Month: July 2023

Grand Dunman developers SingHaiyi Group, and CSC Land Group, said that more than half the units were sold in its first weekend at an average price per square foot of $2,500.

After the official launch of the development on Saturday, at 5.30pm 550 units (54.6%) of 1,008 were sold.

Gary Lim said that SingHaiyi’s development’s sales were “well-spread”.

Sales of two-bedroom units were the most successful – 77 percent of the units sold started at $1.55 million which translates to $2.330 per sq. ft.

Three-bedders were next, with 61 per cent sold. They start at $2.21m with a price per square foot of $2,309.

The price for one-bedroom apartments was $1.09m and $2.418/sqft.

Mr Lim said that investors were attracted to the smaller two-bedders and one-bedroom apartments, which is in line previous statistics. Investors and owner-occupiers bought two-bedroom apartments that came with a study. Larger units were purchased by owners.

99% of the buyers are Singaporeans.

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Mr Lim also said it was not clear if foreigners would be subject to new stamp duty rules that doubled the tax in late April to 60%.

Many analysts have noted that Grand Dunman has been the most popular project over the past two years. The previous record was held by Normanton Park in January 2020, when about 600 units were sold.

Analysts say that the location is likely what attracted buyers to the project, besides the fact that it was the only major launch of the year.

Grand Dunman in Dunman Road is just a short walk from Dakota Station. This development is close to Kong Hwa School as well as Chung Cheng High School Main and Tanjong Katong Girls’ School.

Grand Dunman is a 99 year leasehold development with a 25 234.3 sq m site. It should obtain its temporary occupation license in 2028.

Beside this development, potential buyers can consider 3 other new launch in the vicinity; The Continuum by Hoi Hop and Sunway Group, Tembusu Grand by City Developments Limited and LIV at MB by Bukit Sembawang.

Source: https://www.straitstimes.com/business/over-half-of-grand-dunman-s-1008-units-sold-on-launch-weekend-at-average-price-of-2500-psf

CITY Developments Limited sold 110 units of The Myst in Upper Bukit Timah, or 27 percent of the total 408 units. The average price per square foot was S$2,057 during the launch weekend.

CDL stated that around 99 percent of buyers were Singaporeans. Permanent residents from China accounted for the remaining one percent. CDL said that all unit types had been “well received”, but the two-bedroom units were most popular.

Prices for apartments start at S$998,000 (for a one-bedroom apartment plus study) (from 517 square feet); S$1.33 (for a two-bedroom apartment starting from 678 sq. ft); S$1.708 (for a three-bedroom beginning at 850 sq. ft); S$2.826 (for a four-bedroom commencing at 1,518 sq. ft); and S$3.18 (for a five-bedroom commencing at 1,690 sq. f

Two 24-storey residential buildings make up the 99-year leasehold condominium located at Upper Bukit Timah Road 800 and 802. CDL acquired the land parcel in April 2022 for S$126.3million from Tan Chong International, a car company.

The Myst’s take-up rate was lower than other launches in recent times, according to market observers. Lentor Hills Residences sold half its 598 units in the same launch weekend.

The launch price of The Myst may be higher than the median transacted price for the nearby 999-year leasehold condos, such as Cashew Heights Condominium or Hazel Park Condominium.

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The Myst is 23 percent or more expensive than the average cost of the nearby resale condo with a longer tenure.

The Reserve Residences, on the other hand achieved strong sales at its recent launch, with a median price of $2474 per sq. ft.

The Reserve Residences is also 99-year land lease, but it had “certain benefits” over The Myst condo. For example, the project was part of the Beauty World integrated transportation hub and located near the Beauty World MRT Station.

Homebuyers may want to compare their options before making a decision.

The Myst sales were in line with expectations, as major non-landed projects had sold at least 100 units by launch day.

The rate of take-up depends on the number and size of the units in the project, as well as the catchment area. The take-up rate will vary depending on the project and should not be compared across projects.

Local buyers will choose carefully their new property purchase when faced with the plethora of residential properties available and the additional stamp duty. They may also become more sensitive to price.

Source: https://www.businesstimes.com.sg/property/myst-sells-27-units-launch-weekend-average-s2057-psf