LIV @ MB Showflat

This weekend, Bukit Sembawang Estates said it had sold more than 75% of the 298 units in its [email protected] condo. On its first day on the market, Saturday, May 21, more than 220 units were sold at an average price of $2,387 psf. It was said that more than 90% of the buyers were Singaporeans who lived in the area.

[email protected] is near the bungalows in the Mountbatten Road conservation area. It is at the corner of Arthur Road and Mountbatten Road, which is a very desirable part of the East Coast. The old Katong Park Towers, which Bukit Sembawang bought for $345 million all at once in March 2018, are being turned into [email protected]

LIV @ MB

The condo is on a 140,000-square-foot site with a 99-year leasehold. It is only a three-minute walk from the Thomson-East Coast Line Katong Park MRT station, which will open soon. Bukit Sembawang says that about 80% of the project site is used for landscaped gardens and recreational facilities. Arc Studio Architecture + Urbanism designed [email protected] Ong & Ong is the landscape consultant for [email protected] for Bukit Sembawang.

Jenny, from Bukit Sembawang, says, “The District 15 property takes advantage of our deep expertise in developing landed property that create an serebe private community that puts the recreation and living spaces of its residents first.” People also say that East Coast Park’s green corridors and the future Kallang River Master Plan are “a stone’s throw” from [email protected]

Ismail Gafoor, CEO of PropNex, says that more than 1,200 cheques were sent to show interest before the weekend launch. This showed that the project was four times subscribed. By yesterday at lunchtime, all of the one- and two-bedroom apartments had been taken. He notices that most of these people were investors. In the afternoon, from 2 to 5 p.m., there was still a lot of interest in buying, mostly from people who were looking at three- and four-bedroom units for themselves.

“Even though the lease was for 99 years, people were interested in [email protected] because of how it was designed, how close it was to the soon-to-open Katong Park MRT station, and how people lived on the East Coast,” says Gafoor.

Rest of Central Region (RCR) and Outside Central Region also don’t have enough new homes (OCR). As of the first quarter of 2022, URA and PropNex Research say that there were only 4,612 unsold homes in the RCR and 3,892 in the OCR. As of the end of the first quarter of 2022, the number of unsold homes was at an all-time low of 14,087. Gafoor says that before the start of [email protected], there were less than 100 new units left unsold in District 15. “And there were no new one- and two-bedroom apartments built in the area,” he says.

[email protected] hit the right notes in terms of location and cost,” says Desmond Sim, CEO of Edmund Tie.

Most of the two-bedroom units cost less than $2 million, and it’s a nice place to live because it’s on the East Coast. It’s not surprising that the units with one or two bedrooms were the first unit type to be sold.”

Gafoor says that homebuyers know that City Developments Ltd (CDL) paid $768 million, or $1,302 psf per plot ratio, for the Jalan Tembusu Site when the government land tender ended in January of this year. “Given the land price of $1,302 psf ppr, it’s unlikely that the new project will have prices lower than $2,300 psf,” he says. “This gave investors with a medium- to long-term view more confidence.”

In fact, buyers seem to have accepted the “psychological level of $2,000 psf and beyond” for projects “in order to get into a good product in a good location,” says Lee Sze Teck, of Huttons Asia. “We think that the good feelings about Piccadilly Grand and [email protected] will spread to other new projects in the coming months.”

The one-bedroom and two-bedroom units at [email protected] were said to be the most popular, and they are all sold out. The three-bedroom and four-bedroom units are also mostly sold out.

 

Piccadilly Grand

Another 99-year leasehold condo on the edge of the city, Piccadilly Grand, opened two weeks ago. On May 8-9, 77 percent of the 407 units were bought over one weekend. The project in District 8 was sold for an average of $2,150 psf.

“Another big project called [email protected], which came out in 2022, sold more than 75% of its units on the day it came out,” says Mark Yip, CEO of Huttons Asia. “This is really amazing given that there will be cooling measures in December 2021, interest rates will go up, inflation will go up, and there are a lot of unknowns around the world.” The deal was made even sweeter by the attractive entry price of $2,080 psf.”

Gafoor from PropNex says that the smaller units on the high floors sold for more than $2,600 psf, which brings the average price psf for [email protected] closer to $2,400 psf.

The most recent projects to open near [email protected] were the upscale One Meyer, MeyerHouse,  and Meyer Mansion, all of which opened in 2019.

URA Realis says that 72.5 percent of the units in Meyer Mansion have been sold, and the average price per square foot is $2,639. One Meyer, which opened in March 2019 and has only five units left unsold, has an average price of $2,592 psf.

Meyerhouse pool

Meanwhile, MeyerHouse is 78.6% sold, and the average price per square foot is $2,528. But MeyerHouse is a luxury project with only three- and four-bedroom apartments and penthouses. According to URA Realis, the last and biggest penthouse, which was 5,683 sq ft and sold for $14.2 million in October 2021, was the last one to sell.

“These projects near Meyer Road are freehold, so prices are closer to $3,000 psf,” says Nicholas Mak, of ERA Realty Network. “Liv @ MB is in a great spot, and you can drive to the CBD in 10 minutes. It attracts a lot of people who already live in the east. And it is in a neighborhood where most of the houses are on land. Since it has a 99-year leasehold, its starting price is easier to handle.

Jenny from Bukit Sembawang said, “We are encouraged by the response from discerning buyers who were attracted by the location, modern architecture, quality finishing, thoughtful layouts, and fine touches of our homes.”

After today, the sales gallery and showflats will be closed “temporarily until further notice.”