Over the launch weekend, the developer of The Reserve Residences in Upper Bukit Timah reportedly sold 520 apartments at an average price of S$2,460 per square foot (psf).
The majority of the project’s 732 apartments (635) were made available for the first sale. The 99-year leasehold project was co-developed by Sino Group and the Beauty World transportation hub.
The most expensive unit sold was a five-bedroom Sky Terrace condominium for S$2,790 psf.
All of the studios and one-bedrooms were purchased by locals or permanent residents of Singapore (99 percent). As a result of the free trade agreement between Singapore and the United States, the ABSD rate for American buyers of one-bedroom flats is the same as it is for Singaporean buyers.
Of all purchases, 41% were between the ages of 31 and 40, while 22% were between the ages of 21 and 30.
Eighty-three percent of the 587 units issued were sold on the first day, Saturday, with 486 units going to buyers.View More info / Floor Plan on : The Reserve Residences
“Sold 83% of initially released units on the preview day attests to the strategic location, thoughtful design, and the scarcity of integrated developments with a transport hub,” said Shaw Lay See of Far East Organization.
According to Huttons Group CEO Mark Yip, The Reserve Residences is the best-selling project in terms of apartments sold this year and in the Rest of Central Region (RCR).
He said that this was the second biggest first-day sales in terms of units sold, behind only Lentor Modern. Over the opening weekend in September 2022, GuocoLand’s Lentor Modern sold 508 out of 605 apartments at prices between S$1,856 psf and S$2,538 psf.
The Reserve Residences attracted around 6,000 visitors during previews, and the starting price of S$2,300 psf was well received.
When compared to new launch condominiums in the OCR, which were selling for roughly S$2,000 psf to S$2,100 psf, PropNex CEO Ismail Gafoor called this an appealing pricing point for an integrated complex in the RCR.
One of the main selling points was that it was an integrated development with a transportation hub on the outskirts of a city.
CEO of Apac Realty and ERA Asia-Pacific Marcus Chu said that this kind of thing doesn’t happen often in Singapore. High “rentability” due to the project’s location in a multimodal transportation node also contributed to its successful selling.
Hutton’s Yip said that a record number of salespeople had bought flats because they understand the uniqueness and financial potential of an integrated transit hub.
Recent increases in ABSD have been intended to tame investment demand, however brokers report that new property launches are still doing rather well despite the market cooling measures. These restrictions do not apply to first-time homebuyers in the local area.