Chuan Park Draws Strong Demand

Impressive Launch for Chuan Park

About Chuan Park Draws Strong Demand. The Chuan Park by Kingsford Group recently completed a highly successful launch, garnering attention from over 20,000 visitors during its preview period. By November 10, the project had sold 696 out of 916 units at an average price of S$2,579psf. Reflecting strong buyer interest. Over 2,800 cheques were submitted as expressions of interest. Highlighting the significant appeal of this residential development in Singapore’s competitive market.

Dominance of Singaporean Buyers (Chuan Park Draws Strong Demand)

The majority of Chuan Park buyers were Singaporean, comprising 93% of the sales. While permanent residents and foreigners accounted for the remaining 7%. The development offered a range of unit types, including two-bedroom, two + study, and three-to-five-bedroom options, designed to cater to a broad range of buyer needs. This composition aligns with local buyer preferences. As many Singaporeans seek convenient and comfortable living spaces in established neighborhoods with good amenities.

Preferred Unit Types and Pricing Strategy

Kingsford’s pricing strategy reflects a careful balance between affordability and market demand. Two- and three-bedroom units were especially popular, making up 92% of units sold, while the larger four- and five-bedroom units constituted the remaining 8%. Pricing ranged from S$1.6 million for two-bedroom units to S$4.3 million for five-bedroom units. PropNex CEO Ismail Gafoor noted that these price points were set with sensitivity to demand, especially for buyers seeking new homes within District 19’s appealing location.

Top-Selling Project of 2024 by Volume (Chuan Park Draws Strong Demand)

With its high sales volume, Chuan Park now stands as Singapore’s best-selling residential project in 2024. Surpassing Lentor Mansion, which saw 400 units sold earlier in the year. In terms of percentage sold, Norwood Grand, launched in October, holds the highest at 84% sold. However, Chuan Park has set itself apart in terms of total units sold. This high rate of sales has placed the project among Singapore’s most successful residential launches. Comparable to the 2013 launch of J Gateway, which sold out on its opening day. Mark Yip, CEO of Huttons Asia, commented that Chuan Park’s rapid sales show the developer’s ability to meet the market’s needs.

Read Also: Six Major Residential Launches in November Adding 3,551 Units to Market

Prime Location and Lifestyle Convenience

More on Chuan Park Draws Strong Demand | Situated adjacent to Lorong Chuan MRT Station, Chuan Park’s location enhances its value and attractiveness. The project is nestled within a residential area that includes Serangoon Gardens, Tai Hwan, and Li Hwan, creating a quiet neighborhood with easy access to transport options and lifestyle amenities. Chuan Park’s positioning just outside the Rest of Central Region (RCR) boundary. This makes it an affordable yet well-situated choice, particularly for HDB upgraders. Being close to high-value HDB estates in Serangoon, Bishan, and Toa Payoh has increased its appeal to a large pool of potential buyers.

Chuan Park’s location in District 19 offers families access to a range of reputable schools. Enhancing its appeal for buyers with children. Nearby educational institutions include the renowned Nanyang Junior College and St. Gabriel’s Secondary School, both within a short drive from the development. Additionally, prestigious primary schools such as Yangzheng Primary School and Serangoon Garden Secondary School are also located in close proximity. This proximity to established schools makes Chuan Park an attractive option for families looking for a convenient, well-connected home with access to quality education. The availability of good schools in the area further boosts the development’s value, offering long-term benefits for residents seeking a balanced lifestyle.

Positive Market Sentiment from Interest Rate Cuts

Recent interest rate cuts by the US Federal Reserve have positively influenced buyer sentiment in Singapore. Particularly for developments like Chuan Park. The reduction, with a 50-basis point cut in September and a 25-basis point cut in November. It has improved affordability and reduced mortgage costs for buyers. Lower stress test rates have enabled more buyers to enter the market, while reduced monthly payments are an added incentive. SRI’s Ken Low noted that these favorable conditions encouraged even previously hesitant buyers to reconsider their options in the real estate market.

Sustained Interest for Upcoming Projects (Chuan Park Draws Strong Demand)

The success of Chuan Park’s launch has set a positive tone for several upcoming launches. Including Nava Grove at Pine Grove, Emerald of Katong on Jalan Tembusu, and Novo Place executive condo in Tengah. Chuan Park’s November 10 launch date, initially set for November 16, allowed for buyer interest to be spread across these new projects, according to SRI’s Low. This strong market interest suggests that buyer confidence remains high, creating favorable conditions for the upcoming projects in November.

Read also: Other upcoming launches – River Green (River Valley), Aurelle of Tampines (Tampines). Bloomsbury Residences (Media Circle), Arina East Residences (Tanjong Rhu), Aurea Condo (Beach Road), The Orie Condo (Toa Payoh) and Elta Condo (Clementi).

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