Developments launched as far back as 2013 have benefited from the lack of new ones so far this year. This was most evident in the Alexandra-Commonwealth neighbourhood, where there have been six launches with a total of 3,650 units since 2013.
The latest launch in the area was in November — that of 736-unit Queens Peak, a 99-year leasehold condominium developed by Hao Yuan Investment-MCC Land. The project sold 11 units in January at a median price of $1,684 psf. In the first week of February, another handful of units were sold at prices ranging from $728,000 ($1,691 psf) for a 431 sq ft, one-bedroom unit to $1.17 million ($1,505 psf) for a 775 sq ft, two-bedroom unit, according to caveats lodged with URA Realis. The project is about 40% sold.
One- and two-bedroom units at Queens Peak were sold at $728,000 to $1.17 million
Adjacent to Queens Peak is 845- unit Commonwealth Towers, a 99- year leasehold condo by City Developments. It sold 12 units at a median price of $1,709 psf in January, according to URA data.
Property agents say the developer is offering special discounts for selected one- and two-bedroom units, whereby units will have a flat psf price regardless of the level on which they are located. This was seen in the transactions of two 753 sq ft, two-bedroom units on the 22nd and 23rd floors, which were sold for $1,709 psf in February. Buyers of selected three- and four-bedroom units from the 20th floor are also given discounts, which will end later this month. Launched in May 2014, Commonwealth Towers is 56% sold.
Besides the recent launches, even older condos in the Alexandra area are seeing a revival in interest. Most notably, 775-unit The Anchorage has seen a pickup in transactions since end-2016. The freehold project by Frasers Centrepoint was completed 40 years ago. According to a caveat lodged on Feb 2, two 1,507 sq ft, three-bedroom units changed hands: The unit on the 10th floor fetched $1.78 million ($1,181 psf) and the one on the 19th floor was sold for $1.8 million ($1,194 psf). It seems buyers are hunting for value buys again.
Two 1,507 sq ft units at The Anchorage on Alexandra Road changed hands at $1.78 million to $1.8 million
This article appeared in The Edge Property Pullout, Issue 767 (Feb 20, 2017) of The Edge Singapore