With no new launches so far this year, developments that were launched way back as far as 2013 are benefiting. The notable ones are in the Alexandra – Commonwealth area where six projects with 3,650 units have been launched since 2013.
The project launched latest is Queens Peak in November. The condo in a 99-year leasehold has 736 units is by MCC Land and Hao Yuan Investment. So far, approximately 40% has been sold. In January, 11 units were sold at $1,684 psf average price. In February first week, a number of units were sold where a 1 bedroom unit of 431 sq ft fetched $728,000 or $1,691 psf while a 2 bedroom unit of 775 sq ft fetched $1.17m or $1,505.
(An artist's impression of Queen's Peak)
Commonwealth Towers, which is next to Queens Peak, is an 845 unit by City Developments. Based on URA data, the condo which is on a 99-year lease sold 12 units in January at an average price of $1,709 psf.
According to property agents, buyers are getting special discounts for the chosen 1 and 2 bedroom units. The units are going at a flat price irrespective of the floor they are located. For instance, two 2 bedroom units located on 22nd and 23rd floor fetched $1,709 psf in February. Also, buyers of chosen units of 3 and 4 bedrooms starting 20th floor are getting discounts, an offer that is set to end later in the month. With its launch in May 2014, the project has been 56% sold.
Other than the condos launched recently, even older ones are receiving revived interest. The notable one is The Anchorage, a 775 unit whose transactions has increased since the end of 2016. The condo whose completion was 40 years ago is freehold by Frasers Centrepoint. Based on February 2 caveat, two units of 3-bedrooms measuring 1,507 sq ft each were transacted. The 10th floor unit was sold at $1.78m or $1,181 psf while the 19th floor one fetched $1.8m or $1,194 psf. It looks like the buyers are interested in value buys once more.
There will be another upcoming launch in this district by the name of Artra, located at Redhill. If you are keen to read on other upcoming development, please click on Watercove at Wak Hassan and Seaside Residences at Siglap.