The Myst sells 27% of units on launch weekend at average of S$2,057 psf

CITY Developments Limited (CDL) sold 110 units of The Myst in Upper Bukit Timah – or 27 per cent of the project’s total 408 units – at an average price of S$2,057 per square foot (psf) over its launch weekend, a statement from the developer on Sunday (Jul 9) indicated.

Around 99 per cent of the buyers are Singaporeans, while permanent residents from China made up the remaining 1 per cent, CDL said. All unit types were “well-received”, with one and two-bedroom types being the most popular, it added.

Apartments are priced from S$998,000 for a one-bedroom plus study (from 517 sq ft); S$1.33 million for a two-bedroom (from 678 sq ft); S$1.708 million for a three-bedroom (from 850 sq ft); S$2.826 million for a four-bedroom (from 1,518 sq ft) and S$3.18 million for a five-bedroom (from 1,690 sq ft).

The 99-year-leasehold condominium is located at 800 and 802 Upper Bukit Timah Road, and comprises two 24-storey residential towers. The land parcel was previously acquired by CDL in April 2022 from car company Tan Chong International for S$126.3 million.

Nicholas Mak, chief research officer of property portal Mogul.sg, noted the comparatively lower take-up rate of units in The Myst against other recent launches. This includes Lentor Hills Residences, which sold half of its 598 units during the same launch weekend.

One possible reason for this, he believes, is that the median transacted prices of the 999-year leasehold condominiums surrounding The Myst – such as Cashew Heights Condominium, Hazel Park Condominium and The Linear – “appear comparatively cheaper” than The Myst’s launch price.

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“This means that the nearby resale condominium with longer land tenure is cheaper than the average price of The Myst by 23 per cent or more,” he said.

On the other hand, The Reserve Residences achieved strong sales during its recent launch at a higher median price of $2,474 psf, Mak noted.

Though it had a similar 99-year leasehold land tenure as The Myst, it had “certain advantages” over the latter, such as being located next to the Beauty World MRT station with the project being part of the Beauty World integrated transport hub.

But Mak believes this is just a “temporary setback” for The Myst, adding: “As it is a medium-size project with 408 units, the developer is very likely able to sell all the units within the five-year ABSD deadline.”

ERA Singapore’s chief executive Marcus Chu noted that the homebuyers whom ERA served for The Myst were primarily Singaporeans buying for owner-occupation. Beyond the project’s popular one-bedroom plus study and two-bedroom plus study unit types, it saw “fairly good interest for the larger family-sized units”.

“Most of the buyers live in and around the locale, and they are very familiar and comfortable with what the project and its attributes have to offer,” he said.

“With several upcoming project launches in the west, homebuyers who may not be as familiar with The Myst’s location as those that live in and around there may prefer to compare the various offerings before they make the plunge.”

Huttons chief executive Mark Yip said The Myst’s “attractive quantum” for its one-bedroom and two-bedroom units drew buyers, and also because of its “proximity to nature, good primary schools and Cashew MRT station”.

The Myst’s sales were within the group’s expectations, given that major non-landed projects have had sales of at least 100 units on launch day, he added.

“Take-up rate is dependent on the number of units in the project and the catchment area. It will vary from project to project, and thus should not be used to compare across projects in different parts of the island,” Yip said.

Mak also added that some buyers “could be holding back their purchases and reserving their funds for future launches”, as the next six months could see as many as 12 residential projects with a total of about 3,700 housing units launched.

“Faced with a myriad of new residential properties and to avoid paying the punitive Additional Buyer’s Stamp Duty, the local buyers are likely to choose their property acquisition carefully. As a result, they could also become more price sensitive,” he said.