The Reserve Residences: 71% of Units Sold at Average of $2,460 PSF
The Reserve Residences' 1-bedroom units have all been sold.
Far East Organisation and Sino Group released the news that 520 units at their latest new launch project, The Reserve Residences had been sold by 6 p.m. on 28 May 2023 (Sunday).
Out of a total of 732 residential units within the project, the developer released just 635 units.
The figure equates to 82 per cent of residential units released for sale and 71 per cent of the entire development sold.
According to Shaw Lay See, the COO of Far East Organization’s sales and leasing group, the impressive achievement of selling 82 per cent of the released units during the 1st weekend demonstrates the project’s appeal.
The thoughtful design, brilliant location, and rarity of integrated private developments that come with a transport hub have all contributed to its appeal among homebuyers.
Shaw is confident that the units on the higher floor levels, sky terrace homes, and also the penthouses with spectacular views will likely continue to entice prospective buyers.
The showflat reopened on May 28 after a sales balloting on 27 May 2023 (Saturday), with additional units on higher floors available for purchase.
According to Mark Yip, CEO of Huttons Asia, the number of units that were sold during the first weekend of sales is the highest since Kingsford Development’s Normanton Park condominium.
On the first weekend of sales in January 2021, the property developer sold approximately 600 units within its 1,862-unit condo project and was completely sold out in 18 months.
The Reserve Residences’ prices ranged from $2,225 per square foot to $2,790 per square foot for a 1,765 square feet, 5-bedroom, sky-terraced apartment.
In the meantime, the developers stated in a press release that the average psf price attained across all residential units sold was $2,460.
Approximately 99 per cent of buyers are Singapore citizens or Permanent Residents, with 3 foreign buyers with US citizenship.
US citizens are treated to the same additional buyer’s stamp duty (ABSD) rates as Singapore citizens under the Free Trade Agreement.
As a result, they are exempt from the 60 per cent ABSD that foreign buyers must now pay.
Buyers between the ages of 31 and 40 made up 41 per cent of the total, while those who are between the ages of 21 and 30 were 22 per cent.
The Reserve Residences’ 1-bedroom units have all been sold, and all of the available 2-bedroom units have also been acquired.
According to Ismail Gafoor, CEO of PropNex, the overwhelming demand for 1-bedroom and 2-bedroom units is a clear indication of keen buying interest from property investors.
He also suggests that some buyers may think about the potential benefits of the Beauty World precinct’s transformation and rejuvenation.
Mark Yip, CEO of Huttons, attributes the development’s success to the fact that it is the only integrated transport hub development within the Bukit Timah precinct and in District 21.
Yip explains that buyers are driven by the apprehension of losing out on a potentially lucrative development, as long as they possess the required financial resources and have obtained approval for bank mortgages.
He also added that many of the residential units sold were under $2 million.
However, approximately 100 units were sold, with a mix of 3- to 5-bedroom units.
He believes these are families looking for a Bukit Timah address close to Pei Hwa Presbyterian Primary School and also Methodist Girls’ School (Primary).
Marcus Chu, CEO of APAC Realty and ERA Asia Pacific, emphasises The Reserve Residences’ integration with Bukit V, a large retail mall spanning over 20,000 square metres.
He also mentioned Cold Storage’s CS Fresh supermarket as the mall’s confirmed anchor tenant.
Chu also mentions that the development is linked to the future bus interchange and provides direct access to the nearest Beauty World MRT Station.