Ultra-luxury Cuscaden Reserve sees new price high of $3,830 psf

By
/ EdgeProp Singapore
|
July 7, 2022 6:30 PM SGT
The sale of a 1,163 sq ft, three-bedroom unit on the 26th floor was sold by the developer for $4.45 million ($3,830 psf) on June 24.
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SINGAPORE (EDGEPROP) - Over the week of June 20 to 24, the sale of a 1,163 sq ft, three-bedroom apartment at the upcoming Cuscaden Reserve has set a new psf-price high in the ultra-luxury condominium. The record-setting unit is on the 26th floor and was sold by the developer for $4.45 million ($3,830 psf) on June 24.
This is slightly higher than the previous record which had been set by the sale of a 936 sq ft, two-bedroom unit that is also on the 26th floor. This unit was sold by the developer for $3.58 million ($3,826 psf) on Sept 23, 2021.
Cuscaden Reserve is an ultra-luxury project on 8 Cuscaden Road in prime District 10. It has a 99-year leasehold tenure. The development is by Singapore developer SC Global Developments and two Hong Kong-listed real estate companies, New World Development and Far East Consortium. The 28-storey development comprises a mix of one- to four-bedroom units that range from 700 to 2,099 sq ft.
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The 192-unit development is nestled in one of the most exclusive residential areas in Singapore. It is beside another ultra-luxury project, the 54-unit Park Nova on Tomlinson Road, while the 154-unit Boulevard 88 can be found on nearby Orchard Boulevard. Completed developments in the area include The Regent Hotel Singapore, St Regis Hotel Singapore and St Regis Residences.
Cuscaden Reserve - EDGEPROP SINGAPORE
Cuscaden Reserve is in one of the most prime residential neighbourhoods, and it enjoys proximity to amenities and conveniences. (Map: EdgeProp Singapore)
Cuscaden Reserve launched its first private previews in 3Q2019, and the first transactions were recorded in September 2019. According to URA caveats, three units were sold that month. A 700 sq ft, one-bedroom unit on the seventh floor was sold for $2.33 million ($3,327 psf) on Sept 13, while two neighbouring 926 sq ft, three-bedders on the fifth floor were each sold for $3.23 million ($3,489 psf) on Sept 14.
Based on URA caveats, only 10 caveats have been lodged at Cuscaden Reserve to date.
The week also saw another luxury development achieve a new psf price high. An 829 sq ft, two-bedroom unit at Grange 1866 was sold by the developer for $2.61 million ($3,145 psf) on June 23. This leaps over the previous record which had been set by a 764 sq ft, two-bedroom unit. That unit fetched $2.3 million ($3,007 psf) on May 29.
These two transactions are the only two developer sales at the project so far this year.
Grange 1866 is a boutique, 60-unit condominium on Grange Road in prime District 10. The project is a redevelopment of the former iLiv@Grange. The new project is expected to be completed by the end of 2026. The project comprises a single 16-storey residential block on a 20,322 sq ft, freehold site. The unit mix consists of one-bedders and two-bedders that range from 527 to 1,012 sq ft.
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The development was initially launched for sale in April 2021, and according to URA caveats, two units were sold that month. They were a 527 sq ft, one-bedroom unit that was sold for $1.45 million ($2,743 psf) on April 15, and a 764 sq ft two-bedder that was transacted for $2.06 million ($2,692 psf) on April 17.
Grange 1866 - EDGEPROP SINGAPORE
Grange 1866 has commanded slightly higher prices compared to some of the surrounding condos. The full price comparison list can be found of EdgeProp.sg (Map: EdgeProp Singapore)
Over the 15 months since the launch, sales at Grange 1866 have been relatively muted. Based on submitted developer sales data, the project has a cumulative take-up rate of 16%. According to URA caveats, there have been 10 sales so far.
The project has an average selling price of about $3,076 psf. This is lower compared to the most recently completed development in the area, Gramercy Park, which was completed in 2016 and has an average price of $3,289 psf. However, Grange 1866 still commands a slightly higher average price compared to most of the surrounding freehold developments such as Paterson Residence, The Paterson, and Paterson Suites which have average selling prices of $2,446 psf, $2,513 psf and $2,709 psf, respectively.
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There were no project lows recorded between June 20 and 24.

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