The next day after Pasir Ris 8 sold its 2 bedder for more than $2,000 psf, Sengkang Grand Residences immediately saw close to 40 units sold in one day on Sunday - 25 July 2021. While there was a "good spread of take-up" across all unit types, interest was very strong for the 2 bedroom units, as the 1 + study units were long sold out beforehand leaving only the last 6 units of 2 bedroom, 118 units of 3 bedroom units and 21 four bedroom flexi units left avail by Wed (28 July) averaging around $1,7xx psf.
Buyers felt that Sengkang Grand Residences is more value for money as compared to Pasir Ris 8 because CDL & Capitaland bought the GLS site for Sengkang Grand Residences at $924 psf ppr and is currently selling at around $1,7xx psf whereas Allgreen Property bought the GLS site for Pasir Ris 8 at $685 psf ppr and sold at an average of $1,7xx psf leading up to above $2,000 psf for a 2 bedroom unit.
Buyers of both projects - Pasir Ris 8 and Sengkang Grand Residences are similar in profile mostly Singaporean singles and HDB upgraders looking to stay in a fully integrated condo development.
Kiwi Lim from Huttons Asia felt that buyers looking at District 18 in Pasir Ris, are generally quite willing to also consider District 19 as well because it is well connected by the Tampines Expressway (TPE).
Kiwi Lim believe that with the current supply of new condo units left available in the market, Sengkang Grand Residences can afford to charge a premium price for being a rare fully integrated condo project (only less than 5% of all private residential condo / apartment projects in Singapore are integrated projects) which is far better than mixed development with just a mall below.
Mixed development consists of residential units above and commercial shops below, with most of the shops being strata owned shops and not managed malls. They also are not connected to the MRT station and bus interchange.
Integrated projects offers the ultimate convenience to the residents staying in the condo units above with a managed mall below, connected to the MRT and bus interchange at their doorstep. Most integrated projects also include public community projects, e.g. polyclinics, community centres as well as a plaza for communal activities for the neighbourhood. There are less than 5% of private residential projects that are considered as integrated projects in the market today.
Located close to the brand new community club with a multi-purpose hall perfect for active, sporty lifestyles. With residential homes sitting above Buangkok MRT and a bus interchange, condo residents will enjoy seamless connectivity to anywhere across Singapore.
"With the weather in Singapore expecting to get hotter and hotter in future, I believe that more homebuyers will seriously consider either living in an integrated condo development or living in a condo project that is just right across the road to the integrated mall, MRT and bus interchange - something like Esparina Residences, for example."