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Straits Times
7 days ago
- Business
- Straits Times
Local buyers are key to recovery of prime district condo market
Find out what's new on ST website and app. The strong weekend showing also comes after two years of tepid sales of new prime district condos, which plummeted to a record low of 46 units sold in the second quarter of 2025. SINGAPORE – When Malaysia's IOI Properties began pre-sales for its 683-unit, 99-year leasehold condo W Residences Marina View in Singapore's Central Business District on July 13, only two units were reportedly booked. It was a sign of how foreign buyers, deterred by hefty taxes on their property purchases, were still giving the luxury housing segment a miss. But just a week later, two new prime district condos, UpperHouse at Orchard Boulevard and The Robertson Opus in Unity Street – the only 999-year residential project launch in District 9 this year – collectively sold 303 units over their July 19 launch weekend. This is above the 253 new units sold in the third quarter of 2023 after foreign buyers were slapped with a 60 per cent additional buyer's stamp duty (ABSD) in April 2023. The strong weekend showing also comes after two years of tepid sales of new prime district condos, which plummeted to a record low of 46 units sold in the second quarter of 2025, according to PropNex. The dry spell afflicting prime district condos appears to be lifting, with UpperHouse and The Robertson Opus poised to boost prime district transactions to a two-year quarterly high in the third quarter this year. These units have become more appealing as the price gap between prime district condos and those in the city fringe has narrowed substantially. As a result, they offer better value to local buyers, who were primarily behind the weekend's strong showing at the two launches. The gap between the median price per square foot (psf) of new homes in the prime district and city fringe areas has narrowed from a high of 56.5 per cent in 2018 to a mere 1.9 per cent in the first half of 2025, Huttons Asia chief executive Mark Yip noted. Furthermore, the three-month compounded Singapore Overnight Rate Average, or Sora rates, have dipped below 2 per cent in July 2025, lowering borrowing costs, he added. An artist's illustration of The Robertson Opus in Unity Street. PHOTO: FRASERS PROPERTY, SEKISUI HOUSE As a result, more than 93 per cent of new non-landed private homes in the prime district in the first half of the year were bought by Singapore Permanent Residents and Singaporeans. PropNex chief executive Kelvin Fong noted that the average $3,350 psf price transacted at UpperHouse is among the most competitive prices for a luxury condo launch in the prime Orchard Road area. In comparison, the 54-unit freehold Park Nova luxury condo in Tomlinson Road recorded a median price of $4,979 psf when it first launched in May 2021. On a quantum basis, transacted prices of UpperHouse's one-bedders began at nearly $1.4 million, while two-bedders ranged from $2.1 million to $2.7 million. At The Robertson Opus, some 41 per cent of its 348 units were sold on July 20. The units fetched an average price of $3,360 psf. Transacted prices of its one-bedders (495 sq ft) ranged from $1.59 million to $1.67 million, while two-bedders (689 to 721 sq ft) sold for between $2.17 million and $2.63 million, according to PropNex. In comparison, W Residences – which will sit atop the 360-room five-star W Singapore hotel – said it is offering selected units at special preview prices starting from just above $3,20 0 psf. That means prices of the cheapest one-bedroom units (538 sq ft to 570 sq ft) start at above $1.8 million. When asked how it plans to boost demand, IOI Properties said on July 22 that 'interest has been encouraging, with units already reserved or under negotiation'. A spokesman added that further release plans will be evaluated when the preview ends. With several more prime district and centrally located projects expected to be launched in the coming months, developers may become more strategic in their marketing plans and pricing, ERA key executive officer Eugene Lim said. This can be seen in the starting prices for River Green in the prime district of River Valley, and the nearby city fringe condo Promenade Peak at Zion Road. River Green's starting price of $2,846 psf and Promenade Peak's starting price of $2,680 psf appear to be a sweet spot for buyers of centrally located new launches. Both projects, which will launch on Aug 2, saw robust demand during July previews. Two more centrally located condos could begin pre-sales in October: prime district project Skye at Holland, and Zyon Grand at Zion Road, a city fringe project. Whether the rebound in new prime district condo sales can be sustained will depend on the take-up rates of the upcoming prime district and centrally located new launches. Mr Nicholas Mak, chief research officer at said this also hinges on whether prices of the new prime district launches are within 'an acceptable price range' – which appears to be the lower end of the $3,000 psf range for 99 year-leasehold launches, and between $3,250 and $3,500 psf for freehold developments. With the hefty ABSD still in place for residential property purchases by foreign buyers, the only way to keep local buyers interested in prime district properties is to ensure that prices are accessible to them , especially in the face of growing economic uncertainty.
