Latest news with #CanberraCrescentResidences
The Star
04-08-2025
- Business
- The Star
Buyers snag over 900 condo units at three new launches in S'pore
SINGAPORE: Home buyers took up more than 900 new condominium units over the weekend, with River Green in River Valley chalking up the strongest sales rate of 88% at an average price of S$3,130 per sq ft. Promenade Peak, also in the River Valley area, recorded a 54% take-up rate, with prices going up to S$3,521 per sq ft, while the suburban Canberra Crescent Residences moved 40% of its units at an average price of S$1,974 per sq ft. Taken together, the three new projects sold more than 62% of their combined inventory of 1,496 units, noted PropNex chief executive Kelvin Fong. Including the 893 new units sold in July, the new home sales tally (excluding executive condominiums) for the third quarter of 2025 so far stands at more than 1,820 units – well over the 1,212 sold in the whole of the second quarter, Fong said. This reflects continued strength in private housing demand and home buyers' confidence in the mid- to long-term outlook of Singapore's residential property market, he said. Huttons Asia CEO Mark Yip highlighted that the strong turnout at the 524-unit River Green and 596-unit Promenade Peak, in particular, indicates robust appetite for prime homes. 'To collectively sell more than 700 units on launch weekend is an impressive result,' said Yip. 'This speaks volumes of the demand in the market and acceptance of these two projects.' The strong weekend performance also pushes new home sales in the core central region (CCR) to their highest level in over 16 quarters, said Fong. It signalled a broader recovery in the CCR market, following tepid sales since additional buyer's stamp duty rates were hiked in April 2023, he noted. 'Many buyers are seeing the strong value proposition of CCR projects in view of the narrowing price gap between CCR new launches and that of the rest of the central region of late.' The strong showing follows firm bidding activity in recent state land tenders in other prime locations. Just last week, a Holland Link site drew five bids with a top offer of S$368.4mil, or S$1,432 per sq ft. In June, a Dunearn Road site attracted nine bids, with a high of S$491.5mil, or S$1,410 per sq ft. Of the three new projects launched, River Green in District 9 led the pack with 460 units, or 88%, of its 524 units sold as at Aug 3. Prices averaged S$3,130 per sq ft, said Wing Tai in a statement. Around 98% of buyers were Singa-poreans and permanent residents, the developer added. This marks the best-selling CCR project in recent memory, said Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc. Its performance surpassed that of Upperhouse at Orchard Boulevard, which moved 54% of its 301 units when it launched two weeks earlier. The Robertson Opus, another development in the River Valley area, sold 41% of its 348 units that same weekend. Prices of Upperhouse and The Robertson Opus averaged at S$3,350 per sq ft and S$3,360 per sq ft respectively then. Yip from Huttons said River Green's compact unit sizes made them more affordable and appealing to buyers. Fong said that one-bedders sold for S$1.16mil to S$1.5mil, two-bedders for S$1.46mil to S$2.4mil, three-bedders for S$2.19mil to just under S$3mil and four-bedders for S$2.7mil to S$3.5mil. Likewise, chief research officer Nicholas Mak observed that the average unit size at the 99-year leasehold development was 668 sq ft – significantly smaller than the estimated 921 sq ft per unit in its government tender. 'By shrinking the size of each condominium unit and making these properties affordable to the middle-class locals. It can be argued that some developers are democratising the high-end housing market in Singapore or at least creating an illusion of doing so,' said Mak. In the city fringe, the 99-year leasehold Promenade Peak sold 320 units, or 54% of its 596 units, said developer Allgreen in a statement on Aug 3. One to three-bedroom units under its Promenade Collection were sold at an average of S$2,894 per sq ft, while three- to five-bedroom units under its Promenade Suites averaged at S$3,343 per sq ft. Sales figures from PropNex showed that one-bedders sold from S$1.4mil, two-bedders from S$1.8mil and three-bedders from S$2.8mil. Prices of four-bedders and five-bedders ranged from S$4.6mil to around S$6.6mil. — The Straits Times/ANN
Straits Times
04-08-2025
- Business
- Straits Times
Over 900 condo units sold at three new launches over the weekend
Sign up now: Get ST's newsletters delivered to your inbox River Green in River Valley chalked up the strongest sales rate of 88 per cent at an average price of $3,130 per square foot. SINGAPORE - Homebuyers took up more than 900 new condominium units over the weekend, with River Green in River Valley chalking up the strongest sales rate of 88 per cent at an average price of $3,130 per square foot (psf). Promenade Peak, also in the River Valley area, recorded a 54 per cent take-up rate with prices going up to $3,521 psf, while the suburban Canberra Crescent Residences moved 40 per cent of its units at an average price ofS$1,974 psf. Taken together, the three new projects sold more than 62 per cent of their combined inventory of 1,496 units, noted PropNex chief executive Kelvin Fong. Including the 893 new units sold in July, the new home sales tally (excluding executive condominiums, or ECs) for the third quarter of 2025 so far stands at over 1,820 units – well over the 1,212 sold in the whole of Q2, Mr Fong said. This reflects continued strength in private housing demand and homebuyers' confidence in the mid- to long-term outlook of Singapore's residential property market, he said. Huttons Asia chief executive officer Mark Yip highlighted that the strong turnout at the 524-unit River Green and 596-unit Promenade Peak, in particular, indicates robust appetite for prime homes. 