Sceneca Residence sells 60% of units on launch day at average $2,072 psf

The bulk of the 99-year-leasehold units sold on launch day – 75 per cent – consisted of one and two-bedroom units. ST PHOTO: FELINE LIM

SINGAPORE - In 2023’s first new residential launch, house hunters snapped up 60 per cent, or 160 units, of the 268-unit Sceneca Residence in eastern Singapore at an average of $2,072 per sq ft (psf) on Saturday.

Joint developers MCC Singapore, Ekovest Development and The Place Holdings said the bulk of the 99-year-leasehold units sold on launch day – 75 per cent – consisted of one- and two-bedroom units.

Prices started from $958,000 for a one-bedroom unit and from $1.33 million for a two-bedder.

All 48 one-bedroom units, ranging from 463 sq ft to 538 sq ft in size, were sold.

Huttons chief executive Mark Yip said that the two-bedroom units, from 678 sq ft to 883 sq ft, sold out as well “as the quantum is at an attractive entry point for Housing Board upgraders”.

Three-bedroom units, ranging from 904 sq ft to 1,367 sq ft, started at about $1.77 million, and 1,518 sq ft four-bedders were priced from about $2.99 million.

The largest unit in Sceneca Residence, a 2,756 sq ft four-bedroom penthouse said to be priced in the region of $5 million, was also sold on launch day.

The project in Tanah Merah Kechil Link has three other penthouses of 2,400 sq ft each.

About 88.5 per cent of the project’s buyers were Singaporeans, and 11.5 per cent permanent residents and foreigners.

“The project is likely the first major private residential launch (excluding executive condominiums) after the implementation of the latest round of cooling measures on Sept 30, 2022, and we do observe that home buyers are more conscientious and deliberate in their buying decisions,” said Mr Tan Zhiyong, CEO of MCC Singapore, on Sunday.

ERA Realty Network CEO Marcus Chu pointed to the Tanah Merah project’s direct access to an MRT station and an integrated retail mall as factors in its favour.

In addition, its location near places of employment such as Changi Business Park, the air logistics area and Changi Airport “would increase the rental demand for the residential units in this project”, said Mr Chu.

Ms Wong Siew Ying, head of research and content at PropNex Realty, said the sales performance of Sceneca Residence was within expectations.

She noted that the result was also commendable, considering the launch was so close to Chinese New Year, when market activity tends to be slower.

“Furthermore, its average pricing of $2,072 psf is also competitive and relatively on a par with recent outside central region (OCR) launch prices,” said Ms Wong.

She anticipates healthy interest in upcoming launches as well. More than 10,000 new units could be launched in 2023, with five to six projects slated to be marketed in the first quarter.

“Most of the existing OCR launches on the market have sold a majority of their units, leaving fewer suitable options for buyers.

“We expect market activity could pick up after the Chinese New Year festivities,” she said.

THE BUSINESS TIMES

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