About 15% of units sold at Verdale on launch weekend

By
/ EdgeProp Singapore
|
September 20, 2020 11:00 PM SGT
SINGAPORE (EDGEPROP) - On the first weekend of its sales launch, joint developers COLI Singapore and CSC Land Group sold 39 (50%) out of 78 units released at Verdale as at Sept 20. Based on the total of 258 units in the private condo, the sales rate is about 15%. The 99-year leasehold project is located on De Souza Avenue, off Jalan Jurong Kechil in the Upper Bukit Timah enclave of District 21.
“Having launched Verdale in these unprecedented times, we are very encouraged by the positive response garnered over this weekend,” said the joint developers, COLI Singapore and CSC Land, in a statement on Sept 20.
The architectural model of Verdale - EDGEPROP SINGAPORE
The architectural model of Verdale showing its grand entrance portal (Photo: COLI Singapore & CSC Land Group)
Buyers were a diverse mix, ranging from professionals, investors, young couples to multi-generational families. About 95% were Singaporeans and permanent residents (PRs). Units sold were across all unit types, ranging from one- to four-bedroom units. One of the buyers is said to be Singaporean Jovel Chua, who bought a two-bedroom unit at Verdale for her own use. “Being a nature lover, I am drawn to the ‘forest-bathing’ inspired concept,” she commented in a statement. “And I like the thoughtful layout, and its provision of high-quality appliances and fittings.”
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One-bedroom units of 463 to 474 sq ft are priced from $791,000 ($1,708 psf) to $878,000 ($1,852 psf); while two-bedroom and two-bedroom deluxe units (614 to 753 sq ft) are going for $998,000 ($1,625 psf) to $1.39 million ($1,849 psf). Three-bedroom and three-bedroom deluxe apartments with sizes from 947 to 1,033 sq ft are tagged at prices ranging from $1.557 million ($1,644 psf) to $1.811 million ($1,753 psf). Meanwhile, 1,410 sq ft, four-bedroom units are priced from $2.449 million ($1,737 psf) to $2.581 million ($1,830 psf).
There are also 12 duplex penthouses, nine of which are four-bedroom and three are five-bedroom units, with sizes from 1,518 to 1,873 sq ft. Prices range from $2.625 million ($1,729 psf) to $3.341 million ($1,784 psf). The average price of units in the project is estimated to be about $1,800 psf.
The Atelier - EDGEPROP SINGAPORE
The Atelier, available for the kitchen of four-bedroom units and five-bedroom duplex penthouses at Verdale (Photo: COLI Singapore & CSC Land Group)
Prior to the launch of Verdale, the freehold, 633-unit Forett at Bukit Timah (former Goodluck Garden) on Toh Tuck Road debuted on Aug 8-9. About 30% of the units at Forett were sold on its launch weekend. To date, 228 units (36%) at Forett have been sold at an average price of $1,929 psf.
“A sales rate of 30% in the initial weekend of launch is unsustainable; It has to settle down to a lower level,” says Alan Cheong, head of research for Savills Singapore. “A 15% sales rate is a very respectable number. Moving forward, I would think that initial weekend sales of more than 10% will be considered good.”
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Meanwhile, sitting across the road from Forett is the 327-unit Daintree Residence. As at Sept 13, 268 units (82%) have been sold at an average of $1,682 psf since its launch two years ago. Adjacent to Daintree Residence is the 186-unit View at Kismis, where 142 units (76%) have been sold at an average of $1,696 psf since the project was launched in July last year, based on caveats lodged with URA Realis. Both Daintree Residence and View at Kismis are also 99-year leasehold condos in the Upper Bukit Timah neighbourhood of District 21.
It may be challenging to launch a project in the face of such intense competition in the area, with the launch of Forett in August, the upcoming launch of The Linq@Beauty World at Upper Bukit Timah Road in October, as well as projects such as View at Kismis and Daintree Residence that were launched over the past one to two years, acknowledges Ismail Gafoor, CEO of PropNex Realty. “Every project in the area is competing for the same pool of buyers,” he notes. “And Forett, having been launched just last month, had absorbed a lot of the buying interest. Despite the competition, Verdale has done fairly well.” PropNex is the appointed joint marketing agency for Verdale together with ERA and OrangeTee & Tie.
An "added distraction" was the preview of Penrose condo on Sept 12, even though the project is not located in the Upper Bukit Timah area, observes PropNex's Gafoor. The 566-unit private condominium is located on Sims Drive in District 14, also regarded as a city fringe or Rest of Central Region (RCR) location. "Investors looking at projects in the RCR tend to focus on the entry price and potential capital appreciation," he adds. "Hence, they are very selective."
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The 99-year leasehold Penrose condo has a mix of one- to four-bedroom apartments with sizes from 474 sq ft to 1,389 sq ft. Early bird prices start from $788,000 ($1,662 psf) for one-bedroom units; $943,000 ($1,460 psf) for two-bedroom units from 646 sq ft; from $1.33 million ($1,421 psf) for three-bedroom units; and upward of $2.11 million ($1,519 psf) for four-bedroom units. Virtual booking of units is expected to start on the weekend of Sept 26-27, with official launch on Oct 3. The average price of units is "about $1,500 psf", hence, it has attracted "huge interest", adds Gafoor.