Buyers snap up 28% of units at The Landmark on first day of launch

/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - Black Friday discounts did not distract a group of shoppers looking at bigger deals: homebuyers. At The Landmark, a 396-unit, 99-year leasehold condo on Chin Swee Road, virtual balloting started at 10am on Nov 28. It was done via Zoom across five different locations: The Landmark sales gallery as well as the respective offices of the appointed marketing agencies, ERA, Huttons, PropNex and SLP International.
By 7pm that evening, buyers had snapped up 110 of the 120 units released. This translates to 92% of units released, or about 28% of the total units in the development.
The upcoming 396-unit The Landmark on Chin Swee Road (Photo: The Landmark JV Pte Ltd)
The average price of units sold was $2,250 psf as most of them were on the lower floors. About 50% of the units sold were said to be one-bedroom apartments, where sizes start from 495 sq ft, and were priced from $965,250 or $1,950 psf. Most of the buyers were said to be Singapore citizens.
The 39-storey condominium block is developed by the consortium made up of MCC Singapore, SSLE Development and ZACD Group. The project has a mix of one- to three-bedroom units, with sizes ranging from 495 to 1,141 sq ft.
“We believe that the homebuyers of The Landmark are mostly drawn to its garden-in-the-city location, comprehensive range of nearby amenities, as well as breathtaking views of the Singapore city-centre skyline,” comments Kain Sim, co-founder and group chairman of ZACD Group.
Sim believes The Landmark presents “an attractive investment” for those looking to capitalise on its proximity to the upcoming Greater Southern Waterfront, expansion of the central medical hub under [Singapore General Hospital] SGH Campus Master Plan and ongoing CBD rejuvenation plans.
The Landmark is next to the Pearl's Hill City Park, on the edge of the CBD, and close to the Outram Park MRT interchange station which is currently an interchange for the East-West and Northeast Lines. And when the Thomson-East Coast Line is up, it will be an interchange for three MRT Lines, says Lee Sze Teck, Huttons Asia director of research. “The only other interchange for three MRT lines is Dhoby Ghaut,” he adds.
“The sales achieved at The Landmark is impressive, considering that it came just two weeks after the launch of The Linq @ Beauty World, which attracted 116 buyers,” says Ismail Gafoor, CEO of PropNex. “Such sales of more than 100 units on the first day of launch is remarkable, notwithstanding the fact that we’re in the midst of a pandemic, and that the Controller of Housing recently tightened measures on the reissue of options.”
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Two other projects that previewed over the past two weeks, namely the 660-unit Ki Residences at Brookvale that previewed on Nov 20; and the 640-unit Clavon at Clementi Avenue 1, that previewed on Nov 28. While Clavon appeals to families who want to be near the top secondary and tertiary educational institutions; Ki Residences is a draw for those who like the quiet, landed residential enclave of Sunset Way, notes Huttons’ Lee.
These two projects did not distract potential buyers from The Landmark as they have different target audiences, adds PropNex’s Gafoor. “The price points are also different, and are therefore not comparable projects,” he says. Clavon’s starting price is from $1,475 psf, while Ki Residences’ is from $1,658 psf. The Landmark’s on the other hand, is upward of $1,950 psf. “And The Landmark is at the doorstep of the CBD,” he adds.

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