The Continuum in District 15 saw a strong showing over the weekend of May 6-7, as joint developers Hoi Hup Realty and Sunway Property sold 216 out of the 816-unit freehold condominium, representing a 26.5% sales rate. At $2,732 psf, the average price of units sold at the project on Thiam Siew Avenue — just off Haig Road and Tanjong Katong Road — was encouraging given the recent cooling measures and cloudy economic outlook.
Mark Yip, CEO of Huttons Asia, noted that in absolute numbers, the sales achieved at The Continuum is on a par with the 206 units sold at the 275-unit Blossoms By The Park, which achieved a 75% sales rate last weekend [April 29-30].
Prior to its launch, 545 cheques were collected as expressions of interest during two weeks of previews, translating to a conversion rate of nearly 40%. Koon Wai Leong, general manager of Hoi Hup Realty observed that this showed a strong following for a well-designed product in a desirable area, especially a sizeable development that also enjoys a freehold tenure.
Ken Low, managing partner of SRI, noted that the 40% conversion rate is higher than the 20% to 30% average at most launches. For instance, at the 99-year leasehold, Blossoms By The Park, the developer collected 745 cheques before its launch and it was 2.7 times subscribed. The 206 units sold reflect a sales rate of about 28%.
Interestingly, the one-bedroom units, typically attractive to investors due to the typically lower quantum prices, only saw less than a handful of units sold at launch. Ismail Gafoor, CEO of PropNex, noted that larger units found favour with home buyers, with two-bedroom types priced from $1.67 million accounting for 62% of the units sold and three-bedroom units from $2.306 million making up 29%. Even the four-bedroom units saw 15 units sold at prices above $3.312 million.
The luxuriously designed condo features open-air amenities and a sky bridge that connects to a park nearby. Residents at J’Den will enjoy the convenience of living near amenities such as shopping malls, eateries, schools, hospitals, and being just 5 minutes away from Jurong East MRT Station.
PropNex, whose sales team handled about 100 of the 211 units sold, reported that 90% of the buyers were Singaporeans while 10% were Singapore Permanent Residents (PRs). Gafoor noted that foreign buyers were unlikely to purchase at the moment, in light of the recent cooling measures that doubled the additional buyer’s stamp duty (ABSD) to 60%.
It has been almost 20 years since a significant condominium on a freehold plot of over 200,000 sq ft in the Katong area entered the market, noted Huttons’ Yip. Singaporeans, first-time homebuyers and retirees looking to right-size have also been drawn to The Continuum, added SRI’s Low.
Marcus Chu, CEO of ERA Realty Network, observed that the advantage of a large-scale development like The Continuum is that it is likely to fetch higher prices in the secondary market compared to smaller developments, as visibility of the project leads to increased resale demand.
Nicholas Mak, chief research officer of Mogul.sg noted that the average transacted price of freehold non-landed private properties in District 15 sold by developers was $2,368 psf in the past 16 months.
The third project in the pipeline for launch in District 15 is the 99-year leasehold, Grand Dunman. The project by SingHaiyi Group will have 1,008 units and is scheduled for a roll-out sometime in 3Q2023. The Continuum, with 408 units sitting on two freehold plots linked by a bridge across Thiam Siew Avenue, is accessible via both Haig Road and Tanjong Katong Road.
