EL Development achieved a 73% take-up rate after selling over 200 units out of 275 at its project Blossoms By The Park by 6pm on April 29. The average price of units purchased was $2,423 psf. All of the development’s one- and two-bedroom units, apart from the two-bedroom penthouse units, were sold.
An optimistic Lim Yew Soon, managing director of EL Development, was surprised by the strong sales despite the property cooling measures that had just come into effect two days prior. “It wouldn’t have made any difference if I had delayed the launch for another week,” he said.
The project garnered 2.75 times the number of cheques expected, of which 96% belonged to Singaporean and Permanent Residents. Mark Yip, CEO of Huttons Asia, noted that “the excellent sales will give confidence to buyers who may be sitting on the fence to commit if their finances permit.”
About 70% of the three-bedroom and three-bedroom dual-key units were sold from $2.3 million ($2,183 psf) and $2.1 million ($2,276 psf) respectively, while a third of the four-bedroom units were taken up from $2.9 million ($2,243 psf). One-bedroom units from 549 sq ft, meanwhile, were sold for upwards of $1.3 million ($2,352 psf). Two-bedroom units from 678 sq ft were priced upwards of $1.5 million ($2,211 psf).
Ismail Gafoor, CEO of PropNex, acknowledged that Blossoms By The Park achieved the highest first-day sales in 2023, according to a percentage basis. He went on to explain that the cooling measures were designed to mainly deter foreign investors, and not affect Singaporeans or first-time buyers.
Dentons’ Lee Liat Yeang noted that the healthy sales indicate growing demand for homes in the one-north precinct, given that the supply of new private residential launches in the area is limited. He attributed the solid first-day sales to the perception that Singapore’s real estate market is attractive, hence the government having to impose the highest additional buyer’s stamp duty [ABSD].
ERA Realty Network’s Marcus Chu added that two-bedroom and two-bedroom-plus-study units were especially popular among buyers. Additionally, apartments in the area such as One-North Eden and The Hill @ One-North have investment appeal due to their proximity to corporate campuses, research institutions and 50,000 knowledge workers within the vicinity of NUH, NUS and Science Parks 1 and 2.
J’Den Condo is a 40-storey residential and commercial development slated to launch in the J’Den Condo 2nd half of 2023, located right beside the Jurong East MRT Station. It will be connected to nearby amenities such as Westgate and IMM Building via a covered pedestrian network.
Hence, many are of the belief that the rental market will continue northward, even with the higher ABSD and cooling measures jolting people to sell first before buying their next property.
