The real estate market continues to flourish as Chinese developer, CSC Land Group managed to offload 442 out of 520 private homes at its latest new launch condo project, Twin Vew – located at West Coast Vale over the launch weekend.
Buyers paid an average of S$1,399 psf for the units at the 99-year leasehold Twin Vew condominium. The development is expected to be completed by 4Q 2021.
It comprises of two 36-storey residential towers, with unit types ranging from 1-bedders to 4-bedders. The indicative pricing started at $650,000 for a 1-bedroom unit.
It was noted that back during late 2016, the nearby Parc Riviera condo by EL Development was only launched at an average of $1,150 psf.
Twin Vew is CSC Land’s maiden private residential project and its holding company China Construction (South Pacific) Development snapped up the West Coast Vale site for $592 psf ppr back in February 2017.
Analysts believe that the strong take-up rate was due to the fact that City Development Ltd (CDL) bought another adjacent site at West Coast Vale at $208 psf ppr more than what China Construction paid the site housing Twin Vew condo.
They added that when the time comes for CDL to launch its new condo project, it will need to launch at prices above $1,400 psf in order to reap any kind of decent profit.
Another key selling point for Twin Vew would be its close proximity to future Jurong Lake District and the planned high-speed rail terminus linking Singapore directly to Kuala Lumpur.
Property consultants are expecting no less than 12,000 new private residential homes to be sold in 2018 (including executive condo units), surpassing the 10,566 private homes sold last year in 2017 and they believed that the strong prices at new launch projects is somewhat a confirmation to the resilience shown in the mass market property segment.