Straits Times
21-07-2025
- Business
- Straits Times
UpperHouse, The Robertson Opus see firm sales at launch; Otto Place EC at Tengah sells 58.5% of units
Find out what's new on ST website and app. UpperHouse is the best-selling CCR project since The M launched in 2020, with nearly all three-bedroom units were sold and one-third of the four-bedders taken up. SINGAPORE - Two new projects in the core central region (CCR) – UpperHouse at Orchard Boulevard and The Robertson Opus – launched over the weekend, drawing firm demand with both moving more than 40 per cent of their units. The launches of UpperHouse (301 units) and The Robertson Opus (348 units) mark the largest supply injection in the CCR since additional buyers' stamp duty (ABSD) measures were tightened in 2023, said PropNex chief executive officer Kelvin Fong. UpperHouse, by UOL Group and Singapore Land Group, sold 162 units or more than 53.8 per cent on July 19, at an average price of $3,350 per square foot (psf). The 99-year leasehold project offers units from one-bedroom and study to four-bedroom suites. Mr Fong added that one-bedders were priced at nearly $1.4 million, while two-bedders ranged from about $2.1 million to $2.7 million. Anson Lim, UOL's senior general manager of residential marketing, noted 'healthy take-up across all unit types'. The Bespoke Collection – 31 four-bedders with private lift and parking – had a 30 per cent take-up, with a high-floor unit selling for $7.66 million, or $3,724 psf. UpperHouse is the best-selling CCR project since The M launched in 2020, said Huttons Asia CEO Mark Yip. Nearly all three-bedroom units were sold, and one-third of the four-bedders were taken up, indicating 'strong owner-occupier demand'. Singaporeans and permanent residents made up 99 per cent of buyers, with the rest being foreigners. The project drew a mix of owner-occupiers and long-term investors. Top stories Swipe. Select. Stay informed. 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UOL's chief corporate and development officer Yvonne Tan attributed the strong showing to the narrowing price gap between CCR and rest of central region (RCR), and the attractive premium between freehold and leasehold luxury products. Huttons data shows that the median psf price gap between CCR and RCR narrowed from 56.5 per cent in 2018 to 1.9 per cent in the first half of 2025. 'There is potential for a strong upside once the gap between CCR and RCR home prices widens,' said Mr Yip. Mr Fong also noted that the average price of $3,350 psf makes UpperHouse one of the most competitively priced new launches near Orchard Road. He compared this to Park Nova's new units which averaged at about $6,150 psf this year and Cuscaden Reserve which fetched an average price of more than $3,100 psf for the resale units transacted in the first four months of 2025. Located in District 10, UpperHouse sits along Grange Road and Orchard Boulevard, opposite Orchard Boulevard MRT and near River Valley Primary School. UOL and SingLand acquired the 7,013.4 square metre site last year for $428.3 million or $1,617 psf per plot ratio (ppr) – 30 to 40 per cent lower than the $2,377 psf ppr fetched by a nearby Cuscaden Road site in 2018. Steady take-up at The Robertson Opus The Robertson Opus is a mixed-use project and a redevelopment of Frasers' serviced residence Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk. PHOTO