Sales at Sims Urban Oasis, Tre Residences pick up on back of Park Place Residences’ launch

By Tan Chee Yuen / The Edge Property | April 2, 2017 8:00 AM SGT
In the week of March 14 to 21, there was a pickup in transactions at existing launches, including the 1,024-unit Sims Urban Oasis by GuocoLand, which is targeted for completion later this year. The project has seen a spike in transactions since the beginning of the month. Based on caveats lodged in March so far, Sims Urban Oasis has moved close to 35 units, with prices ranging from $728,757 ($1,505 psf) for a 484 sq ft, one-bedroom unit to $1.61 million ($1,331 psf) for a 1,206 sq ft, four-bedroom unit.
The number of units sold in March so far is more than double the 14 units sold in February at a median price of $1,355 psf. It is also the highest monthly sales figure for Sims Urban Oasis since October 2015. So far, 670 units, or 65%, have been sold in the 99-year leasehold development on Sims Drive.
Another project that has seen a pickup in transactions over the past month is Tre Residences, a 250-unit condominium located just 300m from the Aljunied MRT station. So far in March, at least 20 units have been sold, based on caveats lodged. Prices ranged from $898,000 ($1,574 psf) for a 570 sq ft, two-bedroom unit to $1.31 million ($1,382 psf) for a 947 sq ft, four-bedroom, dual-key unit.
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Up to February this year, the total number of units sold at Tre Residences was 66, based on URA data. The project was launched in November 2014 and 42 units were sold by end-2014. Sales have been sluggish for much of the past two years until recently.
Property agents reckon Sims Urban Oasis and Tre Residences benefited from the recent launch of Park Place Residences at Paya Lebar Quarter. The 429-unit Park Place Residences opened for preview on March 11. On March 25, the first day of sales, 215 units (50% of the project) were snapped up. Prices of the units sold ranged from $800,000 for a one-bedroom unit to $2.1 million for a three-bedroom premium unit (from $1,600 to over $2,000 psf). The developer, Australian group Lendlease, has since closed the showflat and will only release the second phase at a later date.
The recent launch of Park Place Residences at Paya Lebar Quarter was seen to have helped push sales at Sims Urban Oasis and Tre Residences

Source: Lendlease

Another project that was launched recently in the east is CapitaLand’s Marine Blue, which has seen at least 15 units sold. The 124-unit freehold project was completed last October and was officially launched on March 18. Units sold so far were the one-bedroom-plus-study units, which range from 635 to 732 sq ft. They fetched prices ranging from $1.1 million ($1,737 psf) to $1.45 million ($2,109 psf). A 1,270 sq ft, one-bedroom-plus-study loft unit was sold for $1.65 million ($1,297 psf). Two of the penthouses were also sold: A 3,089 sq ft unit fetched $4.38 million ($1,418 psf) and a 3,261 sq ft unit was sold for $4.44 million ($1,360 psf).
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Marine Blue is located adjacent to the Grand Mercure Roxy Hotel and the upcoming Marine Parade MRT station. Construction of the MRT station on the Thomson-East Coast Line is currently underway.
This article appeared in The Edge Property Pullout, Issue 773 (Apr 3, 2017) of The Edge Singapore.