The Myst in Upper Bukit Timah sells 27% of units on launch weekend at average of $2,057 psf
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The Myst, a 99-year leasehold condominium, comprises two 24-storey residential towers.
PHOTO: CDL
Paige Lim
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SINGAPORE - City Developments Limited (CDL) sold 110 units of The Myst in Upper Bukit Timah – or 27 per cent of the project’s total 408 units – at an average price of $2,057 per sq ft (psf) over its launch weekend.
Around 99 per cent of the buyers were Singaporeans, while permanent residents from China made up the remaining 1 per cent, CDL said on Sunday. All unit types were “well-received”, with one-bedroom and two-bedroom types being the most popular, it added.
Apartments were priced from $998,000 for a one-bedroom-plus-study unit (from 517 sq ft), $1.33 million for a two-bedroom unit (from 678 sq ft), $1.708 million for a three-bedroom unit (from 850 sq ft), $2.826 million for a four-bedroom unit (from 1,518 sq ft) and $3.18 million for a five-bedroom unit (from 1,690 sq ft).
The 99-year leasehold condominium is located at 800 and 802 Upper Bukit Timah Road, and comprises two 24-storey residential towers. The site was previously acquired by CDL in April 2022 from car company Tan Chong International for $126.3 million.
Mr Nicholas Mak, chief research officer of property portal Mogul.sg, noted the comparatively lower take-up rate of units in The Myst against other recent launches. These include Lentor Hills Residences, which sold half of its 598 units
One possible reason for this, he believes, is that the median transacted prices of the 999-year leasehold condominiums surrounding The Myst – such as Cashew Heights, Hazel Park Condominium and The Linear – “appear comparatively cheaper” than The Myst’s launch price.
“This means that the nearby resale condominium with longer land tenure is cheaper than the average price of The Myst by 23 per cent or more,” he said.
On the other hand, The Reserve Residences achieved strong sales during its recent launch at a higher median price of $2,474 psf, Mr Mak noted. Although it had a similar 99-year leasehold land tenure as The Myst, it had “certain advantages” over the latter, such as being located next to Beauty World MRT station and part of the integrated transport hub.
But Mr Mak said this was just a “temporary setback” for The Myst, adding: “As it is a medium-sized project with 408 units, the developer is very likely able to sell all the units within the five-year ABSD (additional buyer’s stamp duty) deadline.”
Developers need to pay ABSD when they buy land. The ABSD will be remitted if the developer sells off all the units of the project within five years.
Huttons chief executive Mark Yip said The Myst’s “attractive quantum” for its one-bedroom and two-bedroom units drew buyers, and also because of its “proximity to nature, good primary schools and Cashew MRT station”.
The Myst’s sales were within the group’s expectations, given that major non-landed projects have had sales of at least 100 units on launch day, he added.
“Take-up rate is dependent on the number of units in the project and the catchment area. It will vary from project to project and thus should not be used to compare across projects in different parts of the island,” Mr Yip said.
Mr Mak said that some buyers “could be holding back their purchases and reserving funds for future launches”, as the next six months could see as many as 12 residential projects with a total of about 3,700 housing units launched.
“Faced with a myriad of new residential properties and to avoid paying the punitive ABSD, local buyers are likely to choose their property acquisition carefully. As a result, they could also become more price-sensitive,” he said.
