Blossoms By The Park condo project is a mixed used development conveniently situated in the highly sought-after One-North area in District 5 of Singapore
Today saw the preview sales of the first condominium project launched after the increased additional buyer’s stamp duties (ABSD) came into effect on 27 April (Thursday) 2023 where ABSD was raised from 3% to 30% across the board for Singaporeans, SPRs and foreigners.
Blossoms By The Park has achieved the highest first-day sales in 2023 even higher than the previous launches this year before the cooling measures were announced. Approximately 75% of Blossoms By The Park condominium was sold on 29 April (Saturday) after new cooling measures were announced just two days ago.
Sales on the 275-unit Blossoms By The Park located in one-north started this morning and as of 6pm, approximately 75% of the total units were sold, at an average price of S$2,423 (US$1,814) per square foot, with the two-bedroom and two-bedroom-plus-study units most highly sought after among buyers.
About 96 per cent of the buyers were Singaporeans and permanent residents, with foreigners accounting for the remaining 4 per cent on the first day of sales, said developer EL. All the one- and two-bedroom units in the development have been snapped up, except for the two-bedroom penthouse units. One-bedroom units from 549 sq ft were priced upwards of $1.3 million ($2,352 psf), while two-bedroom units of 678 sq ft were priced upwards of $1.5 million ($2,211 psf).
Blossoms By The Park has achieved the highest first-day sales in 2023 even higher than the previous launches this year before the cooling measures were announced. Approximately 75% of Blossoms By The Park condominium was sold on 29 April (Saturday) after new cooling measures were announced just two days ago.
Sales on the 275-unit Blossoms By The Park located in one-north started this morning and as of 6pm, approximately 75% of the total units were sold, at an average price of S$2,423 (US$1,814) per square foot, with the two-bedroom and two-bedroom-plus-study units most highly sought after among buyers.
About 96 per cent of the buyers were Singaporeans and permanent residents, with foreigners accounting for the remaining 4 per cent on the first day of sales, said developer EL. All the one- and two-bedroom units in the development have been snapped up, except for the two-bedroom penthouse units. One-bedroom units from 549 sq ft were priced upwards of $1.3 million ($2,352 psf), while two-bedroom units of 678 sq ft were priced upwards of $1.5 million ($2,211 psf).
On Thursday, additional buyer’s stamp duty (ABSD) was increased for some buyers. Foreigners buying any residential property now have to pay an ABSD of 60 per cent – up from 30 per cent previously.
Singaporeans buying their second residential property will pay an ABSD rate of 20 per cent, up from 17 per cent, while those buying their third and subsequent residential property will have to pay an increased rate of 30 per cent, up from 25 per cent.
The rate of 30 per cent also applies to permanent residents buying their second residential property. PRs buying their third and subsequent residential property will pay an ABSD of 35 per cent, up from 30 per cent.
Singaporeans buying their second residential property will pay an ABSD rate of 20 per cent, up from 17 per cent, while those buying their third and subsequent residential property will have to pay an increased rate of 30 per cent, up from 25 per cent.
The rate of 30 per cent also applies to permanent residents buying their second residential property. PRs buying their third and subsequent residential property will pay an ABSD of 35 per cent, up from 30 per cent.
The strong sales had even exceeded the developer's expectations, particularly when it was achieved two days after the latest round of property cooling measures came into effect on April 27.
“Before the property cooling measures, I was pretty optimistic about the expressions of interest,” says Lim Yew Soon, managing director of EL Development. The developer had garnered 745 cheques over the past fortnight. Hence, the project had been subscribed 2.75 times ahead of its launch.
The location of Blossoms By The Park also played a part in the amazing results. At one-north, there are 400 multinational companies, 15 public research institutions and institutions of higher learning such as Insead and Essec Business School, and corporate campuses like Unilever’s global campus, Unilever Campus @ one-north. There are about 50,000 knowledge workers, and more in the vicinity, at the National University Hospital (NUH), the National University of Singapore (NUS), and Science Parks 1 and 2. Both owner-occupiers, as well as future tenants, would like to live within a short commute to work.
Generally, market analysts accept that the property cooling measures were primarily designed to dampen investment purchases by foreigners and not meant to deter Singaporeans and Permanent Residents (PRs) from buying a home.
CNA news
“Before the property cooling measures, I was pretty optimistic about the expressions of interest,” says Lim Yew Soon, managing director of EL Development. The developer had garnered 745 cheques over the past fortnight. Hence, the project had been subscribed 2.75 times ahead of its launch.
The location of Blossoms By The Park also played a part in the amazing results. At one-north, there are 400 multinational companies, 15 public research institutions and institutions of higher learning such as Insead and Essec Business School, and corporate campuses like Unilever’s global campus, Unilever Campus @ one-north. There are about 50,000 knowledge workers, and more in the vicinity, at the National University Hospital (NUH), the National University of Singapore (NUS), and Science Parks 1 and 2. Both owner-occupiers, as well as future tenants, would like to live within a short commute to work.
Generally, market analysts accept that the property cooling measures were primarily designed to dampen investment purchases by foreigners and not meant to deter Singaporeans and Permanent Residents (PRs) from buying a home.
CNA news
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