Kingsford Achieves 76 Sales Chuan Park 2024S Best Performing Weekend Launch
as of November 16, 2021.
A news report on Sunday, November 10 stated that Chinese developer Kingsford Group successfully sold 696 out of 916 units at Chuan Park, which accounts for 76% of the total units. With an average price of $2,579 per square foot, the units sold were mainly two-bedroom, two-bedroom+study, and three-to-five-bedroom units. According to a Kingsford spokesman, Singaporeans made up 93% of the buyers while the remaining 7% were made up of permanent residents and foreigners.
PropNex CEO, Ismail Gafoor, shared that around 92% of the units sold were two- and three-bedroom units, with the remaining 8% being four- and five-bedroom units. The transacted prices ranged from $1.6 million for two-bedroom units to $4.3 million for a five-bedroom unit. Gafoor noted that the developer had priced the project sensitively in response to the overwhelming demand from buyers within District 19.
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ERA Singapore CEO, Marcus Chu, stated that the most popular units were two- and three-bedroom units due to the majority of buyers being in their 30s and 40s. He also mentioned that many buyers were upgrading from older HDB flats or condominiums in nearby areas, while older buyers were downsizing from landed properties and preferred four- or five-bedroom units.
Chuan Park’s sales on Nov 10 (Source: Property Agents)
Chuan Park has emerged as the top-selling project of 2024 in terms of the number of units sold, surpassing the 400 units sold in March at the 533-unit Lentor Mansion. However, in terms of the percentage of units sold, Norwood Grand, launched in October, remains the highest at 84% or 292 out of 348 units.
Huttons Asia CEO, Mark Yip, said that besides being the best-selling project of 2024, Chuan Park is also the fastest-selling since J Gateway, which sold all 738 units on its first day of launch in 2013.
This marks another significant achievement for Kingsford after their 1,862-unit Normanton Park project sold about 600 units on the first weekend of its launch in January 2021. All units were fully sold within 18 months.
Kingsford acquired the 99-year leasehold, 400,500 sq ft Chuan Park site for $890 million in July 2022. The site, adjacent to Lorong Chuan MRT Station, marks the first private condominium launch in the area since the 468-unit The Scala’s debut in August 2010.
The project comprises five blocks – three 22-storeys and two 19-storeys – and two commercial units spread across a 99-year leasehold site of 400,500 sq ft. The 916 units range from two- to five-bedrooms, ranging from 700 sq ft to 1,841 sq ft.
Chuan Park’s prices started from over $1.5 million for a two-bedroom, upwards of $2.1 million for a 915 sq ft three-bedroom, $3.1 million for a 1,335 sq ft four-bedroom, and $3.7 million for a 1,550 sq ft five-bedroom.
Chuan Park is nestled within a private residential enclave, surrounded by the Serangoon Gardens, Li Hwan, and Tai Hwan landed housing estates, as noted by PropNex’s Gafoor.
Despite being classified within the Outside Central Region (OCR), Chuan Park is near the boundary of the Rest of Central Region (RCR). SRI managing partner, Ken Low, highlighted that it is near “million-dollar HDB estates”, including Serangoon, Toa Payoh, Ang Mo Kio, Bishan, and the emerging Bidadari Estate.
ERA’s 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 should they wish to”.
Chuan Park is next to the Lorong Chuan MRT Station and is surrounded by the landed housing estates of Serangoon Gardens, Tai Hwan and Li Hwan (Source: EdgeProp Landlens)
Chuan Park’s launch was among the most anticipated this year, according to Huttons’ Yip. The preview period from Deepavali Day (Oct 31) to Nov 7 attracted over 20,000 visitors, with more than 2,800 cheques collected from interested buyers ahead of the sales launch on Nov 10.
Initially scheduled for Nov 16, the launch was brought forward to Nov 10. “Bringing forward Chuan Park’s launch has allowed investor and homebuyer demand to spread across various new developments,” said SRI’s Low.
Three other projects are set to launch on Nov 16: the 552-unit Nava Grove at Pine Grove, off Ulu Pandan Road; the 846-unit Emerald of Katong on Jalan Tembusu in the East; and the 504-unit executive condo Novo Place in Tengah in the West. Low expects the robust sales at Chuan Park to continue with the upcoming launches, building on the current interest in these projects. He added that “we are also seeing buyers gravitate towards other ongoing new launches […] this momentum provides a welcome boost to an otherwise subdued 2024 market.”
The recent interest rate cuts by the US Federal Reserve – a 50-basis point reduction on Sept 18 and a 25-basis point cut on Nov 8, with further cuts anticipated next year – have boosted confidence and demand in the real estate market. SRI’s Low expects an increase in affordability as banks lower their stress test rates and homebuyers to benefit from savings on monthly mortgage payments due to the reduced interest rates.
The improved market sentiment has encouraged hesitant homebuyers to return, according to PropNex’s Gafoor. However, he does not expect all upcoming project launches to see similarly strong sales. “In addition to the development’s specific attributes, factors such as location, proximity to MRT stations, nearby new launches, and price sensitivity play a crucial role in a project’s sales performance.”