At least eight new condominium projects, mostly in the prime Core Central Region (CCR), have offered discounts in April and May to draw buyers, The Business Times has learnt.
A two-bedroom unit in the 64-unit One Draycott was advertised at S$2.2 million, half a million less than its original price of S$2.7 million. According to caveats filed, the District 10 project built by Selangor Dredging Bhd has sold 19 units since its launch in 2018, at prices ranging from just under S$2.3 million (for a 732 square feet unit) to S$3.5 million (1,345 sq ft).
Bukit Sembawang’s District 9 project, The Atelier, sold 46 units or 38 per cent of its 120 units in April alone, after it offered a 7 per cent discount in the same month on certain units. The Newton area condo was first marketed in February 2021, but shelved its public launch amid health and safety concerns during the Covid-19 pandemic.
The Atelier has sold 94 units so far, according to caveats data as at May 18. The lowest price transacted rang in at about S$1.42 million, for a 10th floor unit of 549 sq ft sold in April 2023, compared to S$1.49 million for an eighth floor unit in the same stack sold in December 2022.
According to URA’s latest tally of developers’ sales, the median price of units sold at The Atelier in April was S$2,658 per square foot. This is 8.8 per cent lower than the median price of S$2,916 psf when the project was first launched in March 2021, when it sold four units, noted CBRE’s head of research for South-east Asia Tricia Song.
Lower median psf prices may point to deals being sealed at lower pricing, although it may also indicate more units of a certain size being sold.
Source: The Business Times