SINGAPORE (EDGEPROP) - Over the week of June 20 to 24, the sale of a 1,163 sq ft, three-bedroom apartment at the upcoming Cuscaden Reserve has set a new psf-price high in the ultra-luxury condominium. The record-setting unit is on the 26th floor and was sold by the developer for $4.45 million ($3,830 psf) on June 24.

This is slightly higher than the previous record which had been set by the sale of a 936 sq ft, two-bedroom unit that is also on the 26th floor. This unit was sold by the developer for $3.58 million ($3,826 psf) on Sept 23, 2021.

Cuscaden Reserve is an ultra-luxury project on 8 Cuscaden Road in prime District 10. It has a 99-year leasehold tenure. The development is by Singapore developer SC Global Developments and two Hong Kong-listed real estate companies, New World Development and Far East Consortium. The 28-storey development comprises a mix of one- to four-bedroom units that range from 700 to 2,099 sq ft.

The 192-unit development is nestled in one of the most exclusive residential areas in Singapore. It is beside another ultra-luxury project, the 54-unit Park Nova on Tomlinson Road, while the 154-unit Boulevard 88 can be found on nearby Orchard Boulevard. Completed developments in the area include The Regent Hotel Singapore, St Regis Hotel Singapore and St Regis Residences.

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Cuscaden Reserve launched its first private previews in 3Q2019, and the first transactions were recorded in September 2019. According to URA caveats, three units were sold that month. A 700 sq ft, one-bedroom unit on the seventh floor was sold for $2.33 million ($3,327 psf) on Sept 13, while two neighbouring 926 sq ft, three-bedders on the fifth floor were each sold for $3.23 million ($3,489 psf) on Sept 14.

Based on URA caveats, only 10 caveats have been lodged at Cuscaden Reserve to date.

The week also saw another luxury development achieve a new psf price high. An 829 sq ft, two-bedroom unit at Grange 1866 was sold by the developer for $2.61 million ($3,145 psf) on June 23. This leaps over the previous record which had been set by a 764 sq ft, two-bedroom unit. That unit fetched $2.3 million ($3,007 psf) on May 29.

These two transactions are the only two developer sales at the project so far this year.

Grange 1866 is a boutique, 60-unit condominium on Grange Road in prime District 10. The project is a redevelopment of the former iLiv@Grange. The new project is expected to be completed by the end of 2026. The project comprises a single 16-storey residential block on a 20,322 sq ft, freehold site. The unit mix consists of one-bedders and two-bedders that range from 527 to 1,012 sq ft.

The development was initially launched for sale in April 2021, and according to URA caveats, two units were sold that month. They were a 527 sq ft, one-bedroom unit that was sold for $1.45 million ($2,743 psf) on April 15, and a 764 sq ft two-bedder that was transacted for $2.06 million ($2,692 psf) on April 17.

Read also: Two-bedder at Grange 1866 sets new high of $3,007 psf

Over the 15 months since the launch, sales at Grange 1866 have been relatively muted. Based on submitted developer sales data, the project has a cumulative take-up rate of 16%. According to URA caveats, there have been 10 sales so far.

The project has an average selling price of about $3,076 psf. This is lower compared to the most recently completed development in the area, Gramercy Park, which was completed in 2016 and has an average price of $3,289 psf. However, Grange 1866 still commands a slightly higher average price compared to most of the surrounding freehold developments such as Paterson Residence, The Paterson, and Paterson Suites which have average selling prices of $2,446 psf, $2,513 psf and $2,709 psf, respectively.

There were no project lows recorded between June 20 and 24.

Check out the latest listings near Cuscaden Reserve, Park Nova, Boulevard 88, Grange 1866, Gramercy Park, Paterson Residence, The Paterson, Paterson Suites

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