In March 2021, sales of new condominiums rose. 1,293 units up from 645 in February. Well, that in itself is not surprising – the Chinese New Year period is usually slow, so there is always a sharp increase in sales in the following month. The rise in new high-end condominiums is interesting.
This is what happens:
How Well Are Luxury Condos Selling?
In March 2021, the Core Central Region (CCR) led the way in new sales transactions with 546 units. This corresponds to around 42 percent of all transactions per month.
This is an oddity as the high volume of CCR condominiums means that the sales volume in this region (Districts 1, 2, 6, 9, 10, and 11) almost never surpasses the other regions.
In fact, the last time the CCR introduced new sales volumes was back in November 2013.
In terms of price, at least 100 transactions reached $ 2 million and at least 16 transactions reached $ 5 million. Two penthouse units (see below) reached $ 14.8 million and $ 13.9 million, respectively.
But before we get too excited, it’s important to know that …
Most new sales only come from Midtown Modern
The first is Midtown Modern; This is a 99 year rental property on Tan Quee Lan Street next to Bugis Junction. It’s by the same developer behind neighboring Midtown Bay (hence the name).
Midtown Modern sold 368 of its 558 units during its launch, representing over 67 percent of CCR sales volume in March. Additionally, one of the units sold was a penthouse – this was handled for around $ 14.8 million, or around $ 4,213 psf. This was the highest transaction of the month *.
These are the five most recent deals in Midtown Modern, according to Square Foot Research:
| date | One size fits all | Price PSF | Quantum |
| April 3, 2021 | 1,066 sq. Ft. | $ 2,464 | $ 2,625,480 |
| March 31, 2021 | 635 sq. Ft. | $ 3,093 | $ 1,964,000 |
| March 31, 2021 | 1,066 sq. Ft. | $ 2,465 | $ 2,626,470 |
| March 31, 2021 | 1,442 sq. Ft. | $ 2,651 | $ 3,823,380 |
| March 30, 2021 | 474 sq. Ft. | $ 3,288 | $ 1,557,270 |
The median developer price is 2,726 psf, with the cheapest transaction at 2,299 psf and the highest at 4,213 psf.
* Interestingly, the second highest was not in the CCR. It was a penthouse unit that sold in Meyerhouse, District 15 for $ 13.9 million, or about 2,450 psf.
RV Altitude, which was launched in April 2019, suddenly evacuated the remaining 77 units in March
RV Altitude is a small, 140-unit condominium on River Valley Road. Sales have been slow since 2019, and then this happened in March:
This was partly due to developer discounts:
The median developer price in March was 2,641 psf, compared to 2,982 psf since launch in 2019. The highest price was 2,966 psf and the lowest was 2,446 psf. Not good news for early buyers.
One boutique development, Eden, was also bought entirely by a single family.
Eden is a 20-unit condominium in the Newton area that was purchased for approximately $ 292.6 million (transaction records show it was broken into three transactions, namely $ 13 million, $ 261.4 million and $ 261.4 million, respectively). $ 18.2 million). The buyers were a Taiwanese family.
What’s next in the CCR?
The momentum in the CCR is likely to continue, at least in the short term. One of the factors is the number of launches we see: there were 12 launches within the CCR last year and another 10 in 2021.
Interest is not waning – even as we write this, Irwell Hill Residences near Great World City have sold out 50 percent of their units.
That means it’s not all a rose bed either. The atelier near Newton MRT station only moved its first four units – one of them with sales of $ 4.48 million. A number of existing launches in District 10 such as Wilshire Residences and Hyll on Holland are not doing so well right now.
Still, signs are showing that high-end buyers are resurfacing, and there are a number of luxury new releases in the months ahead that need to be noted.
Upcoming product launches include:
- Canning Hill Piers
- A Bernam
- Perfect ten
- Klimt Cairnhill
- Peak Residence
- Grange 1866
- Park Nova
- Cairnhill 16
- The Nassim houses
Some of the most important developments are:
1. Park Nova
Key highlights:
For those of you who may remember, Park Nova is the new development to replace Park House that holds the record retail price of 2,910 square feet per lot. With land costs of $ 375.5 million, this means the estimated break-even price for this new development is around $ 3,842 psf ppr.
Aside from Les Maisons Nassim (also from Shun Tak Holdings), Park Nova is probably the one most talked about in luxury circles right now. This is Shun Tak Holding’s first Singapore development – and it’s an ultra-luxurious one.
With just 54 exclusive units ranging in size from 1,432 to 5,899 square feet, it’s undoubtedly a project aimed at the well-heeled.