ILLUSTRATION: FRASERS PROPERTY, SEKISUI HOUSE Of the 348 units available in the mixed-use The Robertson Opus, 143 were sold at an average price of $3,360 psf. This works out to a take-up rate of 41 per cent, said developers Frasers Property and Sekisui House on Sunday. The 999-year development comprises one to four-bedroom units across five blocks. Studio units start from $1.37 million, one-bedders from $1.58 million, two-bedders from $2.17 million, three-bedders from $3.1 million, and four-bedders (1,539 sq ft) from $5.09 million. 'There has been healthy demand across all the unit types, with the three-bedroom and four-bedroom premium units under the Legacy Collection being the most popular and almost sold out,' said the developers. The buyers comprise professionals purchasing for their own stay or investment – 83 per cent are Singaporeans, 16 per cent are permanent residents mainly from China and Indonesia, and the rest are foreigners from the US and Switzerland. The Robertson Opus, which also includes a retail podium on the first floor and basement, is a redevelopment of Frasers' serviced residence Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk – undertaken by Frasers Property and Japanese developer Sekisui House in a 51:49 joint venture. Given the steady take-up at both launches, PropNex's Mr Fong expects third-quarter developers' sales in the CCR to rebound. 'To be sure, the units sold at UpperHouse at Orchard Boulevard during the private preview alone has already far exceeded the 46 CCR new units sold for the whole of Q2 2025.' Despite the recent hike in seller's stamp duty rates, demand for luxury homes remains resilient, supported by buyers focused on capital stability and wealth diversification, said Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors. 'These factors point to a strategic reset in the CCR market. With strong fundamentals, supportive policies, and improving economic signals, the luxury housing segment is well-positioned to regain momentum.' Brisk sales at Otto Place EC The 600-unit Otto Place at Plantation Close in Tengah is located near two MRT stations and Princess Elizabeth Primary School. PHOTO ILLUSTRATION: HOI HUP REALTY, SUNWAY DEVELOPMENTS Also over the weekend, executive condo (EC) Otto Place sold 351, or 58.5 per cent of its 600 units at its launch, said developers Hoi Hup Realty and Sunway Developments. The average price of its units sold under the normal payment scheme was $1,700 psf. Otto Place features unit sizes starting at 872 sq ft for three-bedroom deluxe types, priced from $1.41 million ($1,617 psf), up to 1,195 sq ft for four-bedroom plus study luxury units, which went for $2.18 million ($1,824 psf). More than 70 per cent of the larger units were sold. Located in Tengah's Plantation District, Otto Place is near two MRT stations and Princess Elizabeth Primary School.
Straits Times
05-07-2025
- Entertainment
- Straits Times
The Straits Times Weekly Bestsellers July 5
