Check our coverage article: On the market for $9.2 million is a freehold shophouse on Joo Chiat Road
In the May weekend 7 and 8 The jointly developers Hoi Hup Realty as well as Sunway Property sold 216 units (26.5%) of their 816-unit freehold condominium called the Continuum. The average cost of units sold in the development located on Thiam Siew Avenue — located between Haig Road and Tanjong Katong Road -the average price was $2,732 per square foot.
“It’s an impressive performance given how recent cooling steps and the uncertain forecast for the economy.” claims Mark Yip Huttons Asia’s CEO. Huttons Asia.
In absolute terms The sales by The Continuum is on a similar level to the 206 units that were sold at The 275-unit Blossoms By The Park. It recorded 75% sales rate the previous weekend (April 29-30) According to Ken Low, managing partner of SRI.
In the days before the launch the game The Continuum, the developer received 545 checks as indications of interest in 2 weeks of free previews. The amount of sales made is an average conversion rate of approximately 40%. “This indicates that there is a huge demand for a beautiful district 15 property, particularly an impressive development that has a freehold tenure” states Koon Wai Leong, the general director Hoi Hup Realty. Hoi Hup Realty.
SRI’s Low claims that the forty% per-unit conversion is greater that the average of 20% to 30% average% -30% average of the majority of launches. In the case of the 99-year leasehold Blossoms By The Park, the developer received 745 cheques prior to its debut and 2.7 times the number of people who subscribed. The 206 units sold indicate an average sales rate of 28%.
The property is located in Slim Barracks Rise in one-north. Blossoms By located at Slim Barracks Rise in one-north, Blossoms By The Park was the only two-bedroom and one-bedroom units sold on the 29th of April. The median price was $2,423 per square foot. Tembusu Grand is the 99-year leasehold condominium situated near Tanjong Katong Road, sold 53% of its 638 units for an average of $2,465 per sq ft during its opening weekend in the early part of April. More than 70% all units that were sold were single- and two-bedders.
The most striking element at The Continuum was the sale of just a few out of 61 units with one bedrooms that were available at the beginning of the launch. “One-bedroom units are appealing to buyers who favor leasehold condos with 99 years of lease,” states Ismail Gafoor, CEO of PropNex. “The smaller quantum cost in comparison to a freehold property in the same region is also a sign of an increase in rental.”
In The Continuum, the larger models were popular among home buyers. Two-bedroom models priced as low as $1.67 million comprised the majority of% of units that were sold during the weekend. Three-bedroom units starting at $2.306 million comprised 29% of sales. The four-bedroom units also were sold 15 times at prices higher than $3.312 million. The Continuum is a freehold property that is a popular choice for owners and upgraders who want to leave a legacy to pass on to future generations, according to Gafoor.
A top project from Hoi Hup Hoi Hup and Sunway, The Continuum has attracted new homebuyers as well as retirees who want to move up as per Low from SRI. He says they are mostly residents of the neighboring established housing estate on Tanjong Katong Road and Dunman Road in the District 15 area.
Singaporeans comprised 90% of the buyers according to PropNex the sales team that was responsible for about 100 of the 211 units that were sold. In the end, only 10% of purchasers are Singapore permanent residents (PRs). “Foreign buyers are now a distant memory following the most recent cooling measures that took effect on the 27th of April in which the buyers’ stamp duties (ABSD) increased to sixty%,” says Gafoor. “They aren’t likely to buy in the near future as they assess the effects of the ABSD and alternatives.”
It’s been nearly 20 years since a substantial condominium built on a freehold parcel that spans more than 200,000 square feet in the Katong region was introduced to the market, as per Huttons Yip. Prior to The Continuum, the last similar project had been Haig Court which was completed in the year 2004.
“The Continuum will be a significant project in Katong with a famous bridge linking the two sites,” says Yip. “The high-quality fittings and freehold tenure, as well as the close proximity to schools that are good as well as The Paya Lebar sub-regional centre are other factors that attract buyers to the development.”
For developments that are large in size, with over 500 units getting 20% up to 30% participation rate on the launch weekend “is an impressive feat,” says Gafoor. “Developers will have 3-to-4 years in which to market their entire project.”
SRI’s Low shares his opinion. Based from the construction sites that were sold over the past two years – both in block and by government land sales “there are very few new launches on development for the year 2024”. Developers are therefore able to clear their existing inventory gradually. Additionally, prices for apartments in The Continuum are “attractive” as two-bedroom apartments start from $2,584 psf. states.
In the last 15 months, median sold price of freehold, privately owned properties within District 15 that were sold through developers was $2,368 per sq ft According to Nicholas Mak, chief research officer at Mogul.sg.
Based on Marcus Chu, CEO of ERA Realty Network, the benefit of a massive development such as The Continuum is that it will likely be sold at a higher price in the secondary market, compared to smaller developments. “Higher exposure of The Continuum will result in more resales demand and a larger quantity of transactions at more expensive costs,” he says.
The Continuum launched The Continuum this weekend, and the launch of Tembusu Grand in the last month, the final project scheduled to the District 15 launch includes the leasehold for 99 years Grand Dunman. The project is owned by SingHaiyi Group will have 1,008 units, and is scheduled to begin an opening in the 3rd quarter of 223.