New launches in prime districts set benchmark prices

In July, nine private residential projects were launched for sale compared to just four last month. Of the nine projects launched, five are high-end condos located in prime Districts 9, 10 and 11, including City Developments Ltd’s (CDL) 188-unit Haus on Handy; the boutique, 35-unit Dunearn 386 by Roxy-Pacific Holdings; and the 117-unit The Hyde by Aurum Land.

According to CDL, about 23 out of 30 units released at Haus on Handy in prime District 9 have been sold since its launch on July 5. The 188-unit, high-end condo achieved an average price of $2,860 psf.

Meanwhile, Roxy-Pacific has sold about 10% of the 35 units at Dunearn 386, located at 386 Dunearn Road in prime District 11. Average price achieved was just under $2,500 psf.

At The Hyde on Balmoral Road in prime District 10, about four units have been sold based on caveats lodged, although there are more under negotiation, according to its developer. Average price of units sold at The Hyde is $3,004 psf.

Nearby, also along Balmoral Road, is the 52-unit Sloane Residences (a redevelopment of the former Sloane Court Hotel). Four units have been sold at an average price of $2,906 psf since last month’s launch.

One street away on Ewe Boon Road is the 115-unit Juniper Hill by Allgreen Properties. The freehold development officially launched on July 13, and based on caveats lodged, eight units have been sold at an average price of around $2,800 psf. The project is also located in prime District 10.

According to Lee Sze Teck, head of research at Huttons Asia, some of the new projects, especially those in the Core Central Region, are being launched at “benchmark price points” for their respective districts. “The higher price points are due to cost pressure rather than just profiteering by developers,” he adds.

In District 21, View at Kismis was launched on July 20. Joint-venture partners Roxy-Pacific and Tong Eng Group released 60 of the 186 units in the 99-year leasehold development located on Lorong Kismis in the Toh Tuck area. About 30 units have been sold to date, at an average price of $1,600 to $1,700 psf.

In the Marymount area, Qingjian Realty launched the second phase of JadeScape, its 1,206-unit condo project, on July 4. Since then, about 21 units have been sold at an average price of just under $1,700 psf.

Meanwhile, the coming weekend of July 27-28 will see the launch of the sole executive condo project this year, namely the 820-unit Piermont Grand in Punggol. The project is a joint venture between CDL and TID Pte Ltd. Indicative prices at Piermont Grand are from $888,000 ($1,057 psf) for a three-bedroom unit starting from 840 sq ft; upwards of $1.34 million ($1,029 psf) for a four-bedroom unit from 1,302 sq ft; while five-bedroom units start from $1.508 million ($1,053 psf).