Crowd at Chuan Park this afternoon, Oct 31 (Photo: Kingsford Group)
Developer Kingsford Group announced that the Chuan Park sales gallery attracted about 5,000 visitors by 8 pm, the close of the first day of preview. The sales gallery opened this morning [Oct 31] at 10 am, a public holiday because of Deepavali.
The preview period will end on Nov 12, with the launch date scheduled on Nov 16, which coincides with the launch of three other projects: the 552-unit Nava Grove at Pine Grove by a joint venture between MCL Land and Sinarmas Land and the 504-unit executive condo, Sim Lian Group's 846-unit Emerald of Katong, Novo Place at Plantation Close in Tengah by a joint venture between Hoi Hup Realty and Sunway Developments.
Still, Ismail Gafoor, CEO of PropNex, expects Chuan Park to see strong sales on the back of more positive sentiment. Other reasons contributing to the expected strong sales include pent-up demand, given that the neighbourhood hasn't seen a new private condo launch in 14 years, and its location next to the Lorong Chuan MRT Station on the Circle Line.
Read also: Year-end rush: Record six projects set to launch in November
"I wouldn't be surprised if the project sells at least 50% on launch day, and that would already be more than 450 units, making it the best-selling project in terms of number of units sold on the first day of launch this year," says Gafoor.
Chuan Park is a redevelopment of the former condo of the same name, which Kingsford purchased en bloc for $890 million in May 2023.
The project will have five blocks – three 22-storeys and two 19-storeys – as well as two commercial units spread across a 99-year leasehold site of 400,500 sq ft.
The 916 units range from two- to five-bedrooms, with sizes from 700 sq ft to 1,841 sq ft. Prices start from over $1.5 million for a two-bedroom, upwards of $2.1 million for a 915 sq ft three-bedroom, $3.1 million for a 1,335 sq ft four-bedroom, and $3.7 million for a 1,550 sq ft five-bedroom.
PropNex's Gafoor estimates the average selling price to be above $2,300 psf.
Check out the latest listings for Chuan Park properties