Sing Holdings’ North Gaia executive condominium (EC) project to open this year, sold 164 of its 616 apartments over the weekend.
As of 5 p.m. on Sunday (April 24), the take-up rate was over 27% of the total number of units. When e-applications concluded on April 19, there were 1,045 applications from interested purchasers.
“With 62 percent of the sold apartments opting for the delayed payment arrangement, the average sales price for the weekend works out to be $1,301.93 per sq ft (psf), with total transacted sales value at $232.528 million,” Sing Holdings stated.
84.1 percent of the 164 apartments are three-bedroom flats, 10.4 percent are four-bedroom units, and 5.5 percent are five-bedroom units.
Ken Low, from SRI, said that around 70% of the customers were first-time buyers.
He characterized the sales performance as respectable, noting that two other upcoming ECs – CDL and MCL Land’s EC in Tengah Garden Walk, as well as Qingjian Realty and Santarli’s EC in Tampines Street 62 – are likely to be launched at higher prices due to higher land acquisition costs.
During its preview weekend on April 9 and 10, the North Gaia project in Yishun Close attracted over 3,500 visitors, indicating pent-up demand for houses in the area.
The building will consist of 11 blocks of 14-story towers, with sizes that range from 958 square feet to 1,076 square feet for a three-bedroom apartment, 1,313 square feet to 1,389 square feet for a four-bedroom unit, and 1,593 square feet for a five-bedroom unit. The building process will begin in the third quarter of 2021.
“As an executive condominium, income from unit sales will be recognized upon conclusion of sales contracts,” Sing Holdings said.
CDL and MCL Land also began previews of their 99-year leasehold project, the 407-unit Piccadilly Grand on Northumberland Road, over the weekend. It will be keenly monitored to gauge attitude after the last round of cooling measures in December.
Piccadilly Grand prices start at $1.058 million for a one-bedroom apartment, or approximately $2,186 psf, and rise to more than $3 million for five-bedroom homes ranging from 1,582 to 1,679 square feet. On May 7, book sales will begin.
Meanwhile, the public sales gallery for Bukit Sembawang Estates’ 99-year leasehold, 298-unit Liv @ MB at Arthur Road will open on May 7.
According to marketing agents, recommended pricing for one-bedroom flats (495 sq ft to 667 sq ft) and two-bedroom units will vary from $2,200 to $2,500 psf (624 sq ft to 1,044 sq ft). The three-room apartments (1,119 sq ft to 1,453 sq ft) are likely to start at $2,100 psf, while the four-bedroom condos (1,518 sq ft to 1,668 sq ft) from the 12th level up are expected to have somewhat higher pricing due to their higher location.