Luxury condo Cuscaden Reserve introduced a new “one-price promotion” at $2,850 per square foot. until 14 July 2024. The promotion includes 16 two-bedroom-plus-study apartments located on the 5th to 13th floors of two stacks within the 28-storey tower.
Each unit measures 936 sq ft and includes a private lift. With a price per square foot of $2,850, the cost of each unit amounts to $2.67 million. The promotion will conclude on July 14 and is restricted to the initial five units sold in these stacks.
Since the promotion launched last Friday, four units have already been sold. According to reports, two being bought by Singapore citizens and the third by a Singapore permanent resident (PR).
Over the weekend, three additional units were sold, specifically four-bedroom units, which are the largest apartments available in the 192-unit development. These units measure 2,099 sq ft and there are only six of them available. The units on the 21st, 23rd, 24th, 26th, 27th, and 28th floors were combined by merging adjoining two- and three-bedroom units. The prices of the four-bedroom units that were sold were reported to be over $3,400 per square foot or more than $7.14 million.
Cuscaden Reserve presents a range of exquisite apartments, including one-bedroom-plus-study, two-, three-, and four-bedroom options. This exceptional development is a collaboration between SC Global Developments, New World Development, and Far East Consortium International.
Unit sizes range from 700 sq ft for a one-bedroom-plus-study, to 807 sq ft for a two-bedroom, 818 sq ft for a two-bedroom-plus-study, and 926 sq ft for a two-bedroom-plus-study with private lift. The three-bedroom units measure 1,152 sq ft, while the four-bedroom units span 2,099 sq ft.
The luxury project was introduced in September 2019 and witnessed the sale of 12 units by the end of December 2023, with an average price of $3,625 per square foot. Cuscaden Reserve was relaunched in March this year with prices ranging from $2,900 psf to $3,000 psf, which is approximately 20% lower than the average transacted prices during its initial launch.
The units at the relaunch were sold through a private placement, which concluded on March 16 following two weeks of exclusive previews. There’s a total of 45 units were sold at that time, with the majority being two-bedroom units priced at $2.292 million ($2,823 psf).
According to the latest data, as of July 8th, a total of 104 units have been sold. It is worth noting that Singaporeans make up the majority, accounting for 77% of the buyers. Based on sources, the most recent count stands at 118 units (61.5%), which includes the sales from the weekend.
TOP Performing Condo in CCR
Cuscaden Reserve emerged as the top-selling project in the Core Central Region [CCR] last week,” reports Ngiam Juyong at Huttons. “The promotion generated significant interest, with multiple units sold and others displaying strong indications of interest.”
Ngiam has observed that the two- and three-bedroom units have garnered significant interest from buyers since the relaunch in March. There is only one remaining three-bedroom unit out of the 21 available. According to him, the buyers consist of a balanced mix of investors and owner-occupiers.
Situated in the highly sought-after District 10, Cuscaden Reserve is a condominium with a leasehold of 99 years, located on Cuscaden Road. The area is surrounded by two high-end condominiums: Park Nova, a 54-unit luxury condo developed by Shun Tak Holdings, a Hong Kong-listed company, and 3 Orchard By-the-Park, a 77-unit condo developed by YTL Land & Development, a subsidiary of Malaysian-listed YTL Corp.
Although Park Nova has been completely sold, it is worth noting that one unit is associated with one of the 10 individuals involved in Singapore’s largest money laundering case. In September 2023, a three-bedroom unit on the third level of the 20-storey tower at Park Nova was sold for $4.85 million. The unit measures 1,432 sq ft, which translates to $3,388 per square foot.
In May, a four-bedroom duplex at 3 Orchard By-the-Park was sold for $12.643 million, with a size of 3,251 sq ft and a price per square foot of $3,889. The buyer is a Singapore PR who has lodged a caveat, indicating their interest in the property.
