Unit at 3 Cuscaden sold at high of $4,162 psf

By EdgeProp Singapore | November 1, 2019 3:02 PM SGT
SINGAPORE (EDGEPROP) - A 420 sq ft, one-bedroom unit at 3 Cuscaden was sold for close to $1.75 million or $4,162 psf, according to a caveat lodged with URA Realis on Aug 13. This is the highest price psf achieved at the 96-unit development since it was launched last November. The buyer is believed to be a Singaporean investor, with the deal brokered by PropNex.
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Less than a year after its launch last November, 3 Cuscaden is 81% sold with units averaging $3,573 psf (Photo: PropNex)
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To date, 78 units (about 81%) of the project have been taken up at an average price of $3,573 psf, based on caveats lodged. The project is jointly marketed by Huttons Asia and PropNex Realty.
The 23-storey, freehold project is located on Cuscaden Walk, just off Orchard Boulevard. The development by Sustained Land contains a mix of one-, two- and three-bedroom apartments, with sizes ranging from 420 to 1,281 sq ft.
Meanwhile, at the 43-unit, luxury project Le Nouvel Ardmore, a 3,929 sq ft, four-bedroom unit on the 12th floor fetched $15.7 million or $4,000 psf, based on a caveat lodged on Aug 14.
A 3,929 sq ft, four-bedroom unit on the 12th floor of Le Nouvel Ardmore recently fetched $15.7 million or $4,000 psf (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Just one street away on Anderson Road, Nouvel 18 was launched by City Developments Ltd in July. About 21 units have been sold to date, at prices averaging $3,500 psf. Most of the units sold were four-bedroom units sized from 2,820 to 3,337 sq ft that fetched $9.15 million ($3,245 psf) to $12.9 million ($3,867 psf), according to caveats lodged to date.
“Two interesting trends have emerged in prime Districts 9 and 10 after the property cooling measures took effect in July last year,” says Dominic Lee, head of luxury team at PropNex. “There is a pick-up in demand for compact one- and two-bedroom units, predominantly by a mix of local and foreign investors; and in sizeable three- and four-bedroom units, by foreigners for their own use.”
Other condos in the prime districts showed a similar trend.
On Claymore Road, just off Orchard Road, a 3,240 sq ft, four-bedroom unit at The Tate Residences developed by Hong Leong Holdings fetched $8 million ($2,469 psf). The 85-unit, freehold development in prime District 9 was completed 10 years ago.
A 3,477 sq ft, four-bedroom unit at Nassim Park Residences change hands for $11.85 million ($3,408 psf), according to a caveat lodged on Aug 14 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Nassim Park Residences saw a 3,477 sq ft, four-bedroom unit change hands for $11.85 million ($3,408 psf), according to a caveat lodged on Aug 14. The freehold, 100-unit luxury condo, developed jointly by UOL Group, Kheng Leong and Orix Capital, was completed in 2011 and fully sold. The project is located in the prestigious Nassim Road enclave in prime District 10.
At 8 Saint Thomas, a 250-unit, freehold condominium located along St Thomas Walk, just off River Valley Road, one- and two-bedroom units of 506 to 872 sq ft were sold at prices from $1.6 million ($3,163 psf) to $2.65 million ($3,036 psf), according to caveats lodged in July and August to date.
As the project was completed in 2018, the developer of 8 Saint Thomas – listed property group Bukit Sembawang Estates – rolled out four different payment schemes last October, including the normal payment scheme. The other three were: a deferred payment scheme, “stay and pay” scheme, and reservation scheme.
The freehold development in prime District 9 has a mix of one- to four-bedroom apartments. Since the project was launched a year ago, 112 units (45%) have been sold and 50% of the buyers are said to be foreigners. The most popular units among buyers were one- and two-bedroom units.
At 8 Saint Thomas, about 45% of the 250 units have been sold, with the most popular being the one- and two-bedroom apartments (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Many of the buyers over the last two months were foreigners who bought under the “stay and pay” scheme, says Bruce Lye, managing partner at SRI.
Meanwhile, at Hilltops, a freehold, 241-unit project at Cairnhill Circle, three units were sold in August to date, based on caveats lodged. Two of the three units sold were 1,335 sq ft, two-bedroom apartments: a fifth-floor unit fetched $3.97 million ($2,971 psf); while a 12th-floor unit commanded $4.12 million ($3,085 psf). A 1,550 sq ft, three-bedroom unit went for $4.5 million ($2,903 psf).
These units at Hilltops were part of a selection of two- and three-bedroom units sold under an enhanced purchase plan rolled out by SC Global Developments in July 2016. Under the scheme, the buyer pays just 20% downpayment upfront and has two years to exercise the option. During this two-year period, the buyer will enjoy a 10% return on the downpayment.
According to Samuel Eyo, managing director of Lighthouse Property Consultants, the recent transactions at Hilltops are likely to be those by buyers who have exercised their options at the end of the two-year period.
“Since the property cooling measures came into effect in July 2018, such innovative payment schemes for completed projects offered by developer have proven to be popular with both local and foreign buyers,” adds Eyo.
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