Robust sales at Leedon Green continue to push up prices; new high at $3,081 psf

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/ EdgeProp Singapore
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July 15, 2022 11:33 AM SGT
Leedon Green and Nomu both saw new psf price highs, while Haus on Handy saw a new price low being set.
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SINGAPORE (EDGEPROP) - New developer sales at Leedon Green continue to push up psf prices at the freehold condo. The latest to set a new high was a 700 sq ft, two-bedroom unit on the seventh floor that was transacted for $3,081 psf or $2.16 million on June 27. This is also the highest psf price among all condos for the week of June 24 to 30.
The previous record at Leedon Green,which had been set on June 18, was for a 614 sq ft, two-bedroom unit on the ninth floor that was sold for $1.87 million ($3,049 psf). This transaction was reported by EdgeProp Singapore on June 30.
The 638-unit Leedon Green is jointly developed by MCL Land and Yanlord Land. The development is located at Leedon Heights in prime District 10. It comprises seven 12-storey blocks, with one- to four-bedroom units of 474 to 2,680 sq ft.
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Based on URA caveats so far this year, buyers have been snapping up units at Leedon Green since it was launched in January 2020. At the start of this year, the condo had a cumulative take-up rate of 51.3%, which has grown to 61.3% as of May. The developer sold close to 100 units over the past six months.
The 638-unit Leedon Green is about 63% sold and the new price high of $3,081 psf was set on July 27. (Picture: Samuel Isaac Chua/The Edge Singapore)
This robust pace of sales has led the record psf price at the condo to increase from $2,934 psf for a 1,044 sq ft unit sold on March 8 this year, to the new record of $3,081 psf on June 27.
A new psf-price high was also achieved at Nomu, a boutique 50-unit development along Handy Road in Dhoby Ghaut in prime District 9. A 1,389 sq ft, three-bedroom unit fetched $2,513 psf or $3.49 million on June 28. This is higher than the previous record set by the sale of a 474 sq ft, one-bedroom unit for $1.16 million ($2,449 psf) in March 2018.
Nomu is one of five boutique developments along Handy Road. At one end of the road are the 76-unit Cathay Residences and the 20-unit The Lux, which were both completed in 2007, followed by Nomu which was completed in 2009. Next to Nomu is the upcoming Haus on Handy, which incidentally is the only condo to set a new psf price low during the week. Finally, there is the 118-unit Suites at Orchard, which was completed in 2014.
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The latest resale at Nomu is the only unit to have changed hands so far this year. Last year, only three units were sold on the secondary market at prices from $1.11 million ($2,344 psf) for a 474 sq ft, one bedder on April 16, to $2.3 million ($2,075 psf) for a 1,109 sq ft, two-bedroom-plus-study unit on Dec 9.
artist impression of the upcoming Haus on Handy - EDGEPROP SINGAPORE
An artist impression of the upcoming Haus on Handy, which saw a new record low of $2,571 psf. (Picture: CDL)
Next to Nomu is the upcoming Haus on Handy where two adjacent one-bedroom units were sold at prices that set a new low for the development. Both 527 sq ft units were sold at prices of $1.47 million ($2,571 psf) each, according to caveats lodged at the end of June.
This is marginally lower than the previous record low, which involved the sale of a 603 sq ft, two-bedroom unit for $1.56 million ($2,588 psf) on March 7.
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When Haus on Handy was launched in July 2019, its sales weekend on July 6 and 7 saw units sold for between $2,830 psf and $2,904 psf. However, based on URA caveats, the last time a unit at Haus on Handy fetched more than $2,800 psf was in November 2020 when a 743 sq ft, two-bedroom unit was sold for $2.09 million ($2,818 psf).
Based on caveats over the past 12 months, the average selling price at the condo is about $2,660 psf. The 188-unit development has seen its take-up rate increase since the start of the year, from a cumulative take-up rate of 26% in January to 52% as of May.

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