Tripartite sells 52% of Kassia on launch weekend

By Cecilia Chow

/ EdgeProp Singapore |

July 21, 2024 5:40 PM SGT

Crowd at the preview weekend of Kassia (Photo: Tripartite Developers)

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Tripartite Developers announced that 144 units (about 52%) of its 276-unit private condo Kassia were taken up as at 5 p.m. on Sunday, July 21.

Selling prices ranged between $1,821 to S$2,177 psf, with the one- and two-bedroom units being the most popular. About 90% of the buyers are Singaporeans, with Permanent Residents (PRs) making up the remaining 10%, says Tripartite.

Kassia marks the 11th and final project in the Flora Drive-Flora Road residential enclave developed by Tripartite Developers over 30 years. Tripartite Developers is a joint venture made up of Hong Leong Holdings, City Developments Ltd (CDL), and TID (a joint venture between Hong Leong and Mitsui Fudosan, and played the role of master developer of the three million sq ft plot purchased in the 1970s.

Betsy Chng, Hong Leong Holdings' head of sales, says the take-up "reflects a resilient demand for a thoughtfully designed home" with a functional layout.

Marcus Chu, CEO of ERA Singapore, says that at Kassia, the "sweet spot" for many homebuyers was the units priced around $1.5 million. Over the weekend, the best-selling unit type was the 657 sq ft two-bedders, he adds. Priced from $1.196 million, about 65 out of 72 units, or 90.3%, were sold.

One-bedroom apartments of 474 sq ft, priced from $883,000, were also sought after, with 37 of 52 units (71.2%) snapped up. One-bedroom-plus-study apartments of 549 sq ft were also popular, with 19 of the 28 units (67.9%) spoken for.

The 10 latest transactions in the Flora Drive neighbourhood (Source: EdgeProp Buddy)

Chu says most homebuyers were in their 30s and 40s, with a good mix of owner-occupants and investors. He adds, "Homebuyers and investors consider units priced up to $1.5 million to be more prudent options as the higher-for-longer interest rates and elevated Additional Buyers Stamp Duty (ABSD) continue to be key considerations."

Kassia is the second major project launch in the Outside Central Region (OCR) after the June school holidays, points out Mark Yip, CEO of Huttons Asia. The first was Sora, launched a fortnight ago, with 102 sales (23%) of 440 units on its launch weekend.

According to Yip, there hasn't been a significant new 999-year or freehold non-landed condo launched in the OCR since 2021. "Prices of units in Kassia are attractive in today's market." He adds that there hasn't been a freehold project with one-bedroom units priced below $1 million since the pre-Covid years.

"Kassia’s take-up rate at sales launch is among the highest posted for new projects (excluding executive condos) this year – second to Lentor Mansion, which saw 75% of its 533 units sold at launch in March," says Ismail Gafoor, CEO of PropNex.