The Atelier condo shelves public launch; caveats lodged for four units

BUKIT Sembawang Estates has put The Atelier's public launch on hold, and is now conducting only private viewings for the 120-unit project, The Business Times (BT) understands.

Four units were sold in March, based on caveats lodged as at Wednesday. That is out of 20 units that have been released thus far, Bukit Sembawang said. One of each unit type was purchased at prices ranging from S$2,743 per square foot (psf) to S$3,040 psf, according to the Urban Redevelopment Authority's (URA) caveat database.

The freehold luxury condominium in Newton was initially scheduled to launch for sale on March 13, after opening for previews from Feb 27, according to Bukit Sembawang's Feb 22 press statement.

Health and safety concerns amid the Covid-19 pandemic were part of the reason Bukit Sembawang did away with a public sales launch, a spokesperson for the property developer said in response to BT's queries.

"The well-being, comfort and considerations of our prospective homebuyers are of utmost importance to us. Therefore, we have taken the decision to continue holding viewings and facilitating sales of The Atelier by private appointments only," the spokesperson added.

"We take a portfolio view of all our existing and upcoming projects, even as we remain watchful of changes in market and public health conditions."

Bukit Sembawang "will reassess the decision for a public launch of The Atelier if appropriate", the spokesperson told BT.

The Atelier is a single 22-storey residential tower, with one-bedroom to four-bedroom units ranging from 549 square feet (sq ft) to 1,496 sq ft.

Indicative prices started from about S$1.5 million for one-bedders, close to S$2.5 million for two-bedroom apartments, around S$3.1 million for three-bedroom units, and almost S$4.4 million for four-bedroom units, B61 said in its statement in February.

Citi analyst Brandon Lee wrote in a note on Sunday that The Atelier had garnered a single-digit take-up rate, in contrast with the "encouraging" performance of other new launches in the year to date.

The four caveated units included a one-bedroom apartment, at 549 sq ft, which fetched some S$1.6 million, according to the URA website data.

A two-bedroom apartment, at 883 sq ft, was sold at nearly S$2.7 million; a three-bedroom unit spanning 1,173 sq ft went for about S$3.2 million; and a four-bedroom unit, at 1,496 sq ft, fetched close to S$4.5 million.

The development is located along Makeway Avenue within the prime District 9. Its estimated date of vacant possession will be in Q1 2024.

Nearby, Chip Eng Seng's 99-year leasehold Kopar At Newton sold 77 out of 378 units at its launch weekend in early April 2020, with one-bedroom and two-bedroom apartments making up the majority of units moved. The project's average price was S$2,350 psf, the developer said at the time.

City Developments Limited's (CDL) 540-unit Irwell Hill Residences achieved a 51 per cent take-up rate over its launch on April 10-11, 2021. CDL did not disclose the average selling price, but said the launch price was S$2,700 psf on average. The 99-year leasehold project is in District 9 and near the Orchard Road shopping belt.

In January 2020, Hong Leong Holdings moved 20 units of its joint-venture freehold condominium The Avenir at an average of S$2,960-3,560 psf on the first day of its launch. Only 40 units were released that weekend, out of 376 in total. The Avenir is near the upcoming Great World MRT station.

Bukit Sembawang said in February that The Atelier will have "large and flexible spaces for work, study and play", within the units and the development. These multi-functional spaces, which can accommodate hybrid work arrangements as well as leisure and social activities, are spread across three landscaped decks.

Jenny Ho, general manager (marketing) at the company, noted that the freehold project "sets the stage for a legacy that families can pass down for many generations of high-quality living".

"The home promises homeowners the luxury of space, an exclusive haven within the heart of Singapore, and most importantly, a safer and more intelligent way of living," Ms Ho added.

The condominium is located about one kilometre away from schools including Anglo-Chinese School (Junior) and St Joseph's Institution Junior.

Shares of mainboard-listed Bukit Sembawang closed at S$4.80 on Wednesday, up S$0.05 or 1.1 per cent.