Property highlights of the week from May 14 to May 18.
1) Eight more en bloc sales launched, more than half in prime districts
Between May 14 and 17, eight developments were put up for collective sale, and more than half of them are in prime Districts 9, 10 and 11.
They include the 172-unit Cavenagh Gardens and the 36-unit Cairnhill Astoria in prime district 9. Both freehold developments were launched for sale at $480 million (1,491 psf per plot ratio) and $196 million ($1,964 psf ppr), respectively.
Trendale Tower on Cairnhill Road in district 9 is also up for collective sale by tender, for $163.5 million ($2,250 psf ppr). The 20-storey development comprises 18 units.
In prime district 10, the 18-unit freehold Fernhill Court was launched for collective sale via public tender for $125 million ($1,885 psf ppr), while Goldhill Shopping Centre in District 11 is up for collective sale by tender with a reserve price of $425 million ($2,597 psf ppr).
Other collective sales launched during the week include the freehold Flynn Park in district 5, which has a minimum price of $363.8 million ($1, 281 psf ppr, including 10% bonus gross floor area (GFA)).
Elsewhere, the 88-unit Rosalia Park in district 19 has a minimum price of $175 million ($1,198 psf ppr, including 10% bonus GFA). While the 40-unit freehold La Ville at Tanjong Rhu in district 15 is up for collective sale for $152 million ($1,436 psf ppr, including 10% bonus GFA).
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2) Chancery Court sold en bloc for $401.8 mln
Privatized HUDC estate Chancery Court on Dunearn Road in prime District 11 was sold en bloc for $401.777 million. The price achieved was 6% above the reserve price of $390 million, according to marketing agent OrangeTee Advisory, which brokered the sale.
Chancery Court has been a sought-after development among parents who want to register their children into Anglo Chinese School, given that the ACS Barker Road campus is located just across the road.
Including a differential premium and lease top-up premium of $182.4 million, the price translates to $1,610 psf per plot ratio.
The existing Chancery Court is made up of 136 residential and eight strata commercial units. Upon successful conclusion of the collective sale, owners of the residential units can expect proceeds of $1.8 million to $3.5 million. Meanwhile, the owners of the strata commercial units will walk away with $934,000 to $4.7 million, depending their unit size.
3) April sales of private homes again exceed launches
A total of 729 private new homes (excluding ECs) were sold in April, compared to a total of 654 units launched in the market during that month. This is the 12th consecutive month when sales have exceeded launches.
There were two new launches in April, The Verandah Residences and Harbour View Gardens. These developments have sold more than 82% and 91% of their units respectively.
Judging from the sales momentum, an average take-up rate of 70% appears to be the norm. An average of 800 to 1,500 units are expected to be launched for sale every month for the rest of 2018.
4) 70% of phase 2 units at New Futura sold in four days
At least 21 (70%) out of 30 units released in New Futura’s second phase of sales have been snapped up as at May 15, four days after the developer City Developments Limited (CDL) opened the preview.
The units were sold at an average price of $3,500 psf, higher than the average price of $3,350 psf achieved in the first phase of sales.
Located on Leonie Hill Road in prime district 9, New Futura comprises two 36-storey towers and is CDL’s most luxurious project to date. About 72% of the buyers in the second phase are foreigners and permanent residents from China, Indonesia, Malaysia, and South Korea.