'To collectively sell more than 700 units on launch weekend is an impressive result,' said Mr Yip. 'This speaks volumes of the demand in the market and their acceptance of these two projects.' Top stories Swipe. Select. Stay informed. 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It signals a broader recovery in the CCR market, following tepid sales since additional buyer's stamp duty rates were hiked in April 2023, he noted. 'Many buyers are seeing the strong value proposition of CCR projects in view of the narrowing price gap between CCR new launches and that of the Rest of Central Region, of late.' The strong showing follows firm bidding activity in recent state land tenders in other prime locations. Just last week, a Holland Link site drew five bids with a top offer of $368.4 million or $1,432 psf. In June, a Dunearn Road site attracted nine bids, with a high of $491.5 million or $1,410 psf. River Green: Blockbuster sales Of the three new projects launched, River Green in District 9 led the pack with 460 units, or 88 per cent, of its 524 units sold as at Aug 3. Prices averaged $3,130 psf, said Wing Tai in a statement. Around 98 per cent of buyers were Singaporeans and permanent residents, the developer added. This marks the best-selling CCR project in recent memory, said Singapore Realtors Inc (SRI) head of research and data analytics Mohan Sandrasegeran. Its performance surpasses that of Upperhouse at Orchard Boulevard, which moved 54 per cent of its 301 units when it launched two weeks earlier. The Robertson Opus, another development in the River Valley area, sold 41 per cent of its 348 units that same weekend. Prices of Upperhouse and The Robertson Opus averaged at $3,350 psf and $3,360 psf, respectively, then. Mr Yip from Huttons believes that River Green's compact unit sizes made them more affordable and appealing to buyers. Mr Fong said that one-bedders sold for $1.16 million to $1.5 million, two-bedders for $1.46 million to $2.4 million, three-bedders for $2.19 million to just under $3 million, and four-bedders for $2.7 million to $3.5 million. Likewise, chief research officer Nicholas Mak observed that the average unit size at the 99-year leasehold development was 668 sq ft – significantly smaller than the estimated 921 sq ft per unit in its government tender. 'By shrinking the size of each condominium unit and making these properties affordable to the middle-class locals, it can be argued that some developers are democratising the high-end housing market in Singapore or at least creating an illusion of doing so,' said Mr Mak. Promenade Peak: Firm interest In the city fringe, the 99-year leasehold Promenade Peak sold 320 units, or 54 per cent of its 596 units, said developer Allgreen in a statement on Sunday. One- to three-bedroom units under its Promenade Collection were sold at an average of $2,894 psf, while three- to five-bedroom units under its Promenade Suites averaged at $3,343 psf. Sales figures from PropNex showed that one-bedders sold from $1.4 million, two-bedders from 1.8 million, and three-bedders from $2.8 million. Prices of four-bedders and five-bedders ranged from $4.6 million to around $6.6 million. The highest price transacted as at Aug 3 was $3,521 psf, underscoring buyers' confidence in the project's offerings and city-fringe location, said Allgreen. Singaporeans made up the bulk of buyers, at 90 per cent, followed by permanent residents accounting for 9 per cent of buyers, and foreigners at 1 per cent. PropNex's Fong added that around 82 per cent of units sold were two- and three-bedders, and nearly half of its four-bedders were taken up. 'The strong demand for larger units suggests that many of the buyers could be end-users purchasing the properties for own-stay,' he said. SRI's Mr Sandrasegeran reckoned that the simultaneous launch of River Green and Promenade Peak may have created a sense of urgency among buyers. The two likely gained momentum from earlier nearby launches as well, which appear to have generated spillover interest as buyers explored options in the area, ultimately boosting overall demand, he said. He added that the success of these launches could set the tone for upcoming developments in the area, including Zyon Grand later in 2025 and River Valley Green (Parcel B) in 2026. Canberra Crescent Residences: Steady sales In the north, Kheng Leong and Low Keng Huat's Canberra Crescent Residences sold about 150 units, or 40 per cent of its 376 units, as at Aug 3. Prices averaged $1,974 psf, market sources said. The project marks the first condo launch in the north since Norwood Grand in November 2024, and is the first in Canberra in four years, said Mr Yip. Mr Fong noted that some 80 per cent of units sold were two- and three-bedders; all three one-bedders and nearly a third of its four-bedders were also sold.
