Kingsford Achieves 76 Sales Chuan Park 2024S Best Performing Weekend Launch

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on EdgeProp SingaporeKingsford Group’s latest development, Chuan Park, saw a strong take-up rate of 76% on Sunday, Nov 10. Of the 916 units available, 696 were sold. The average price of units sold was around $2,579 psf. According to a spokesman for Kingsford, the majority of units sold were two-bedroom, two-bedroom+study, and three-to-five-bedroom units. Singaporeans comprised 93% of the homebuyers while permanent residents and foreigners accounted for 7%.PropNex CEO Ismail Gafoor reveals that 92% of the units that were transacted were two- and three-bedroom units, while the remaining 8% were four- and five-bedders. The prices of these units range from $1.6 million (for two-bedders) to $4.3 million (for a five-bedroom unit). “In our opinion, the developer has priced the project sensibly given the high demand, especially from potential buyers in the District 19 area,” he adds.Continue Reading: Emerald of Katong Attracts 10,000 Visitors as Sales Galleries Experience Surge During Deepavali WeekendMarcus Chu, CEO of ERA Singapore, notes that two- and three-bedroom units were the most popular among buyers, with most of them in their 30s and 40s. He also points out that many of the buyers were upgrading from older HDB flats or condominiums in nearby areas. “On the other hand, older buyers who are downsizing from landed properties are more likely to prefer larger four- or five-bedroom units,” he adds.Chuan Park’s strong sales, which closed on Nov 10, has placed it as the top-selling project of 2024 in terms of number of units sold, surpassing the 400 units (75%) sold at the 533-unit Lentor Mansion in March. However, in terms of percentage of units sold, Norwood Grand, which was launched in October, is still on top with 84% of its 348 units sold.”Apart from being the best-selling project of 2024, Chuan Park is also the fastest-selling since J Gateway, which sold all 738 units on its first day of launch in 2013,” says Mark Yip, CEO of Huttons Asia.This is yet another major achievement for Kingsford, who previously sold all 600 units of their 1,862-unit Normanton Park project in January 2021 within the weekend. Kingsford had acquired the 99-year leasehold Chuan Park site, which spans 400,500 sq ft, for $890 million in July 2022. The site is located next to the Lorong Chuan MRT Station, and is the first private condominium launch in the area since the debut of The Scala in August 2010.The project consists of three 22-storey and two 19-storey blocks, as well as two commercial units, on a 99-year leasehold site of 400,500 sq ft. The 916 units range from two- to five-bedrooms, with a size ranging from 700 sq ft to 1,841 sq ft.Read on: Over 5,000 Visitors at Chuan Park on First Day of PreviewLasting between Deepavali Day (Oct 31) and Nov 7, the preview period for Chuan Park welcomed more than 20,000 visitors, with over 2,800 cheques collected from interested buyers before the Nov 10 sales launch. Originally slated for Nov 16, the launch of Chuan Park was brought forward to Nov 10. According to Ken Low, the managing partner of SRI, this move helped redistribute the investor and homebuyer demand across various new developments. On Nov 16, three other projects are slated to launch: the 552-unit Nava Grove at Pine Grove, the 846-unit Emerald of Katong on Jalan Tembusu in the East, and the 504-unit executive condo Novo Place in Tengah in the West.Ken Low also anticipates that the successful sales at Chuan Park will carry over to the upcoming launches next weekend, building on the existing interest in these projects. “We are also seeing buyers gravitate towards other ongoing new launches,” he adds. “This momentum provides a welcome boost to an otherwise subdued 2024 market.”The interest rate cuts by the US Federal Reserve, with a 50-basis point cut on Sept 18 and a 25-basis point cut on Nov 8, coupled with the anticipation of further cuts next year, have bolstered confidence and demand in the real estate market. “With banks lowering their stress test rates, there will be increased affordability,” notes Ken Low. “Homebuyers will also save on monthly mortgage payments due to the reduced interest rates.”The improved market sentiment has encouraged even the hesitant homebuyers to return, says Ismail Gafoor. However, he cautions against expecting strong sales for all upcoming project launches. “Apart from the specific attributes of each development, other factors such as location, proximity to MRT stations, nearby new launches, and price sensitivity are crucial in determining the sales performance of a project.” Make your home search easy with EdgeProp’s powerful property search engineGet the latest info on Chuan Park listings here.