Chuan Park moves over 60% of units during weekend; Union Square Residences sells about 20% on Saturday
Chuan Park’s strong performance due to lack of new projects in the Lorong Chuan area for years, while Union Square Residences is the third new launch in the Rest of Central Region in recent months
OVER the weekend, sales crossed the 60 per cent mark at the massive 916-unit Chuan Park by Kingsford Development, property agents said on Sunday (Nov 10). At the other weekend property launch, City Developments Ltd (CDL) sold 75 units of the 366-unit Union Square Residences at Havelock Road on Saturday.
With sales still being inked on Sunday night, CEO of ERA Singapore Marcus Chu said: “Chuan Park is able to attract and draw on the huge buyer base from the established residential areas nearby. There are some 126,000 HDB flats and 54,000 private residential units in the ‘Golden Triangle’ of Ang Mo Kio/Bishan, Toa Payoh and Serangoon around Chuan Park.”
The development had been widely touted to do well as there has not been a new condo project launched in the Lorong Chuan area for years. Chuan Park units were transacted at over S$2,500 psf on average, according to agents.
The smallest units on offer – two-bedroomers at 700 square feet (sq ft) – started above S$1.5 million, while the largest 5-bedroom units at 1,550 sq ft were priced from over S$3.7 million.
Chu added: “For the first 10 months of this year, there were some 233 units of HDB flats that were transacted for more than S$1 million in the nearby HDB estates of Ang Mo Kio, Bishan, Toa Payoh and Serangoon. These HDB owners are in a good financial position to upgrade to private residential properties should they wish to.”
On Saturday, CDL said in a press release that the average selling price of its 99-year leasehold Union Square Residences stood at S$3,200 per square foot (psf).
Sales on the first day of the project’s launch included a 2,476 sq ft five-bedroom Sky Suite on level 38, which was sold for S$9.3 million, or S$3,751 psf.
“All unit types were well received by homebuyers, with the one-bedroom, two-bedroom units and three-bedroom premium units being the most popular,” the company said.
CDL noted that Singaporeans made up 83 per cent of the buyers, while the remainder were permanent residents from China, Malaysia, the UK and the Netherlands, as well as foreigners from Norway and the US.
Huttons Asia data analytics senior director Lee Sze Teck said that the take-up rate was “within expectations” for a high-end luxury product, and that the introductory launch price of S$3,000 psf is “very attractive”.
“There was good interest from buyers who want to stay near the CBD (central business district) and the Singapore River, yet close to lifestyle options and amenities (such as) Clarke Quay, Roberson Quay and the upcoming CanningHill Square,” he said, adding that this is probably the last mixed-use project in the Singapore River planning precinct.
Similarly, PropNex chief executive Ismail Gafoor noted that the last project launched in the area was CanningHill Piers in November 2021, which sold 77 per cent of its 696 units at an average price of about S$3,000 psf during its launch.
Union Square Residences is the third new launch in the Rest of Central Region (RCR) in recent months, with two more projects to be launched next weekend.
“These launches will open up a wider selection of RCR new homes for prospective buyers; and given the narrower price gap between the RCR and Outside Central Region, some astute buyers may opt to purchase city fringe homes,” he said.
Meanwhile, ERA’s Chu said that many of the smaller units were bought by investors looking to capitalise on the sizeable pool of quality CBD tenants, and that expatriates will “love it here”.