Sign up now: Get ST's newsletters delivered to your inbox (From left) The Original Daughter by Jemimah Wei, Elevate Your Assets, Elevate Your Wealth by Kelvin Fong and National Geographic Kids Almanac 2026 by National Geographic Kids. Fiction: Singaporean writer Jemimah Wei's debut novel is titled The Original Daughter. PHOTO: WEIDENFELD & NICOLSON 1. (3) The Original Daughter by Jemimah Wei 2. (1) The Passengers On The Hankyu Line by Hiro Arikawa; translated by Allison Markin Powell 3. (2) Strange Houses by Uketsu; translated by Jim Rion 4. (-) The Second Chance Convenience Store by Kim Ho-yeon; translated by Janet Hong 5. (4) Strange Pictures by Uketsu; translated by Jim Rion 6. (6) The Wizard's Bakery by Gu Byeong-mo; translated by Jamie Chang 7. (-) The Housemaid by Freida McFadden 8. (7) To The Moon by Jang Ryujin; translated by Sean Lin Halbert 9. (10) Atmosphere by Taylor Jenkins Reid 10. (-) The Calico Cat At The Chibineko Kitchen by Yuta Takahashi; translated by Cat Anderson Non-fiction: Roads To Chinese Modernity: Civilisation And National Culture by Wang Gungwu. PHOTO: WORLD SCIENTIFIC 1. (1) Elevate Your Assets, Elevate Your Wealth by Kelvin Fong 2. (2) Why Palestine? Reflections From Singapore by Walid Jumblatt Abdullah 3. (-) Roads To Chinese Modernity: Civilisation And National Culture by Wang Gungwu 4. (4) How Countries Go Broke: The Big Cycle by Ray Dalio 5. (-) The Woke Salaryman Crash Course On Capitalism & Money by The Woke Salaryman 6. (-) The Let Them Theory by Mel Robbins 7. (6) The Psychology Of Money by Morgan Housel 8. (-) Prisoners Of Geography by Tim Marshall 9. (-) The Anxious Generation by Jonathan Haidt 10. (-) Empire Of AI by Karen Hao Children's: National Geographic Kids Almanac 2026 by National Geographic Kids. PHOTO: NATIONAL GEOGRAPHIC KIDS 1. (-) How To Train Your Dragon by Cressida Cowell 2. (1) National Geographic Kids Almanac 2026 by National Geographic Kids 3. (8) The Lion Inside by Rachel Bright 4. (5) The World's Worst Superheroes by David Walliams 5. (-) The Little Prince by Antoine De Saint-Exupery 6. (-) Big Jim Begins (Dog Man 13) by Dav Pilkey 7. (2) Never Thought I'd End Up Here by Ann Liang 8. (-) The Pandas Who Promised by Rachel Bright 9. (-) Better Than The Movies by Lynn Painter 10. (-) Let's Celebrate NDP! by Sharon Koh
Straits Times
28-06-2025
- Entertainment
- Straits Times
The Straits Times Weekly Bestsellers June 28
(From left) The Original Daughter by Jemimah Wei, Elevate Your Assets, Elevate Your Wealth by Kelvin Fong and National Geographic Kids Almanac 2026 by National Geographic Kids. PHOTOS: WEIDENFELD & NICOLSON, BOOK BAR, NATIONAL GEOGRAPHIC KIDS Fiction: Singaporean writer Jemimah Wei's debut novel is titled The Original Daughter. PHOTO: WEIDENFELD & NICOLSON 1. (1) The Passengers On The Hankyu Line by Hiro Arikawa; translated by Allison Markin Powell 2. (2) Strange Houses by Uketsu; translated by Jim Rion 3. (3) The Original Daughter by Jemimah Wei 4. (4) Strange Pictures by Uketsu; translated by Jim Rion 5. (-) Tiger Girls by Felicia Low-Jimenez; illustrated by Claire Low 6. (5) The Wizard's Bakery by Gu Byeong-mo; translated by Jamie Chang 7. (-) To The Moon by Jang Ryujin; translated by Sean Lin Halbert 8. (-) I Who Have Never Known Men by Jacqueline Harpman 9. (-) Maybe This Is Love: A Novel by Maria Mahat 10. (-) Atmosphere by Taylor Jenkins Reid Non-fiction: Elevate Your Assets, Elevate Your Wealth by Kelvin Fong. PHOTO: BOOK BAR 1. (1) Elevate Your Assets, Elevate Your Wealth by Kelvin Fong 2. (2) Why Palestine? Reflections From Singapore by Walid Jumblatt Abdullah 3. (3) A Different Kind Of Power by Jacinda Ardern 4. (4) How Countries Go Broke: The Big Cycle by Ray Dalio 5. (10) Atomic Habits by James Clear 6. (6) The Psychology Of Money by Morgan Housel 