Few new condo launches see 100% sales

NEW projects usually debut with a bang, but few last year have been completely sold out.

A Straits Times check of the private homes and executive condominium (EC) projects launched since January last year shows that most are above 90 per cent sold.

A handful of the new launches this year have made a splash, selling more than 70 per cent of their total units within just a few months.

The best performer in percentage terms so far is freehold Sea-suites in Pasir Panjang Road, which has sold 85 per cent of its 52 units since its January launch at $1,650 per sq ft on average.

Another strong showing has come from the 99-year leasehold Urban Vista in Tanah Merah, which has sold 77 per cent of its 582 units since its launch last month at an average of $1,350 psf.

Close behind is D'Nest in Pasir Ris, where 76 per cent of the 912 units have been sold since the 99-year leasehold project's launch last month at $920 psf on average.

But it remains to be seen whether new launches this year will maintain their sales momentum.

Of the 40 condo developments launched last year that had more than 100 units, half had sold at least 90 per cent of their units by the close of the year.

But only a quarter, or 10 projects, were fully taken up by the end of the year.

"The saleability of a project is a winning combination of good location attributes, its price and how it compares with other projects in the vicinity," said CBRE executive director of residential Joseph Tan.

"Those that sold well checked all the right boxes."

Most of these 10 projects that sold out fully were launched in the first quarter of last year and rode on the shoebox craze.

These include the 689-unit Parc Rosewood condo in Woodlands launched in January at an average price of $980 psf.

The project mostly consists of one-bedders and two-bedders. The smallest unit is a shoebox apartment of 431 sq ft. The condo was fully sold by the end of October.

Most exec condo projects faring well

Two other condos with small units that launched in the first quarter of last year were sold out by December.

They were the 275-unit Guillemard Edge in Geylang and the 198-unit Casa Cambio at Lim Tua Tow Road in Upper Serangoon.

Both went on the market in February last year: Guillemard Edge at an average price of $1,215 psf and Casa Cambio at $1,400 psf on average.

The 193-unit Natura @ Hillview, a private apartment project where small units make up more than half of all units, launched at $1,335 psf on average and was also sold out by December.

The remaining six were The Promenade @ Pelikat in Upper Serangoon, Katong Regency at Tanjong Katong Road, Stella RV at River Valley, Sea Esta in Pasir Ris, Parc Centros in Punggol and One Dusun Residences in Bales-tier.

At the other end of the spectrum, some projects launched last year have not fared as well.

Two condo projects at Fort Road near Katong, the 128-unit Fulcrum and 130-unit The Line, have sold 12 per cent and 25 per cent respectively as at February this year. Fulcrum was launched in May and The Line in August.

Leedon Residence in District 10 has also sold 26 per cent of its 381 units since its August launch.

The 509-unit Sky Habitat condo in Bishan, which launched in April last year at $1,580 psf on average, was 29.5 per cent sold as at February this year.

As for executive condominiums, most of the nine projects that were launched last year were at least 95 per cent sold by end-February.

The exceptions include the 665-unit 1 Canberra in Yishun, which was launched at $710 psf on average in April last year and was 64 per cent sold as at February.

Watercolours in Pasir Ris, which was also launched last April at $735 psf, had sold 78 per cent of its 416 units by the end of February.