The Reserve Residences sold 71% of units at average $2460psf
Singapore – Far East Organisation sold 520 units out of 732 over the weekend. By Saturday evening 486 units at The Reserve Residences were snapped up leaving some buyers feeling disappointed in not getting the units they wanted as some higher floors were not for sale.
The overwhelming response pushed Far East Organisation to release the higher floors for sale to be balloted by buyers on Sunday morning of 28th May.
The project which is jointly developed by Far East Organisation (FEO) and Sino Group is part of an integrated development with the Beauty World transport hub.
Smaller units fully sold
All of the 1bedroom units were fully taken up The purchasers were made up of Singaporeans, Permanent Residents and three US nationals purchasers
5 countries are exempted from ABSD taxes for the first property and follows taxes imposed as a Singaporean. These countries includes Iceland, Liechtenstein, Norway, Switzerland or United States of America. As they are under the free trade agreement between Singapore.
Best selling project in 2023
Out of all the buyers 41 percent were between the ages 31 to 40 years old. While 22 percent were of 21 to 30 years of age.
On Saturday, the initial 486 units sold affirms that the location and the thoughtful design and layout of the development was what attracted the buyers to proceed with their purchase, said Shaw Lay See, chief operating officers, sales and leasing group of FEO.
The Reserve Residences is the best selling project by the units sold this year in the rest of central (RCR) region, according Huttons Group chief executive officer Mark Yip.
This is the second-highest first day sales after Lentor Modern in September 2022. Guocoland’s Lentor Modern sold 508 units out of their 605 units at a price ranging from $1865psf to $2538psf.
Excellent turn out during the preview
The Reserve Residences attracted 6000 visitors on the 1st weekend. “The attractive psf from $2300 were an attractive price point for an integrated development in the RCR. Considering the fact that new launch condos were going at around $2000 to $2100psf”, said Propnex CEO Ismail Gafoor.
Marcus Chu CEO of Apac Realty and ERA Asia Pacific noted that the an integrated hub in a city fringe is rare and that attracted the buyers into purchasing The Reserve Residences. The high rentability of the project were also one of the key points of the success of the launch.
New property launches are still doing well in the wake of the recent cooling measures announced on 26th April where new ABSD hikes targeting purchases of 2nd property onward and foreigners. It aims to tame investment demand. Local first time buyers are not affected by this new measure.
