Developers kick-start year with 3 freehold projects in 2020
Despite being just into the first month of the year, property developers have already started rolling out 3 new freehold projects in 2020.
They are Leedon Green by MCL Land & Yanlord, The Avenir by Hong Leong & GuocoLand, and Van Holland by Koh Brothers. These projects are located along Farrer Road (District 10), River Valley Road (District 9), and Holland Road (District 10 respectively.
According to reports, the market can expect around 40 – 50 projects being launched in 2020; around half will be located within the core central region (CCR) of Singapore.
As compared to last year, a total of 18 projects (yielding 3,045 private homes) were launched in the CCR. However, by the end of November 2019, approximately 19 percent of the units have been sold.
While the rate of sale for these projects is still relatively decent due to the high price point, the big question still remains – are they able to clear out all these units within the next 4 to 5 years?
Analysts pointed out that real estate developers are mostly looking to launch their projects for sale earlier in order to gain a first-mover advantage within a precinct.
Launches happening in District 10
Within District 10, two new freehold projects in 2020 will be opened for sale soon. They are Leedon Green and Van Holland.
Leedon Green is a 638-unit private condominium situated at the site of the former Tulip Garden. It sits within the Leedon Heights precinct and is expected to receive its TOP by 2023.
It was noted that a 1-bedroom unit (474 sq ft) at Leedon Green is priced from $1.312 million (or $2,769 psf); a 2-bedder (614 sq ft) from $1.666 million (or $2,714 psf), and 3-bedroom (958 sq ft) from $2.438 million (or $2.545 psf).
Over at the 69-unit Van Holland, the unit sizes range between 495 to 1,991 sq ft. Prices will start from $2,600 psf.
The highlight of January 2020
One of the most noticeable freehold projects in 2020 would have to be the Avenir condo.
Formerly known as Pacific Mansion, the 376-unit luxury condo at River Valley drew around 400 potential homebuyers during its preview.
Apart from its freehold tenure, Avenir is located within close proximity to the prime Orchard Road stretch and future Great World City MRT station.
In addition, the development is being designed by Jean Francois Milou – a renowned French architect.
It was reported that earlier prices will start from $2,930 psf, for the 1-bedroom to 3-bedroom units. As for the 4-bedroom units, prices will start from $3,030 psf.
Market watchers mentioned that there may be some competition coming from the balance units at the 450-unit Martin Modern. However, the situation may be better managed and controlled as both projects share the same real estate developer.
Based on transaction data from the Urban Redevelopment Authority (URA), the 99-year leasehold Martin Modern sold a total of 76 units in 2019 at an average psf price of $2,683.