Business Times
03-08-2025
- Business
- Business Times
Over 900 private homes sold at 3 new launches; River Green leads with 88% sold at S$3,130 psf on average
[SINGAPORE] Homebuyers took up more than 900 new condominium units over the weekend, with River Green chalking up the strongest sales rate of 88 per cent at an average price of S$3,130 per square foot (psf). Nearby, Promenade Peak recorded a 54 per cent take-up rate with prices going up to S$3,521 psf, while the suburban Canberra Crescent Residences moved 40 per cent of its units at an average price of S$1,974 psf. Taken together, the three new projects sold more than 62 per cent of their combined inventory of 1,496 units, noted PropNex chief executive Kelvin Fong. Including the 893 new units sold in July, the new home sales tally (excluding executive condominiums, or ECs) for the third quarter of 2025 so far stands at over 1,820 units – well over the 1,212 sold in the whole of Q2, Fong said. This reflects continued strength in private housing demand and homebuyers' confidence in the mid- to long-term outlook of Singapore's residential property market, he said. Huttons Asia chief executive officer Mark Yip highlighted that the strong turnout at the 524-unit River Green and 596-unit Promenade Peak, in particular, indicates robust appetite for prime homes. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up 'To collectively sell more than 700 units on launch weekend is an impressive result,' said Yip. 'This speaks volumes of the demand in the market and their acceptance of these two projects.' The strong weekend performance also pushes new home sales in the Core Central Region (CCR) to their highest level in over 16 quarters, said Fong. ERA Singapore chief executive officer Marcus Chu said: 'This indicates that despite economic headwinds, demand for CCR homes remains strong, supported by resilient local interest.' It also signals a broader recovery in the CCR market, following tepid sales since additional buyer's stamp duty rates were hiked in April 2023, noted Fong. 'Many buyers are seeing the strong value proposition of CCR projects in view of the narrowing price gap between CCR new launches and that of the Rest of Central Region, of late.' The strong showing follows firm bidding activity in recent state land tenders in other prime locations. Just last week, a Holland Link site drew five bids with a top offer of S$368.4 million or S$1,432 psf. In June, a Dunearn Road site attracted nine bids , with a high of S$491.5 million or S$1,410 psf. River Green: Blockbuster sales Of the three new projects launched, River Green in District 9 led the pack with 460 units, or 88 per cent, of its 524 units sold as at Sunday (Aug 3). Prices averaged at S$3,130 psf, said Wing Tai in a statement. Around 98 per cent of buyers were Singaporeans and permanent residents, the developer added. This marks the best-selling CCR project in recent memory, said Singapore Realtors Inc (SRI) head of research and data analytics Mohan Sandrasegeran. Its performance surpasses that of Upperhouse at Orchard Boulevard, which moved 54 per cent of its 301 units when it launched two weeks earlier. The Robertson Opus, another development in the River Valley area, sold 41 per cent of its 348 units that same weekend. Prices of Upperhouse and The Robertson Opus averaged at S$3,350 psf and S$3,360 psf, respectively, then. Yip from Huttons believes that River Green's compact unit sizes made them more affordable and appealing to buyers. Fong noted that one-bedders transacted from S$1.16 million to S$1.5 million, two-bedders from S$1.46 million to S$2.4 million, three-bedders from S$2.19 million to just under S$3 million, and four-bedders from S$2.7 million to S$3.5 million. 'Buyers saw this as a perfect opportunity to own a home in the CCR,' said Yip. Likewise, chief research officer Nicholas Mak observed that the average unit size at the 99-year leasehold development was 668 sq ft – significantly smaller than the estimated 921 sq ft per unit in its government tender. 'By shrinking the size of each condominium unit and making these properties affordable to the middle-class locals, it can be argued that some developers are democratising the high-end housing market in Singapore or at least creating an illusion of doing so,' said Mak. Promenade Peak: Firm interest At the city fringe, the 99-year leasehold Promenade Peak sold 320 units, or 54 per cent of its 596 units, said developer Allgreen in a statement on Sunday. One- to three-bedroom units under its Promenade Collection were sold at an average of S$2,894 psf, while three- to five-bedroom units under its Promenade Suites averaged at S$3,343 psf. The highest price transacted as at Sunday was S$3,521 psf, underscoring buyers' confidence in the project's offerings and city-fringe location, said Allgreen. Singaporeans made up the bulk of buyers, at 90 per cent, followed by permanent residents accounting for 9 per cent of buyers, and foreigners at 1 per cent. PropNex's Fong added that around 82 per cent of units sold were two- and three-bedders, and nearly half of its four-bedders were taken up. 'The strong demand for larger units suggests that many of the buyers could be end-users purchasing the properties for own-stay,' he said. SRI's Sandrasegeran reckoned that the simultaneous launch of River Green and Promenade Peak may have created a sense of urgency among buyers. The two likely gained momentum from earlier nearby launches as well, which appear to have generated spillover interest as buyers explored options in the area, ultimately boosting overall demand, he said. He added that the success of these launches could set the tone for upcoming developments in the area, including Zyon Grand later this year and River Valley Green (Parcel B) next year. Canberra Crescent Residences: Steady sales In the north, Kheng Leong and Low Keng Huat's Canberra Crescent Residences sold about 150 units, or 40 per cent of its 376 units, as at Sunday. Prices averaged at S$1,974 psf, market sources said. The project marks the first condo launch in the north since Norwood Grand in November 2024, and is the first in Canberra in four years, said Yip. Fong noted that some 80 per cent of units transacted were two- and three-bedders; all three one-bedders and nearly a third of its four-bedders were also sold. Prices started at S$880,000 for a one-bedroom unit and went up to around S$2.6 million for the four-bedroom units, he added. ERA's Chu said: 'This pricing anomaly (of being close to EC land rates) results from the developer's strategic land purchase during a market slowdown in 2024, combined with a 'priced-to-sell' approach, enabling buyers to benefit from built-in value and potential future appreciation.'
