HomeBuyers bought 160 units at Sceneca Residence at Tanah Merch preview for an average of $2,072 per square foot (psf). This was the first new residential launch for the year 2023.
Developers MCC Singapore, The Place Holdings and Ekovest Development said that 75 percent of the 99-year leasehold units that were sold on the first day were one- and two-bedroom units.
Prices for a one-bedroom unit began at $958,000. A two-bedroom unit cost $1.33 million.
All 48 one-bedroom units, which were between 463 and 538 square feet, were sold. The two-bedroom units, which ranged in size from 678 to 883 square feet, also sold out, said Huttons CEO Mark Yip, because “the price tag provide HDB upgraders a good entry price.” Three-bedroom units with 904 to 1,367 square feet of space started at about $1.77 million, and four-bedroom units with 1,518 square feet of space started at about $2.99 million.
Sceneca Residence biggest unit is a 2,756-square-foot penthouse with four bedrooms that was said to cost around $5 million, was also sold on the day it went on sale.
There are three other 2,400-square-foot penthouses in the Tanah Merah Kechil Link project.
About 88.5 percent of the buyers were Singaporeans, and the other 11.5 percent were permanent residents and people from other countries.
“The project is likely to be the first major private residential launch (not counting executive condominiums) after the latest round of cooling measures go into effect on September 30, 2022,” said Mr. Tan Zhiyong, MCC Singapore, on Sunday. “We do see that home buyers are more careful and selective in their buying decisions.”
Marcus Chu, the CEO of ERA Realty Network, said that the Tanah Merah project was good because it was close to an MRT station and had an integrated shopping mall.
Also, it is close to places where people work, like the air logistics area, Changi Business Park, and Changi Airport. This, said Mr. Chu, “would increase the demand for rental units in this project.”
The head of research and content at PropNex Realty, Ms. Wong Siew Ying, said that the sales of Sceneca Residence were about what was expected.
She also said that the result was good, especially considering how close the launch was to Chinese New Year, a time when the market tends to be less busy.
“Also, its average price of $2,072 psf is competitive and about the same as recent outside central region (OCR) launch prices,” Ms. Wong said.
She also thinks that people will be interested in upcoming launches. In 2023, there could be more than 10,000 new units. Five to six projects are set to go on the market in the first quarter.
“Most of the OCR launches that are already on the market have sold most of their units, leaving buyers with fewer good options.
“After the Chinese New Year celebrations, we think the market might pick up,” she said.