A new mixed-use development at Upper Serangoon View has seen keen interest from buyers, selling 40 percent or 140 of the 320 units launched over the weekend, media reports said.
Prices for condominium units at Kingsford Waterbay range between $1,050 and $1,180 psf.
The 1,165-unit project by Kingsford Development also features six strata terraces, two strata semi-detached homes, its own childcare centre and six retail units.
The Chinese developer reportedly sold two strata semi-Ds, one strata terrace and six retail spaces. Prices for the shops, which range from 431 to 452 sq ft, stood at $2,700 psf.
Consultants noted that it was “quite good” that Kingsford Development was able to achieve three-digit sales within a day (on Saturday) amid the lacklustre property market. Some attributed the healthy response to attractive agent commissions, while R’ST Research Director Ong Kah Seng said it was due to the attractive pricing.
Two- and three-bedrooms emerged as the most popular units, as has been the trend with “quantum-friendly” units since the Total Debt Servicing Ratio (TDSR) framework was introduced.
But Kingsford Development Board Chairman Cui Zhengfeng said the two-bedders may have been favoured since most of them face the river.
Built on two amalgamated Government Land Sales (GLS) sites, the 99-year leasehold project will have a combined 400-metre direct frontage of Sungei Serangoon.
Mr Cui revealed that most of the buyers were Singaporeans.
RST’s Ong stated that purchasers in this area tend to be owner-occupiers rather than investors buying to lease.
When asked if he plans to push out subsequent launches, Cui shared that he needs to track sales from the initial launch and study market demand conditions first before deciding on his next move. He added that the difficult market may limit their ability to increase prices in subsequent launches.
Image: Artist’s impression of Kingsford Waterbay.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
