The Reserve Residences sells 520 units, or 71% of project, at average S$2,460 psf

May 28, 2023

FAR East Organization announced on Sunday (May 28) that it has sold 520 units of The Reserve Residences in Upper Bukit Timah – or 71 per cent of the project’s total units – at an average price of S$2,460 per square foot (psf).

Some 635 units out of the project’s 732 units were released for the weekend launch. The project, jointly developed with Sino Group, is part of an integrated development with the Beauty World transport hub.

The highest transacted unit was at S$2,790 psf for a five-bedroom Sky Terrace apartment.

All one-bedroom units were sold, with 99 per cent of buyers being Singaporeans and permanent residents. Three US nationals bought one-bedroom units, and they are subject to the same Additional Buyer’s Stamp Duty (ABSD) rate as Singaporeans under the free trade agreement between the two countries.

Those aged between 31 and 40 made up 41 per cent of all buyers, while those between 21 and 30 years of age comprised 22 per cent of buyers.

The 486 units sold on the first day on Saturday represent 83 per cent of the initial 587 units released.

“Selling 83 per cent of released units on the first day attests to the thoughtful design, strategic location, and the scarcity of integrated developments with a transport hub, which have made this project very attractive to homebuyers,” said Shaw Lay See, chief operating officer, sales and leasing group, Far East Organization.

The Reserve Residences is the best-selling project by units sold this year and in the Rest of Central Region (RCR), said Huttons Group chief executive officer Mark Yip.

“This is the second-highest first-day sales by number of units after Lentor Modern,” he said. GuocoLand’s Lentor Modern moved 508 units – or 84 per cent – of its 605 units over its launch weekend in September 2022, at prices ranging from S$1,856 psf to S$2,538 psf.

Previews for The Reserve Residences drew about 6,000 visitors, and a launch price which started from S$2,300 psf was seen as attractive.

“We think this is an attractive price point for an integrated development in the RCR, considering new launch condos in the Outside Central Region (OCR) were going at around S$2,000 psf to S$2,100 psf,” said PropNex CEO Ismail Gafoor.

Being an integrated development with a transport hub in a city fringe was a key point of interest for buyers.

Marcus Chu, the CEO of Apac Realty and ERA Asia-Pacific, noted that such a development is rare in Singapore. The sales were also driven by the high “rentability” of the project being in an integrated transport hub.

“A record number of salespersons have also purchased units as they are cognisant of the rarity and the investment value of an integrated transport hub,” said Hutton’s Yip.

New property launches are still performing relatively well in the wake of the market cooling measures, agents say, as recent hikes in ABSD have been aimed at taming investment demand. Local buyers who will be first-time homeowners are not affected by these cooling measures.

https://www.businesstimes.com.sg/pro...rage-s2460-psf