Sometimes, we read about brand-new launch condos that do not do well. There are times when we hear of condominiums approaching their ABSD target dates, but aren’t sold out yet.
And afterwards, there are those that make headings for selling really well during the launch weekend break.
So today, we’re looking at brand-new launch condos that had a high take-up price during the launch weekend break in the past year.
Jervois Mansion (99%).
Pasir Ris 8 (85%).
Canninghill Piers (77%).
Piccadilly Grand (77%).
Below’s the existing take-up price, according to URA’s month-to-month designer sales as of April 2022.
Job name Overall variety of devices launched available for sale Number of unsold devices Take-up rate.
Jervois Estate 105 1 99%.
Pasir Ris 8 487 52 89.3%.
Canninghill Piers 696 86 87.6%.
We didn’t consist of the numbers for Piccadilly Grand because the task was simply introduced previously this month.
We additionally asked a few representatives on the ground for understandings on the high take-up price. Based on their responses, in general, we can break down the reasons right into these 4 factors:.
Connection to the MRT (and also the shopping center).
Lack of new launches in the location.
Attractive launch rate.
Perk: Personal touch.
Connection to the MRT as well as the shopping mall.
Out of the 4 very successful projects we have actually noted, three of them are integrated growths with direct connectivity to the MRT.
Canninghill Piers is linked to the Ft Canning MRT on the Downtown Line, while Piccadilly Grand is linked to the North-East Line through Farrer Park MRT.
Not just is Pasir Ris 8 attached to Pasir Ris MRT, yet it has direct links to the bus interchange also.
On top of that, all 3 of them come with retail rooms.
According to Rex Tan from Huttons, these elements have aided enhance sales.
” These advancements have solid need as citizens sustain the demand for retail choices. With that said, we are expecting the next mixed-use development, which is Sky Eden @ Bedok by Frasers.”.
Jasmine Lau from PropNex included that the direct accessibility to the MRT for Piccadilly Grand makes it really easy to get to town. She specified that during the preview of the brand-new launch project, she was also commuting through Farrer Park MRT to perform watchings that were near MRT stations.
” Farrer Park MRT is likewise a lot closer to Piccadilly Grand, than to City Square Residences and also Sturdee Residences which are the other 2 large condos before the same MRT.”.
Nizam Gafoor from PropNex described that given Pasir Ris 8’s straight connection to the MRT and bus interchange, it’s a game-changer in Pasir Ris and also District 18.
” Past that, they’ve obtained a child care centre and also a polyclinic there.”.
Absence of brand-new launches in the area.
An additional element that these brand-new launches have in common is the absence of competition in the location.
According to Norman Koh from PropNex, one reason Canninghill Piers carried out so well was due to the lack of competition for integrated advancements in the location.
In fact, there aren’t any kind of brand-new launches in Area 6 apart from this job.
This was also what Jasmine observed for Piccadilly Grand. It’s been a while considering that a mid-sized condominium was introduced in the location. The close-by Prosperous @ Farrer, finished in 2021, only consists of 116 devices, while Piccadilly Grand has 407 units.
” There are really couple of units readily available in condos with complete centers, specifically in dimensions with more than 400 devices. Each apartment is practically more than ten years old.
” The TOP date (2026) is really attractive to several customers due to the fact that they will certainly gather their secrets when the supply of new condominiums is very little. So for investors, that’s a good thing.”.
Similarly, apart from Parc Komo (which has to do with an 18-minute stroll to the upcoming Loyang MRT), there have not been any brand-new launches in Pasir Ris, making Pasir Ris 8 an attractive buy. Prior To Parc Komo, the last brand-new launch was Casa Al Mare, which was completed in 2021.
Pasir Ris 8.
” So Pasir Ris 8 was highly expected; people were expecting it. And clearly the only obvious option, either they go with a brand-new launch or it has actually reached be a resale as well as resale units were already a couple of years older,” discussed Nizam.
Appealing launch price.
Agents we talked to likewise shared that some of these tasks were reasonably valued, specifically Pasir Ris 8 and also Jervois Estate.
Nizam thought that the excellent take-up price for Pasir Ris 8 inevitably come down to one reason: the very attractive launch price. Costs for devices there had begun at S$ 1,400 psf.
Checking out our Researcher information, in the two months prior to the launch in July 2021, the average rate psf for new sale condominiums in Pasir Ris has been hovering around S$ 1,300 to S$ 1,400.
Cost trend of new launch condominiums in Pasir Ris.
Since then, the typical rate psf for these new sale apartments has been floating around S$ 1,650. According to URA’s month-to-month developer sales information for April 2022, the mean rate psf for Pasir Ris 8 based on 3 purchases in the month was S$ 1,618.
” If you look at it even today, I would claim there are lots of devices that are extremely magnificently priced,” stated Nizam.
Rex likewise highlighted the extremely attractive price of Jervois Estate during the sneak peek.
” Back then, the rates were more cost effective contrasted to those of the close-by resale as well as brand-new launches.”.
Prices began at around S$ 2,200 psf. On the other hand, the typical rate of brand-new sale condominiums in Tanglin has been floating around S$ 2,700 to S$ 2,900 a few months before Jervois Estate’s preview and also launch in October 2021.
Cost fad of brand-new launch condos in Tanglin.
He added, “A 3-bedroom system in Jervois Estate, a freehold, was priced a lot lower than Mon Jervois, a 99-year leasehold, throughout the sneak peek.”.
In Between May and also September 2021, the average rate of a 3-bedroom at Mon Jervois was S$ 3.65 million. In comparison, the ordinary cost of a 3-bedroom system at Jervois Mansion was S$ 2.28 million during the launch month.
What’s interesting to note is that out of these four projects, among them is from a tiny programmer.
When it concerns brand-new launches, buyers are typically much more attracted to widely known developers to minimise risk. Larger developers likewise have a tendency to have more sources as well as a larger advertising budget.
So it’s significant that Jervois Mansion, originating from a little programmer (Kimen Realty), raked in a take-up rate of 99% during the launch weekend break.
Artist’s perception of Jervois Manor.
Musician’s impression of Jervois Manor.
Norman described that this was to the one-of-a-kind individual touch of the developer.
” They have actually created a contemporary style, yet keeping the success of the existing development. The useful format, coupled with lush greenery, helps produce a homely feeling.”.
( Author’s note: the job was a redevelopment of Jervois Mansions.).
In addition to that, he shared that there was a solid focus on Jervois Estate sitting on a rare as well as big property plot.
” To sum up, I think what attracted individuals in was how well thought out the principle was.”.
What do you assume are the factors for the high take-up price for these brand-new launch apartments? Let us recognize in the comments area listed below or on our Facebook blog post.
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