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Sales in Core Central Region pick up in July

By Valerie Kor

/ EdgeProp Singapore |

July 29, 2020 6:00 AM SGT

During the second phase of reopening post-Covid-19 “circuit breaker”, there has been a pick-up in both enquiries and transactions of projects in the Core Central Region (CCR). Interest has been particularly strong in projects that had been launched in the first three months of this year before the circuit breaker was imposed on April 7.

“Interest has come from both locals and foreigners,” says Dominic Lee, head of luxury team at PropNex Realty.

The project in the CCR that sold the most number of units in July was Kopar at Newton, which moved 23 units as at July 19. Units sold range from 517 sq ft to 1,819 sq ft, with prices between $1.24 million ($2,404 psf) and $4.42 million ($2,428 psf). In June, 17 units were sold, while seven were taken up in May, during the circuit breaker. The 378-unit Kopar was launched on the weekend of April 4-5, just before the start of the circuit breaker, and 74 units were sold.

Developed by CEL Development, the property arm of listed conglomerate Chip Eng Seng Corp, Kopar is a luxury, 99-year leasehold condo located on Makeway Road, just a five-minute walk from the Newton Food Centre and the Newton MRT Station. It also comes with the prestige of a District 9 address.

Wing Tai's The M is the second best-performing project in the CCR in July (Photo: Samuel Isaac Chua/EdgeProp Singapore)

The second best-performing project in the CCR in July is The M on Middle Road, which saw 11 units sold, ranging from 409 sq ft, one-bedroom units that fetched $992,200 ($2,426 psf), to 743 sq ft, two-bedroom units taken up at $1.89 million ($2,547 psf). The 522-unit The M by Wing Tai Holdings is easily the best-selling project this year to date, with 70% of units sold on its launch weekend in February at an average of $2,450 psf. To date, 387 units (74%) of the project have been snapped up.

Meanwhile in prime District 9, The Avenir located at River Valley Close saw eight units sold in July. This brings total sales in the development to 27 since its launch in January. The Avenir is a 376-unit luxury, freehold condo developed jointly by Hong Leong Holdings and GuocoLand. It is a redevelopment of the former Pacific Mansion, which the joint venture purchased for $980 million in 2018, marking the highest en bloc purchase price paid since the $1.3388 billion price tag that the former Farrer Court commanded in 2007. The latter has since been redeveloped into the 1,715-unit d’Leedon.

The eight units sold at The Avenir in July ranged from $1.5 million ($2,789 psf) for a 538 sq ft, one-bedroom unit, to $8 million ($3,318 psf) for a 2,411 sq ft, four-bedroom unit.

At the luxury Wallich Residence at Tanjong Pagar, three units were sold in July: the latest was for a 1,259 sq ft, two-bedroom unit on the 58th floor that fetched $4.85 million ($3,851 psf), according to a caveat lodged on July 17. The 99-year leasehold, luxury project by GuocoLand is part of an integrated development that includes the GuocoTower Grade-A office tower, the luxury hotel Sofitel Singapore City Centre, and a shopping mall linked directly to the Tanjong Pagar MRT Station in the CBD.

Discover why The M sold 70% of units in one weekend and the prices have been increasing steadily here

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