The smallest, 2-bedroom, 1,432-square-foot (1,432-square-meter) study unit has an indicative price of $ 5xx million that you could find a home with in other parts of Singapore. So you can imagine how much the rest of the prices will be here.
It was designed by the London-based architecture firm PLP Architects, who designed a butterfly-inspired residential tower with balconies overflowing with greenery.
2. Canning Hill Piers
Key highlights:
Canning Hill Piers will steal most of the limelight: this was the former Liang Court Shopping Center. When completed, it will be one of the closest housing developments to Clarke Quay MRT (approximately 420 meters or a six minute walk).
The existing site was purchased by City Developments (CDL), CapitaLand, and supplemented by Ascott Residence Trust for $ 400 million.
This area is a major lifestyle destination as well as an expatriate enclave. We’re not just referring to nightlife: this development also borders the River Valley, a high-end enclave for families. As such, Canning Hill Piers is one of the rare developments that will attract both home buyers and investors.
The number of units is also a likely crowd pleaser. At 696 units, this is a medium-sized development: not so big as to create competition between sellers and landlords, but still big enough to keep maintenance fees in check.
ALSO READ: 5 New RCR Condos With Units Under $ 1.5M (2021)
3. A Bernam
Key highlights:
A Bernam was actually a Government Land Sales (GLS) site that received four bids – with a top bid of $ 440.9 million from Chinese developer HY Realty. At this land cost, the estimated breakeven point will be approximately 2,264 psf ppr.
With 351 units, a Bernam is the second largest upcoming CCR development. About 87 units are one-bed units (441 to 463 square feet) with the majority (232 units) being two-bed units ranging from 700 to 872 square feet.
If this strikes you as a favorite size for landlords, you are right. A Bernam is located in the heart of the business district, just 370 meters – or about a five-minute walk – from Tanjong Pagar MRT Station. It’s not exactly a family home given the traffic and density of the city; But the location is excellent for expat singles / couples working in the CBD.
This apartment also has one of the most unusual floor plans we’ve seen, with the facilities grouped in a separate area from most of the apartment blocks.
4. Klimt Cairnhill
Key highlights:
Existing called Cairnhill Mansions, it was sold to developer Low Keng Huat in February 2018 for $ 362 million. At this land price, the estimated breakeven point for this new project is approximately 3,315 psf ppr.
Klimt Cairnhill is a small condominium (only 240 units) halfway between Orchard and Newton. It is next to the Goodwood Park Hotel, which runs down Scotts Road towards Far East Plaza and Wheelock Place.
However, Newton MRT station is a little closer (around 450 meters, while Orchard MRT station is 650 meters away).
Klimt Cairnhill offers an alternative for those considering The Atelier and Kopar in Newton. While it’s not as close as these two evolutions, it does have the advantage of being closer to Orchard.
ALSO READ: 4 Reasons Why Resale Condos Could Be More Popular in 2021
5. Perfect 10
Key highlights:
These were the former Bukit Timah city towers that were having a hard time for their residents as they went through four joint sales attempts and a dispute after two sibling owners tried to block the deal.
It was a competitive offer with 7 bidders, but that eventually went to Japura Development’s winning bid for a land price of $ 401.9 million. This means that the estimated breakeven point would be 2,568 psf ppr.
Not much is known about this new start right now, but it can house a 24-story block of flats with approximately 190 units.
It is located on the Bukit Timah belt so it is in close proximity to good schools and this ownership status will definitely be an attractive point for homeowners. Kudos to the developers for trying a more refreshing condo name – but that’s not for everyone.
6. Cairnhill 16
Key highlights:
This was old Cairnhill Heights, which went en bloc for $ 72.6 million in April 2018, so the estimated breakeven point for Cairnhill 16 is around 2,381 psf ppr.
Cairnhill 16 is one of the best located condominiums in the CCR and is approximately 600 meters from Far East Plaza and The Paragon (these are along the main Orchard shopping belt). The Newton MRT station is also about the same distance away. As for new launches in 2021, this is possibly one of the closest to the heart of Orchard Road.
In contrast to Grange 1866, the development seems to be more geared towards personal use. There are no shoebox units, with most units being triples that are between 1,055 and 1,292 square feet.
There are only 39 units and it is far enough from the main drag that noise is not a problem. This is good for privacy – but being in the heart of Orchard inevitably means lots of looming buildings and fewer green spaces. This is one for pure city dwellers, not nature lovers.
This article was first published in Stackedhomes.
