Bukit Sembawang said in a press statement that its condominium project Liv@MB in the Mountbatten area has sold over 75% of its 298 units, at an average price of S$2,387 per square foot.
Bukit Sembawang stated on Sunday (May 22) that over 90% of the buyers are Singaporeans residing in nearby communities.
Located on Arthur Road, Liv@MB is a 99-year leasehold project with units spread across 4 blocks. The development sits on a 140,000 sq ft site, with 80% of the land dedicated to recreational and green facilities, and is a 3-minute walk from the upcoming Katong Park MRT station.
The project opened for preview on May 6, with indicative prices ranging from S$1.08 million for a one-bedroom unit to S$3.63 million for a deluxe four-bedroom unit.
Early indicative prices started from S$2,190 per square foot (psf) for one-bedroom units (from 495 sq ft), S$2,292 psf for two-bedroom units (from 624 sq ft), and S$2,288 psf for deluxe two-bedroom units (from 753 sq ft), to S$2,080 psf for three-bedroom units (from 1,119 sq ft).
Four-bedroom units start from the 12th floor, with early indicative prices from S$2,233 psf (from 1,518 sq ft) to S$2,177 psf for deluxe models (from 1,668 sq ft).
Leo Kwek, a senior real estate agent at AnjiaSG, commented: “For another major project launched in 2022 to sell over 70% of its units on launch day is truly outstanding, considering the cooling measures announced in December 2021, rising interest rates, increasing inflation, and global uncertainty.”
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Mr. Kwek noted that the attractive entry price of S$2,080 psf further boosted sales. He added, “Despite government intervention in the housing market, the market considers the current prices acceptable, especially since construction costs have risen significantly.”
Another new launch in the east, the freehold boutique project Baywind Residences, sold 29% of its units over the weekend, which translates to 7 out of 24 apartments, at an average price of S$2,025 psf.
The highest price achieved was for a three-bedroom apartment at S$2,143 psf. The 969 sq ft unit sold for S$2.077 million.
The developers of Baywind Residences, LWH Holdings and mainboard-listed ABR Holdings, noted that all buyers so far are Singaporeans, mostly young families.
Located at 93 Lorong N Telok Kurau, Baywind Residences comprises 24 units of three- and four-bedroom apartments. The project began its showflat preview on May 14, with indicative prices starting from under S$2 million. Early indicative prices were S$2,038 psf for three-bedroom apartments (from 969 sq ft to 1,066 sq ft) and S$1,953 psf for four-bedroom units (from 1,270 sq ft to 1,313 sq ft).
Piccadilly Grand was the first major private residential development to be launched since the cooling measures, selling 77% of its 407 units on its launch weekend earlier this month. The joint venture project by City Developments and MCL Land achieved an average selling price of S$2,150 psf.
Leo Kwek said: “We expect the positive sentiment from Piccadilly Grand and Liv@MB to spill over to other project launches in the coming months.”
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