Chinese developer Kingsford Group achieved a remarkable 76% sales rate, selling 696 out of 916 units at Chuan Park on Sunday, Nov 10. The average price of units sold was around $2,579 psf, according to a spokesperson from Kingsford.Four different unit types were available for purchase, ranging from two-bedroom, two-bedroom+study, three-to-five-bedroom units, says the spokesperson for Kingsford. Singaporean buyers made up the majority of homebuyers, comprising of 93% of the total number of buyers, while permanent residents and foreigners accounted for the remaining 7%. The most popular unit types sold were two- and three-bedroom units, making up about 92% of the total units transacted. The remaining 8% were four- and five-bedders, according to CEO of PropNex, Ismail Gafoor. The prices ranged from $1.6 million for two-bedders to $4.3 million for a five-bedroom unit. “We believe that the developer has priced the project reasonably, considering the high demand, particularly from buyers within District 19,” he adds.In addition to this, CEO of ERA Singapore, Marcus Chu, notes that two- and three-bedroom units were the clear favourites, as most buyers were in their 30s and 40s. He also mentioned 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 preferred the larger four- or five-bedroom units.Chuan Park has now taken the top spot for the project with the highest number of units sold in 2024. This surpasses the 400 units (75%) sold at the 533-unit Lentor Mansion in March. However, in terms of the percentage of units sold, Norwood Grand, which was launched in October, remains at the top with 84% or 292 out of 348 units sold.”Not only has Chuan Park become the best-selling project of 2024, but it is also the fastest-selling since J Gateway, which sold all 738 units on its first day of launch in 2013,” says Mark Yip, CEO of Huttons Asia. This is yet another significant achievement for Kingsford, following the success of their 1,862-unit Normanton Park project in January 2021, where about 600 units were sold on the first weekend of its launch. All units were fully sold within 18 months.Kingsford acquired the 99-year leasehold, 400,500 sq ft Chuan Park site for $890 million in July 2022. The site is located next to Lorong Chuan MRT Station and is the first private condominium launch in the area since the 468-unit The Scala’s debut in August 2010. The project consists of five blocks, three 22-storeys and two 19-storeys, and two commercial units, spread across a 99-year leasehold site of 400,500 sq ft. The 916 units range from two- to five-bedrooms, with sizes ranging from 700 sq ft to 1,841 sq ft.According to the spokesperson from Kingsford, prices start from over $1.5 million for a two-bedroom, upwards of $2.1 million for a 915 sq ft three-bedroom, $3.1 million for a 1,335 sq ft four-bedroom, and $3.7 million for a 1,550 sq ft five-bedroom. Chuan Park is nestled within an affluent private residential enclave, surrounded by the Serangoon Gardens, Li Hwan, and Tai Hwan landed housing estates, as noted by PropNex’s Gafoor.Classified within the Outside Central Region (OCR), Chuan Park lies near the boundary of the Rest of Central Region (RCR). Ken Low, the managing partner of SRI, highlights that it is near “million-dollar HDB estates,” including Serangoon, Toa Payoh, Ang Mo Kio, Bishan, and the emerging Bidadari Estate. According to ERA’s research, there were 233 HDB flats sold for over $1 million in the first ten months of this year in the neighboring HDB estates of Ang Mo Kio, Bishan, Toa Payoh and Serangoon. “These HDB owners are in a good financial position to upgrade to private residential properties if they choose to,” Chu adds.According to the spokesperson from Kingsford, Chuan Park’s launch was among the most anticipated this year. The preview period from Deepavali Day (Oct 31) to Nov 7 attracted over 20,000 visitors, with more than 2,800 cheques collected from interested buyers ahead of the sales launch on Nov 10. Initially scheduled for Nov 16, the launch was brought forward to Nov 10. “Advance Chuan Park’s launch has allowed investor and homebuyer demand to spread across various new developments,” says SRI’s Low. On Nov 16, three other projects: the 552-unit Nava Grove at Pine Grove, off Ulu Pandan Road, the 846-unit Emerald of Katong on Jalan Tembusu in the East, and the 504-unit executive condo Novo Place in Tengah in the West, are set to launch.Low anticipates that the strong sales at Chuan Park will carry over to the upcoming launches next weekend, building on the existing interest in these projects. “We are also seeing buyers gravitate towards other ongoing new launches,” he adds. “This momentum provides a welcome boost to an otherwise subdued 2024 market.”The recent interest rate cuts by the US Federal Reserve—a 50-basis point reduction on Sept 18 and a 25-basis point cut on Nov 8, with further cuts anticipated next year—have boosted confidence and demand in the real estate market. “There will be increased affordability as banks lower their stress test rates,” notes SRI’s Low. “Additionally, homebuyers will benefit from savings on monthly mortgage payments due to the reduced interest rates.”The improved market sentiment has encouraged even those homebuyers who were hesitant during the first nine months of the year to return, says PropNex’s Gafoor. He does not expect all upcoming projects to have similarly strong sales. “Besides the development’s specific attributes, factors such as location, proximity to MRT stations, nearby new launches, and price sensitivity play a crucial role in a project’s sales performance.” Visit the latest listings for Chuan Park properties for more information.
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The Condo market in Singapore is thriving due to the limited amount of available land in the small island nation. As the population continues to grow at a rapid pace, the government has implemented strict land use policies, resulting in a highly competitive real estate market. This has caused property prices, especially for condos, to consistently rise, making real estate investment a highly profitable opportunity with the potential for capital appreciation.