Grand Dunman sold 550 units on launch weekend
Singapore : Dunman Grand by Sing Haiyi and CSC Land Group sold 550 units or 54.6% out of their available 1008 over the weekend. The units transacted at an average price of $2500 per square foot.
The 2 bedders sold the most; 77 percent sold had a starting price of $1.55 million which translates to $2330 psf. The next highest transaction was the 3bedders, 61% of the available 3 bedrooms were sold from $2.21 million at a price of $2309psf. 58% of the one bedders were sold that day with a starting price of $1.09 million or $2418psf.
The head of sales and marketing at SingHaiyi, Gary Lim said that the sales in Grand Dunman were evenly spread out. He noted that the buyers were willing to pay more for units that has good views. He added that the units sold were the south facing ones with unblocked views towards the landed houses and towards the sea.
Smaller units attracted more investors
Gary Lim also noted that the 1 and 2 bedders have attracted investors consistent with past statistics. The 2 bedders with a study had a mixture of own stay and for investment purchasers. He also added that those buying 3 bedrooms and larger are mainly buying for their own stay.
The majority of the buyers are Singaporean. 9 per cent are permanent residents while the 1 percent are foreigners. It is unclear if the foreigners are subjected to the new Additional Buyer Stamp Duty rules.
Grand Dunman the best selling project in more than 2 years
A few analysts concluded that Grand Dunmans performance makes it the best selling condominium project in more than 2 years after Normanton Park. The latter sold 600 units in January 2021.
The analysts also added that besides being the only mega new launch of 2023, the project’s location probably appealed to the purchasers.
Grand Dunman is situated 2minutes walk from Dakota MRT station and also at the doorstep to 3 good schools. Kong Hwa School, Chung Cheng High School and Tanjong Katong Girls’ School.
“On top of that, the price point is also acceptable to the buyers considering its location being at the fringe of the city, its proximity to the train station, and easy access to the Paya Lebar commercial hub, Suntec City and Beach Road as well as to Central Business District”, said Ismail Gafoor, CEO of Propnex.
He also added that the developers are in tune with the prevailing market sentiment and setting prices correctly will likely help support home sales after 3 rounds of cooling measures since 2021 December.
Nicholas mak from Mogul.sg added that the hike in Certificate of Entitlement (COE) prices also like made homes with easy access to public transport more attractive to owner occupiers, investors and future tenants.
ERA Singapore CEO Marcus Chu added that the $2.5million pricing is the “current sweet spot pricing” for many homebuyers and investors.
Grand Dunman is expected to obtain its Temporary Occupation Permit in 2028.