Business Times
17-07-2025
- Business
- Business Times
Kheng Leong, Low Keng Huat launch Canberra Crescent Residences with prices from S$1,880 psf
[SINGAPORE] Joint developers Kheng Leong and Low Keng Huat will soon start previews for the suburban residential development Canberra Crescent Residences, with prices starting at S$1,880 per square foot (psf). Located along Canberra Crescent in District 27, the 99-year leasehold development houses 376 units across four 12-storey towers. It spans a total land area of 20,435.8 square metres (sq m), with a gross floor area of 35,265.8 sq m. One-bedders of 409 square feet (sq ft) – accounting for just three units in the entire development – will be priced from S$880,000 or S$2,152 psf. Prices start at S$1.11 million or S$1,950 psf for two-bedders sized 570 to 667 sq ft; S$1.53 million or S$1,920 psf for three-bedders sized 797 to 990 sq ft; and S$2.2 million or S$1,880 psf for four-bedders sized 1,163 to 1,324 sq ft. The Canberra Crescent land parcel was acquired by Kheng Leong, the private real estate arm of the family of Wee Cho Yaw, and builder Low Keng Huat in a state land tender in July last year. The joint venture outbid two other offers, with a top bid of S$279 million or S$793 psf per plot ratio (ppr). Observers noted then that the bid was the lowest land rate for a suburban government land sale site, excluding executive condos, since 2020. Still, the land rate of S$793 psf ppr was about 20 per cent above the S$644 psf ppr and S$650 psf ppr bids for two Canberra Drive sites sold in 2020. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The project is also Kheng Leong's second in the Canberra area. In 2021, it launched the 448-unit The Watergardens at Canberra as part of a joint venture with UOL Group and Singapore Land Group. Some 60 per cent of units were sold at around S$1,400 to S$1,500 psf over its launch weekend in August that year. Most recently, in early July, a 646 sq ft unit was subsold at S$1.1 million or S$1,703 psf. Caveats data indicated that the median price of private non-landed homes in the area was S$1,311 psf in the year thus far. The latest transaction was for a 700 sq ft unit at 99-year leasehold North Park Residences at S$1.35 million or S$1,930 psf on Jul 8. This was over 40 per cent of the seller's original purchase price of S$946,000 or S$1,352 psf in April 2015. ERA Singapore chief executive officer Marcus Chu reckoned that Sembawang, as a relatively new estate, is likely to see stronger demand from public housing upgraders and local buyers. 'The active HDB resale market there, along with firm transacted prices for the flats that recently attained their minimum occupation status, helps support a strong appetite for private homeownership in this precinct,' said Chu. He added that Canberra Crescent Residences is likely to be among the most affordable new private condominiums launched this year, with one of the lowest entry prices for a new suburban project. In the third quarter of 2025, for instance, there will be four new launches in the prime Core Central Region. This includes Upperhouse at Orchard Boulevard, with agents advertising indicative prices from just under S$3,000 psf; and The Robertson Opus, with prices starting at S$3,150 psf. Both are slated to be marketed this weekend. 'With a tighter supply of private homes in Sembawang, Canberra Crescent Residences presents a compelling choice for both homeowners and investors seeking long-term growth potential (and) lifestyle vibrancy,' said Chu. Previews for Canberra Crescent Residences will begin on Jul 19, with sales bookings starting on Aug 2. It is expected to receive its temporary occupation permit in April 2030.
