford acquired the 99-year leasehold, 400,500 sq ft Chuan Park site for $890 million in July 2022. The site is adjacent to Lorong Chuan MRT Station and marks the first private condominium launch in the area since the 468-unit The Scala’s debut in August 2010.
The project has five blocks – three 22-storeys and two 19-storeys – and two commercial units spread across a 99-year leasehold site of 400,500 sq ft. The 916 units range from two- to five-bedrooms, ranging from 700 sq ft to 1,841 sq ft.
Prices started from over $1.5 million for a two-bedroom, upwards of $2.1 million for a 915 sq ft three-bedroom, $3.1 million for a 1,335 sq ft four-bedroom, and $3.7 million for a 1,550 sq ft five-bedroom.
Despite being classified within the Outside Central Region (OCR), Chuan Park is near the boundary of the Rest of Central Region (RCR). As noted by PropNex’s Gafoor, it is nestled within an affluent private residential enclave, surrounded by the Serangoon Gardens, Li Hwan, and Tai Hwan landed housing estates.
ERA’s Chu estimates that there are around 126,000 HDB flats and 54,000 private residential units in “the Golden Triangle of Ang Mo Kio/Bishan, Toa Payoh and Serangoon around Chuan Park”. According to ERA’s research, 233 HDB flats were sold for over $1 million in the first 10 months of the year in the nearby HDB estates of Ang Mo Kio, Bishan, Toa Payoh, and Serangoon. Chu added that these HDB owners are in a good financial position to upgrade to private residential properties should they wish to.
Chuan Park’s launch was one of the most anticipated in 2024, according to Huttons’ Yip. The preview period from Deepavali Day (Oct 31) to Nov 7 attracted over 20,000 visitors, with more than 2,800 cheques collected from interested buyers ahead of the sales launch on Nov 10. The launch, which was initially scheduled for Nov 16, was brought forward to Nov 10 in order to allow investor and homebuyer demand to spread across various new developments, according to SRI’s Low.
Three other projects are set to launch on Nov 16: the 552-unit Nava Grove at Pine Grove, off Ulu Pandan Road; the 846-unit Emerald of Katong on Jalan Tembusu in the East; and the 504-unit executive condo Novo Place in Tengah in the West.
Low anticipates that the strong sales at Chuan Park will carry over to the upcoming launches next weekend, building on the existing interest in these projects. “We are also seeing buyers gravitate towards other ongoing new launches,” he adds. “This momentum provides a welcome boost to an otherwise subdued 2024 market.”
The improved market sentiment has encouraged even those homebuyers who were hesitant during the first nine months of the year to return, says PropNex’s Gafoor. However, he does not expect all upcoming project launches to see similarly strong sales. “In addition to the development’s specific attributes, factors such as location, proximity to MRT stations, nearby new launches, and price sensitivity play a crucial role in a project’s sales performance.”