With the additional 45 units sold, the take-up rate at Cuscaden Reserve has increased to 57 units (30%) [Photo: Samuel Isaac Chua/EdgeProp Singapore]
At the relaunch of luxury condo Cuscaden Reserve, 45 (57%) of 79 units released were sold by private placement at the close of March 16, according to Dominic Lee, head of luxury team at PropNex.
Over 80 cheques were collected as expressions of interest (EOI) during the two-week preview that began on March 2.
“I think it is very encouraging because close to 60% of the total units released were sold in this phase,” says Ken Low, managing partner of SRI.
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Units sold were predominantly two-bedroom types, starting from $2.292 million or $2,823 psf, notes PropNex’s Lee. Only one unit sold was a three-bedroom.
Based on Huttons Data Analytics' internal data, one-third of the buyers at Cuscaden Reserve are below 35. Mark Yip, CEO of Hutton Asia, observes that the buyers were either Singaporeans or permanent residents (PRs) buying their first property. There was an even split between those buying for their own stay and those buying for investment, adds Yip.
The strong sales were attributed to the joint developers -- SC Global, New World Development and Far East Consortium – slashing selling prices by as much as 20%.
The buyers at Cuscaden Reserve were predominantly Singaporeans and Permanent Residents (Source: EdgeProp Landlens)
"The attractive quantum of around $2.4 million for a two-bedroom unit, good location and prestigious address attracted strong interest from buyers," says Yip.
The 192-unit Cuscaden Reserve is located on Cuscaden Road in prime District 10, off Orchard Boulevard. The luxury condo was completed in August 2023.
Typical units at Cuscaden Reserve are a mix of one-, two- and three-bedroom apartments from 700 sq ft to 1,163 sq ft. There are six 2,099 sq ft four-bedroom apartments from the 21st to the 26th floors. They are reconfigured from a two- and three-bedroom apartment on these floors. A sole duplex penthouse of 3,755 sq ft spans the 27th and 28th floors.
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Before the relaunch, 12 units were sold at an average price of $3,625 psf, based on caveats lodged. With the additional 45 units sold, the take-up rate has increased to 57 units (about 30%).
The remaining units at Cuscaden Reserve will be sold "on a first-come, first-served" basis, says PropNex's Lee.