7. (-) The Self-Esteem Class by Yoon Hong Gyun; translated by Jamie Chang 8. (-) The Courage To Be Disliked by Ichiro Kishimi and Fumitake Koga 9. (-) The 48 Laws Of Power by Robert Greene 10. (-) Silk, Silver, Spices, Slaves by Lio Mangubat Children's: National Geographic Kids Almanac 2026 by National Geographic Kids. PHOTO: NATIONAL GEOGRAPHIC KIDS 1. (1) National Geographic Kids Almanac 2026 by National Geographic Kids 2. (-) Never Thought I'd End Up Here by Ann Liang 3. (-) Sunrise On The Reaping by Suzanne Collins 4. (-) I Hope This Doesn't Find You by Ann Liang 5. (3) The World's Worst Superheroes by David Walliams 6. (-) Caraval by Stephanie Garber 7. (-) Powerless by Lauren Roberts 8. (-) The Lion Inside by Rachel Bright 9. (-) Book Of Dragons by NBCUniversal and DreamWorks 10. (-) The Naturals by Jennifer Lynn Barnes This is The Straits Times' compilation of bestseller lists from Kinokuniya, Epigram, Wardah Books, Book Bar and bookstores. Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
14-06-2025
- Entertainment
- Straits Times
The Straits Times Weekly Bestsellers June 14
Fiction: Singaporean writer Jemimah Wei's debut novel The Original Daughter. PHOTO: WEIDENFELD & NICOLSON 1. (1) The Passengers On The Hankyu Line by Hiro Arikawa; translated by Allison Markin Powell 2. (2) The Original Daughter by Jemimah Wei 3. (3) The Emperor Of Gladness by Ocean Vuong 4. (5) Sunrise On The Reaping by Suzanne Collins 5. (7) The Convenience Store By The Sea by Sonoko Machida; translated by Bruno Navasky 6. (-) Madonna In A Fur Coat by Sabahattin Ali 7. (-) Problematic Summer Romance by Ali Hazelwood 8. (-) Rewind It Back by Liz Tomforde 9. (-) Heart Lamp: Selected Stories by Banu Mushtaq; translated by Deepa Bhasthi 10. (-) Marigold Mind Laundry by Jungeun Yun; translated by Shanna Tan Non-fiction: Elevate Your Assets, Elevate Your Wealth by Kelvin Fong. PHOTO: BOOK BAR 1. (2) Elevate Your Assets, Elevate Your Wealth by Kelvin Fong 2. (1) Why Palestine? Reflections From Singapore by Walid Jumblatt Abdullah 3. (-) Ikigai by Hector Garcia and Francesc Miralles 4. (-) How Countries Go Broke: The Big Cycle by Ray Dalio 5. (3) Apple In China by Patrick McGee 6. (8) Atomic Habits by James Clear 7. (5) Agentic Artificial Intelligence by Pascal Bornet and Jochen Wirtz 8. (-) The Not To-Do List by Rolf Dobelli 9. (4) The Let Them Theory by Mel Robbins 10. (-) I Want To Die But I Want To Eat Tteokbokki by Baek Sehee; translated by Anton Hur Children's: Top 10 Weirdest Critters Of Singapore's Rainforest by Amaani Arfian; illustrated by Clarice Woon. PHOTO: BOOK BAR 1. (-) National Geographic Kids Almanac 2026 by National Geographic Kids 2. (-) Pokemon Super Duper Extra Deluxe by Scholastic Inc 3. (6) The World's Worst Superheroes by David Walliams 4. (2) Agents Of S.U.I.T.: Wild Ghost Chase by John Patrick Green 5. (-) Spy School by Stuart Gibbs 6. (-) I Am Not Jessica Chen by Ann Liang 7. (-) Top 10 Weirdest Critters Of Singapore Rainforest by Amaani Arfian; illustrated by Clarice Woon 8. (9) Eye Spy Singapore by Pippa Chorley 9. (-) Jemma Dreams Of Sushi by Mark Chen and Ruo-Ting Goh; illustrated by Cacticyn 10. (-) Chickenpox by Remy Lai This is The Straits Times' compilation of bestseller lists from Kinokuniya, Epigram, Wardah Books, Book Bar, and Afterimage bookstores. Join ST's Telegram channel and get the latest breaking news delivered to you.
