CapitaLand sells 94% of LyndenWoods at average S$2,450 psf
Science Park condo launch is first after another set of property cooling measures rolled out in July
[SINGAPORE] LyndenWoods, CapitaLand Development’s (CLD) first residential project at the Singapore Science Park, sold more than 94 per cent of its 343 units on its launch day.
This was despite it being the first project launch after Singapore rolled out another set of property cooling measures in July.
The 324 units were sold at an average selling price of S$2,450 per square foot (psf), “reflecting buyers’ confidence in the project’s strategic location, unique positioning and long-term investment appeal”, CLD said on Saturday (Jul 12).
Buyers consist primarily of professionals, couples and families, with all unit types well received, CLD said.
The 99-year leasehold development has 343 units spread across two 24-storey buildings, with a range of two to four-bedroom units.
Mark Yip, chief executive of Huttons Asia, noted that this is the first project launch after the cooling measures announced on Jul 4, which included raising seller’s stamp duty (SSD) rates and the holding period.
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The exceptional sales showed that buyers are not concerned about the increase in holding period for the SSD, Yip said.
“The strong household balance sheet supports investment in a long-term asset,” he added.
Unlikely to have a significant impact
Marcus Chu, chief executive of ERA Singapore, also expects that the changes to the SSD is unlikely to have a significant impact, as most homebuyers are genuine owner-occupiers or longer-term investors.
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“Against this positive backdrop, LyndenWoods presents a rare opportunity for homeowners and investors to secure a stake in one of Singapore’s most dynamic and rapidly growing districts,” Chu said.
Chu added that it is an “exceptionally favourable time to enter the market” – home loan rates have eased to around 2.5 per cent, while Singapore’s tight housing supply, consistent local demand and prudent developer strategies continue to uphold property values.
The units at LyndenWoods are priced sensitively and largely within the sweet spot of below S$2.5 million, “a palatable price quantum for many buyers today”, noted Ismail Gafoor, chief executive of PropNex Realty.
Buyers were drawn to the project’s city fringe location and the future transformation plans for the area, Gafoor said.
Meanwhile, Hutton’s Yip said some investors were drawn to the project as homes in business parks have consistently commanded higher rents than projects outside business parks.
Ronald Tay, chief executive of CLD (Singapore), said the strong sales “affirm growing demand for high-quality wellness living strategically located in future-ready innovation districts”, such as the Singapore Science Park.
“LyndenWoods has appealed to buyers who value the convenience of living near work, with access to modern amenities and green spaces,” he said.
Located along Science Park Drive in District 5, LyndenWoods spans a total land area of 11,556.9 square metres, with a gross floor area of 31,730.4 sq m.
Two-bedders – spanning 635 to 883 square feet – are priced from S$1.39 million. The indicative price starts at S$2.35 million for three-bedders sized 1,023 to 1,292 sq ft; and S$3.58 million for four-bedders sized 1,647 sq ft.
Poor response at W Residences Marina View
Separately, luxury residence project, W Residences Marina View, was also expected to book sales on Saturday.
While developer IOI Properties Group has not publicly released data on its performance, it was reported that not a single unit was sold at noon on Sunday, said Nicholas Mak, chief research officer at Mogul.sg.
“One reason for the poor sales could be that foreign buyers are giving the Singapore property market a miss,” Mak said, noting that about 98 per cent of the buyers of private homes are local residents.
Another reason is that with a wide selection of upcoming new launches, homebuyers could wait and choose.
“In addition, with the looming economic headwinds, the local homebuyers are also becoming more price sensitive,” he said. “Hence, local buyers may baulk at the Core Central Region property prices that exceed S$3,100 psf.”
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