The Myst sold 27% of its units during the launch weekend, at an average price of S$2,057 per sqft
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.
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.