Home buyers consisting of mainly Singaporeans (about 93%) snapped up nearly 700 units of the mega condo project in District 19 of Lorong Chuan yesterday when the sales finally ended close to midnight yesterday on 10 November 2024 (Sunday). Permanent residents and foreigners accounted for the remaining 7%.
Chuan Park broke this year's record as the first mega condo of this scale with 916 units to sell an amazing 76% (696 units) of its total units in just one day with the average price of units sold around $2,579 psf.
The units that moved fast comprises of two-bedroom, two-bedroom plus study and three bedrooms. Even the larger four and five bedrooms units see good take up rates with 47 out of 60 units of 4 bedrooms sold and 8 out of 22 five bedrooms sold, indicating that there are many right sizers and upgraders in District 19, say associate Group Director Kiwi Lim from Propnex Realty.
The transacted prices across all units sold ranged from $1.6 million for two-bedroom units to $4.3 million for a five-bedroom unit.
Kingsford's mega condo Chuan Park has outdone its previous ultra mega project Normanton Park which sold 600 units in one day with Chuan Park's 696 units sold yesterday.
"As the top-selling project of 2024 in terms of number of units sold in one day, Chuan Park also surpassed the 400 units (75%) sold at the 533-unit Lentor Mansion in March and Norwood Grand, which was launched last month with 292 out of 348 units sold although Norwood Grand retains its title as the most percentage of units sold in one day at 84%. This amazing result for Chuan Park shows the power of pent-up demand in a matured estate especially in a District with the most number of upgraders in the market." says Kiwi Lim who has been analysing Singapore's real estate market for more than a decade.
Chuan Park was developed from the collective sale site with the same name by Chinese developer Kingsford Huray Development who acquired the 99-year leasehold 400,500 sqft Chuan Park site for $890 million in July 2022 signifying one of the biggest collective sale transactions in the Outside Central Region in recent years. The collective sale of Chuan Park is the largest since Tulip Garden on Farrer Road now known as the 638-unit Leedon Green, which was sold to a joint venture between MCL Land and Yanlord Land for $906.9 million in April 2018.
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. Chuan Park consists of five blocks – three 22-storeys and two 19-storeys – and two commercial units spread across a 99-year leasehold site of 400,500 sqft. The 916 units range from two- to five-bedrooms, ranging from 700 sqft to 1,841 sqft.
Is $2,500 The New Average Condo Launch Prices
The amazing sale of Kingsford's Chuan Park condo project has home buyers asking if $2,500 psf is the new benchmark for upcoming condo project launches.
Launching for sale this Friday is Emerald of Katong - located at Jalan Tembusu, off Tanjong Katong Road in District 15 consisting of 846 units situated on a land parcel almost half the size of Chuan Park. With a short five-minute walk from Tanjong Katong MRT Station on the Thomson-East Coast Line, Emerald of Katong is expected to sell at least 60% of its total units this Friday with an average price of around $2,500 psf.
"Next year, I expect the upcoming condo project in Toa Payoh - The Orie to be launched around Jan 2025 with an average price of about $2,700 psf" said market analyst Kiwi Lim, "so the question of whether $2,500 psf is the new average psf preview launch prices for upcoming mass market new condos? Only time will tell."
If you have any views you would like to share or if you are looking for new condo projects at safe entry prices, you may email Kiwi Lim at [email protected].
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