Sales at luxury condo 3 Cuscaden at Cuscaden Walk have received a much-needed shot in the arm following the March 8 preview of Boulevard 88, a luxury, 154-unit condo project integrated with the first EDITION Hotel by Marriott International in Singapore, says Han Huan Mei, director of research at List Sotheby’s International Realty Singapore (List SIR).
Boulevard 88, which has a mix of luxury apartments ranging from two-bedroom-plus-study of 1,313 sq ft, three-bedroom units of 1,776 sq ft to four-bedroom units of 2,799 sq ft. There are 50 each of two-, three- and four-bedroom units. There are also four penthouses, with sizes ranging from 5,673 to 6,049 sq ft.
By May 18, three of the four penthouses had been snapped up at prices ranging from $28 million to $29.53 million apiece, with average prices of $4,899 psf to $4,936 psf, according to caveats lodged with URA Realis. About 23 units or almost half of the four-bedroom units priced from $10 million have also been taken up. To date, 48 units have been sold with average prices of $3,820 psf.
Meanwhile, the 96-unit 3 Cuscaden previewed last November. From November to end-February, 29 units were sold at an average price of $3,551 psf. Following the launch of Boulevard 88, a total of 28 units have been sold in the months of March to May to date, with average price of $3,589 psf, according to caveats lodged with URA Realis.
Owing to the unit sizes, transaction prices at 3 Cuscaden range from about $1.6 million to $3 million (Picture credit: Sustained Land)
To date, 3 Cuscaden is 60% sold. The project by Sustained Land has a mix one- to three-bedroom units. Three are 45 units of one-bedders with sizes of 420 to 474 sq ft; another 45 units of two-bedders with sizes from 657 to 764 sq ft; and just six units of three-bedders sized from 1,270 to 1,281 sq ft.
Owing to the unit sizes, transaction prices at 3 Cuscaden range from about $1.6 million to $3 million, while at Boulevard 88, many of the transactions range from about $6 million to $10 million, observes List SIR’s Han. “The pace of sales at Boulevard 88 is proof that buyers are still drawn to luxury properties in the prime Orchard Boulevard neighbourhood,” she adds. “But now, they have other choices like 3 Cuscaden, which offers a lower entry price.”
According to Dominic Lee, head of luxury team at PropNex and one of the joint marketing agents at 3 Cuscaden and Boulevard 88, the profiles of buyers are different, owing to the differences in the products.
Both projects are freehold and located in prime District 10 near each other: 3 Cuscaden is located on Cuscaden Walk, just off Orchard Boulevard, while Boulevard 88 is a redevelopment of the former Boulevard Hotel, and is located on the opposite side of Orchard Boulevard, adjacent to Four Seasons Hotel.
At the luxury,154-unit condo project, Boulevard 88, many of the transactions range from about $6 million to $10 million (Picture credit: CDL)
About 60% of the buyers at Boulevard 88 are Singaporeans, with the rest being a mix of permanent residents and international buyers, predominantly Chinese, Indonesian and US buyers. Many of the four-bedroom units were purchased by Singaporeans.
Meanwhile, at 3 Cuscaden, “a sizeable portion of the foreign buyers was made up of Malaysians and Indonesians”, says PropNex’s Lee. “This group of foreign buyers is familiar with the location, and they see the value of a property here,” he adds. “The efficient layout of the units also appealed to them.”
About 14 of 24 units sold at 3 Cuscaden in the months of April and May were brokered by PropNex’s luxury team. Another one-bedder was sold at 3 Cuscaden on June 2, although the caveat has yet to be lodged.
At 3 Cuscaden, a 452 sq ft, one-bedroom unit went for $1.69 million ($3,728 psf), and a 732 sq ft, two-bedroom unit was sold for $2.47 million ($3,377psf), based on caveats lodged on May 21 and May 25 respectively.
According to List SIR’s Han, the developer is likely to maintain prices at 3 Cuscaden at the current levels. “Buyers are more cautious in light of less buoyant economic expectations,” she says. “And they are more likely to wait for other residential offerings that will come onto the market.”