Kingsford Achieves 76 Sales Chuan Park 2024S Best Performing Weekend Launch
for sale.
On Sunday, November 10, Chinese developer Kingsford Group successfully sold 696 units (76%) out of a total of 916 units at the Chuan Park development. The average price of the units sold was approximately $2,579 per square foot.
According to a spokesperson for Kingsford, the units sold were a mix of two-bedroom, two-bedroom+study, and three-to-five-bedroom units. The majority of buyers, about 93%, were Singaporeans, while permanent residents and foreigners made up the remaining 7%.
Of the total units sold, approximately 92% were two- and three-bedroom units, while the remaining 8% were four- and five-bedroom units, according to Ismail Gafoor, CEO of PropNex. The transacted prices for all units ranged from $1.6 million for a two-bedroom unit to $4.3 million for a five-bedroom unit. Gafoor also noted that the developer has priced the project competitively, taking into consideration the overwhelming demand and interest from prospective buyers in District 19.
Chuan Park’s sales on November 10 have made it the top-selling project of 2024 in terms of number of units sold. This surpasses the 400 units (75%) sold at the 533-unit Lentor Mansion in March. However, in terms of percentage of units sold, Norwood Grand, launched in October, is still leading with 84% or 292 out of 348 units sold.
According to Marcus Chu, CEO of ERA Singapore, the two- and three-bedroom units were the most popular among buyers, as most of them were in their 30s and 40s. Chu also noted that many buyers were upgrading from older HDB flats or condominiums in the nearby areas. On the other hand, older buyers who were downsizing from landed properties preferred the larger four- or five-bedroom units.
In terms of sales, Chuan Park has become the fastest-selling project since J Gateway was launched in 2013, where all 738 units were sold on the first day. Mark Yip, CEO of Huttons Asia, shared that this achievement marks another significant milestone for Kingsford. In January 2021, their 1,862-unit Normanton Park project sold about 600 units on the first weekend of its launch, with all units being fully sold within 18 months.
Kingsford acquired the 99-year leasehold, 400,500 square feet Chuan Park site for $890 million in July 2022. Located next to Lorong Chuan MRT Station, this is the first private condominium launch in the area since the 468-unit The Scala in August 2010. The project consists of five blocks – three 22-storey and two 19-storey blocks – and two commercial units on a 99-year leasehold site of 400,500 square feet. The 916 units range from two- to five-bedrooms, with sizes ranging from 700 square feet to 1,841 square feet.
Prices for the units at Chuan Park start from over $1.5 million for a two-bedroom unit, above $2.1 million for a 915 square feet three-bedroom unit, $3.1 million for a 1,335 square feet four-bedroom unit, and $3.7 million for a 1,550 square feet five-bedroom unit.
The proposed strategy also centers on the advancement of one-north and Buona Vista as prominent centers for commerce and research. These regions, renowned for their thriving tech, biomedical, and media enterprises, will undergo further expansion to attract a greater influx of companies and skilled professionals. As a result, the inhabitants of Elta Condo will reap the benefits of a flourishing economy and job prospects stemming from these initiatives. Additionally, interested buyers can visit Elta Showflat for more information on the property.
Chuan Park is located in an affluent private residential enclave, surrounded by the Serangoon Gardens, Li Hwan, and Tai Hwan landed housing estates, as pointed out by PropNex’s Gafoor. While it is classified in the Outside Central Region (OCR), it is near the boundary of the Rest of Central Region (RCR). Ken Low, managing partner of SRI, highlighted that it is situated near “million-dollar HDB estates”, including Serangoon, Toa Payoh, Ang Mo Kio, Bishan, and the emerging Bidadari Estate.
Chu estimated that there are around 126,000 HDB flats and 54,000 private residential units in “the Golden Triangle of Ang Mo Kio/Bishan, Toa Payoh and Serangoon around Chuan Park”. Based on ERA’s research, 233 HDB flats were sold for over $1 million in the first 10 months of the year in the nearby HDB estates of Ang Mo Kio, Bishan, Toa Payoh and Serangoon. Chu added that these HDB owners are in a good financial position to upgrade to private residential properties if they wish to.
Chuan Park, located next to Lorong Chuan MRT Station, is surrounded by the landed housing estates of Serangoon Gardens, Tai Hwan, and Li Hwan. The launch of Chuan Park was highly anticipated this year, according to Mark Yip from Huttons. The preview period from Deepavali Day (October 31) to November 7 attracted over 20,000 visitors, with more than 2,800 cheques collected from interested buyers ahead of the sales launch on November 10. The launch date was initially set for November 16, but was brought forward to November 10 to spread the demand among various new developments.
According to SRI’s Low, this strong sales performance at Chuan Park will likely carry over to the upcoming launches next weekend, including the 552-unit Nava Grove at Pine Grove, the 846-unit Emerald of Katong on Jalan Tembusu, and the 504-unit executive condo Novo Place in Tengah. Low adds that the momentum from these successful launches will provide a much-needed boost to the subdued 2024 market.
The recent rate cuts by the US Federal Reserve, with a 50-basis point reduction on September 18 and a 25-basis point cut on November 8, and further expected cuts next year, have increased confidence and demand in the real estate market. SRI’s Low believes that this may result in increased affordability for homebuyers, as banks lower their stress test rates. Additionally, homebuyers will benefit from savings on monthly mortgage payments due to the reduced interest rates.
The improved market sentiment has encouraged hesitant homebuyers from the first nine months of the year to return, says PropNex’s Gafoor. However, he does not expect all upcoming project launches to see similar strong sales. Factors such as location, proximity to MRT stations, nearby new launches, and price sensitivity will play a crucial role in a project’s sales performance.