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Kingsford Group, a Chinese developer, successfully sold 696 out of 916 units at Chuan Park on November 10. This translates to a staggering 76% of units sold. The average price per square foot of the units sold was around $2,579.
The spokesperson for Kingsford stated that the range of units sold included two-bedroom, two-bedroom+study, and three-to-five-bedroom units. Majority of the buyers were Singaporeans, making up about 93% of the total number of homebuyers, while the remaining 7% were permanent residents and foreigners.
CEO of PropNex, Ismail Gafoor, revealed that 92% of the units transacted were two- and three-bedroom units, while the remaining 8% were four- and five-bedroom units. The transacted prices ranged from $1.6 million for two-bedders to $4.3 million for a five-bedroom unit. Gafoor also commended the developer for pricing the project sensibly, taking into account the overwhelming demand from prospective buyers within District 19.
According to Marcus Chu, CEO of ERA Singapore, the most popular units were the two- and three-bedroom units, with buyers mostly in their 30s and 40s. He noted that many of the buyers were upgrading from older HDB flats or condominiums in nearby areas. On the other hand, older buyers who were downsizing from landed properties tended to prefer the larger four- or five-bedroom units.
The sales at Chuan Park on November 10 exceeded those of the top-selling project in 2024, the 533-unit Lentor Mansion which sold 400 units (75%) in March. However, in terms of percentage of units sold, Norwood Grand, which was launched in October, is still the highest at 84% or 292 out of 348 units.
CEO of Huttons Asia, Mark Yip, added that Chuan Park also broke the record for being the fastest-selling project since J Gateway, which sold all 738 units on its first day of launch in 2013.
The success of Chuan Park marks another significant achievement for Kingsford, which in January 2021 saw all 1,862 units of their Normanton Park project sold within the first weekend of its launch. The developer acquired the 99-year leasehold, 400,500 sq ft Chuan Park site for $890 million in July 2022. The site is located near the Lorong Chuan MRT Station and is the first private condominium launch in the area since the debut of The Scala, a 468-unit project in August 2010.
The five-block project comprises of three 22-storey and two 19-storey blocks, with two commercial units spread across the 99-year leasehold site of 400,500 sq ft. The 916 units range from two- to five-bedrooms, with sizes between 700 sq ft to 1,841 sq ft.
Prices for the units started at over $1.5 million for a two-bedroom, upwards of $2.1 million for a three-bedroom, $3.1 million for a four-bedroom, and $3.7 million for a five-bedroom. Despite being classified within the Outside Central Region (OCR), Chuan Park is near the boundary of the Rest of Central Region (RCR).
According to Ken Low, managing partner of SRI, the project is surrounded by affluent private residential enclaves including Serangoon Gardens, Li Hwan, and Tai Hwan landed housing estates. The project’s proximity to these areas was highlighted by PropNex’s Gafoor, who added that Chuan Park is nestled within an affluent private residential enclave, surrounded by the Serangoon Gardens, Li Hwan, and Tai Hwan landed housing estates.
ERA’s Chu estimates that there are around 126,000 HDB flats and 54,000 private residential units in the “Golden Triangle of Ang Mo Kio/Bishan, Toa Payoh and Serangoon around Chuan Park”. Based on ERA’s research, 233 HDB flats were sold for over $1 million in the first 10 months of the year in the nearby HDB estates of Ang Mo Kio, Bishan, Toa Payoh and Serangoon. The strong financial position of these HDB owners affords them the ability to upgrade to private residential properties if they choose to do so.
Chuan Park’s launch was highly anticipated this year, attracting over 20,000 visitors during the preview period from Deepavali Day (Oct 31) to Nov 7, with more than 2,800 cheques collected from interested buyers ahead of the sales launch on Nov 10. The launch was initially scheduled for Nov 16, but was brought forward to Nov 10, allowing investor and homebuyer demand to spread across various new developments, according to SRI’s Low.
Three other projects are set to launch on Nov 16, including the 552-unit Nava Grove at Pine Grove, the 846-unit Emerald of Katong on Jalan Tembusu, and the 504-unit executive condo Novo Place in Tengah. Low anticipates that the robust sales at Chuan Park will carry over to these upcoming launches, building on the existing interest in these projects. The four of them are among a record six projects set to launch in November.
When considering investing in a condo in Singapore, one must take into account the government’s property cooling measures. In an effort to maintain a stable real estate market, the Singaporean government has implemented various measures to discourage speculative buying. An example of such measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and individuals purchasing multiple properties. These measures may affect the immediate profitability of condo investments, but they ultimately contribute to the long-term stability of the market, creating a safer investment environment for those interested in purchasing a Condo.
The recent interest rate cuts by the US Federal Reserve have also boosted confidence and demand in the real estate market, making it more affordable for buyers. With the positive momentum in the market, even hesitant homebuyers are returning, according to PropNex’s Gafoor. However, he believes that not all upcoming project launches will see similarly strong sales, as factors such as location, proximity to MRT stations, nearby new launches, and price sensitivity play a critical role in a project’s sales performance.…