SINGAPORE - The Reserve Residences, part of a mixed-use integrated development in Bukit Timah, sold more than 70 per cent of its 732 units during its launch at the weekend.
Of the 635 units released on Saturday and Sunday, 520 units were sold at an average price of $2,460 per sq ft (psf), said its developer Far East Organization and venture partner Sino Group on Sunday.
Of the buyers, 99 per cent are Singaporeans or permanent residents (PRs), said Far East Organization. Three are foreigners from the United States, who are subject to the same additional buyer’s stamp duty (ABSD) rate as Singaporeans under a free trade agreement.
More than 40 per cent of the buyers are between the ages of 31 and 40, while around 22 per cent are between the ages of 21 and 30.
The developer added that all the one-bedroom homes in The Reserve Residences – located in Jalan Anak Bukit – have been sold. The units in the condominium range from one-bedroom to five-bedroom apartments to duplexes and penthouse units.
The highest transacted unit was at $2,790 psf for a five-bedroom Sky Terrace apartment.
Expected to be completed in 2028, The Reserve Residences will be part of an integrated development that includes the three-storey Bukit V mall with CS Fresh as an anchor tenant, a possible childcare centre, a bus interchange, and around 160 serviced apartments. It is also linked to Beauty World MRT station.
Commenting on the project’s sales, PropNex Realty chief executive officer Ismail Gafoor said new residential launches rolled out since the ABSD rate hikes announced in late April are still performing relatively well, as they are underpinned mostly by Singaporeans and PRs, many of whom are first-time home buyers who are not affected by the latest cooling measures.
Singapore had increased ABSD rates by 3 percentage points to 30 percentage points, with the rate for foreigners doubling to 60 per cent to tame foreign investment demand.
Mr Ismail said the unique nature of The Reserve Residences, its link to a transport hub and its price were attractive to buyers.
The average price psf is attractive for an integrated development in the city fringe, considering new condo launches in the suburbs were selling at around $2,000 psf to $2,100 psf, he added.
Huttons Group chief executive Mark Yip said integrated transport hubs – fully air-conditioned bus interchanges that are linked to MRT stations and adjoining commercial developments – are “favoured by buyers for their convenience, rarity, and capital appreciation and rentability”.
He noted that the development will be the first such transport hub in Bukit Timah.
“The fear of missing out on a good development is a decisive push for many, as long as they have sufficient cash on hand and bank mortgages are approved,” he said.
Several schools are located near The Reserve Residences, including Methodist Girls’ School and Pei Hwa Presbyterian Primary School, which are within 1km.
Mr Yip said a good number of three- and four-bedroom units were likely sold to families who like the proximity to the schools.
Looking ahead, Mr Ismail expects local interest for upcoming launches to continue to be healthy, particularly in the suburbs and city fringe. But the take-up rate will vary from project to project, depending on their development size, he said.
Editor’s note: This story has been edited for accuracy.
