Sometimes, we hear about new condo launches with poor sales. Other times, we hear about new condo projects nearing the Additional Buyer’s Stamp Duty (ABSD) deadline without being sold out.
And then, there are those that make headlines for selling exceptionally well on their launch weekend.
So today, we’re looking at the new condo launch projects from the past year that had high take-up rates during their launch weekend.
These are:
• Jervois Mansion (99%)
• Pasir Ris 8 (85%)
• CanningHill Piers (77%)
• Piccadilly Grand (77%)
According to the Urban Redevelopment Authority (URA) monthly developer sales as of April 2022, the current take-up rates are as follows:
| Project Name | Total Units Launched | Number of Unsold Units | Take-up Rate |
| Jervois Mansion | 105 | 1 | 99% |
| Pasir Ris 8 | 487 | 52 | 89.3% |
| CanningHill Piers | 696 | 86 | 87.6% |
*We did not include data for Piccadilly Grand as it was just launched earlier this month.
AnjiaSG’s senior real estate agent, Leo Kwek, said, “For insights on the high take-up rates, the reasons can be broken down into these four factors”:
• Connectivity to MRT stations and malls
• Lack of new launches in the area
• Attractive launch prices
• A personal touch
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Connectivity to MRT stations and malls
Among the four best-selling projects we’ve listed, three are integrated developments with direct connectivity to an MRT station.
CanningHill Piers is connected to Fort Canning MRT on the Downtown Line, while Piccadilly Grand is linked to the North-East Line via Farrer Park MRT.
Pasir Ris 8 is not only connected to Pasir Ris MRT but also directly linked to the bus interchange.
Plus, all three of them come with retail space.
Leo Kwek stated that these factors helped boost sales.
“These developments are in strong demand due to residents driving the need for retail options. Therefore, we are looking forward to the next integrated development, Sky Eden@Bedok, developed by Frasers Property.”
Mr. Kwek added that Piccadilly Grand’s direct access to the MRT station makes it convenient to get to the city.
“Farrer Park MRT station is also closer to Piccadilly Grand than City Square Residences and Sturdee Residences, the other two large condos in front of the same MRT station.”
Leo Kwek explained that Pasir Ris 8 is a game-changer for Pasir Ris and District 18, given its direct connection to the MRT and bus interchange.
“On top of that, they have a childcare centre and a polyclinic.”
Lack of new launches in the area
Another common factor among these new launches is the lack of competition in the area.
According to Leo Kwek, one of the reasons CanningHill Piers performed so well was the lack of competition for integrated developments in the area.
In fact, besides this project, there are no new launches in District 6.
This was also Mr. Kwek’s observation for Piccadilly Grand. It has been a long time since a mid-sized condo project was launched in the area. The nearby Uptown@Farrer, completed in 2021, has only 116 units, whereas Piccadilly Grand has 407 units.
“There are very few condo units with full facilities, especially of a scale with over 400 units. The age of each condo is basically over 10 years.”
“The TOP date (2026) is very attractive to many buyers, as they will be collecting their keys at a time when new condo supply is very low. So for investors, this is a good thing.”
Similarly, besides Parc Komo (about an 18-minute walk to the upcoming Loyang MRT), there haven’t been any new launches in Pasir Ris, making Pasir Ris 8 an attractive condo project. Before Parc Komo, the last new launch was Casa Al Mare, which was completed in 2021.
“So Pasir Ris 8 was highly anticipated; there was a lot of excitement. Obviously, the only clear choice was whether they buy a new condo or a resale one, but the resale units are already several years old,” Leo Kwek explained.
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Attractive launch prices
Veteran local property agent Leo Kwek shared that some of these projects were reasonably priced, especially Pasir Ris 8 and Jervois Mansion.
Mr. Kwek believes that the good take-up rate for Pasir Ris 8 ultimately comes down to one reason: a super attractive launch price. Units there started from S$1,400 psf.
According to AnjiaSG’s research data, in the two months leading up to its July 2021 launch, the average price of new condos in Pasir Ris was hovering between S$1,300 and S$1,400.
Since then, the average psf for these newly sold condos has been hovering around S$1,650. Based on URA’s monthly developer sales data for April 2022, the median psf for three transactions at Pasir Ris 8 that month was S$1,618.
Leo Kwek said, “Even looking at it today, I would say many of the units are priced very attractively.”
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As for Jervois Mansion, Leo Kwek highlighted the project’s very attractive pricing during the preview period.
“At that time, Jervois Mansion was more affordable compared to nearby resale condos and new launch prices.”
Prices started from around S$2,200 psf. On the other hand, in the months leading up to Jervois Mansion’s preview and launch in October 2021, the average selling price of new condos in Tanglin was hovering between S$2,700 and S$2,900.
He added, “During the preview, the price for a 3-bedroom unit at Jervois Mansion (freehold) was much lower than the price at Mon Jervois (99-year leasehold).”
Between May and September 2021, the average price for a 3-bedroom unit at Mon Jervois was S$3.65 million. In comparison, the average price for a 3-bedroom unit at Jervois Mansion in its launch month was S$2.28 million.
A personal touch
Interestingly, among these four projects, one is from a smaller developer.
When it comes to new launches, buyers often prefer well-known, large developers to minimize risk. Large developers also tend to have more resources and bigger marketing budgets.
Therefore, it’s noteworthy that Jervois Mansion, from the smaller developer Kimen Group, achieved a 99% take-up rate on its launch weekend.
Leo Kwek explained that this was due to the developer’s unique personal touch.
“They came up with a modern design but retained what was successful about the existing development. The practical layouts, coupled with lush greenery, helped create a home-like feel.”
(Note: Jervois Mansion is a redevelopment of the former Jervois Mansions.)
On top of that, Mr. Kwek shared that there was strong interest in Jervois Mansion as it sits on a rare, large freehold plot.
“All in all, I believe what attracted people was that the concept for Jervois Mansion was very well thought out.”
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