The Reserve Residences sells 71% of total units at an average of $2,460 psf
Far East Organization aka FEO which is the Singapore giant property pioneer and developer announced they had sold 520 units at The Reserve Residences with their joint venture partner Sino Group on May 28, the close of the project’s launch weekend. 635 units released out of the total of 732 units in the project by The Reserve Residences developer which translates to a sales figure translates of 82% of units released and 71% of total units.
Having to achieve a whopping significant number 82% of released units on the first weekend proved that thoughtful design, a strategic location, and the scarcity of integrated developments with a transport hub have made this project very attractive to homebuyers
“We are confident our high floor units, sky terrace homes and penthouses with exceptional views will continue to delight homebuyers.” The sales gallery was closed for sales balloting on May 27, but reopened on May 28, with more units on the higher floor released, adds Shaw.
In terms of the number of units sold, “it is the highest first-weekend sales since Normanton Park,” says Mark Yip, CEO of Huttons Asia. Mainland Chinese real estate developer and builder Kingsford Development sold about 600 units of its 1,862-unit Normanton Park project on its launch weekend In Jan 2K21. The entire development with 1,862-unit was fully sold out within 18 months since its maiden launch.
Prices at The Reserve Residences started from $2,225 psf and hit a high of $2,790 psf for a 1,765 sq ft, five-bedroom, sky-terraced apartment. Meanwhile, according to the developers in a media release, the average price achieved across all units sold was $2,460 psf.
Smaller units type such as the 1-bedroom and 2-bedrooms layout at The Reserve Residences are fully sold, have been taken up. “The robust and high demand for the one-bedroom and two-bedroom units indicates keen interest from investors,” says Ismail Gafoor, CEO of PropNex. “Some purchasers could also be looking at potentially benefitting from the transformation and urban renewal of the Beauty World precinct.”
Huttons’ Yip says he isn’t surprised by the solid first-weekend sales achieved at The Reserve Residences. “It is the first and only integrated transport hub (ITH) development in Bukit Timah and District 21 which make it almost like a limited edition collection to own once in a lifetime,” he adds. “The fear of missing out on a good development is a decisive push for many, as long as they have sufficient cash on hand and bank mortgages are approved.”
Apartment units at The Reserve Residences range from 441 to 495 sqft for a one-bedroom; 560 to 807 sq ft for a two-bedroom; 883 to 1,378 sq ft for a three-bedroom; 1,475 to 2,250 sq ft for four-bedroom apartments and duplex units; and 1,765 to 3,003 sq ft for five-bedroom apartments, duplex and penthouse units.
All units are fully equipped with smart home features, including a Smart Gateway and an e-Concierge as well as furnished with branded home appliances such as ovens, refrigerators, washers and dryers from SMEG.
Majority of the sales were below $2 million which such quantum are easily affordable by affluent buyers in this region since many are staying in the landed homes. However, about 100 units sold were a mix of three- to five-bedroom units. He reckons these will likely be families who want the primary schools withing 1 km, namely Pei Hwa Presbyterian Primary School and Methodist Girls’ School (Primary). Both schools are highly sought after in the Bukit Timah District 21.
“The Reserve Residences integrated with Bukit V, a significantly huge retail mall of more than 20,000 sqm (215,280 sq ft), with Cold Storage’s CS Fresh supermarket as the confirmed anchor tenant,” says Marcus Chu, CEO of APAC Realty and ERA Asia Pacific. “The development is amalgamated with the upcoming bus interchange, with direct access to Beauty World MRT Station.”
Almost all the buyers are Local Singapore citizens and Singapore Permanent Residents, with three foreign buyers of US citizenship. Under the Free Trade Agreement, US citizens are subject to the same additional buyer’s stamp duty (ABSD) as Singaporeans. Hence, they are not subjected to the 60% ABSD that foreigners now have to pay.
Regarding the profile of buyers, those aged between 31 to 40 years old constituted 41%, while those between 21 and 30 made up 22%.