First new launch of 2023, Sceneca Residence, achieves 60% sales on day one

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Two-68 units of Sceneca Residence located at Tanah Merah Kechil Link was inaugurated today (Jan 14) after the two-week preview, which started on January 1. The first round of unit sales began at 10.30 am on January 14th at 5 pm at 5 pm, around 160 homes (about 60%) had been sold for an average cost of $2,072 per sq ft.

The first project to that will be launched in 2023, the Sceneca Residence’s success is an indication for what future developers who have projects on the horizon can anticipate. According to reports that the developer -composed of a consortium consisting from MCC Singapore, Ekovest Developments and The Place Holdings – had received a total of 560 cheques on Thursday evening which is why the project was more than twice fully subscribed. the 160 sales show the conversion rate of around 28.6%.

“The project could be to be the first major private residential residential launches (excluding executive condos) following the introduction of the most recent round cooling measures on September 30, 2022. We do find that buyers are more careful and thoughtful in their purchasing decisions,” says Tan Zhiyong MCC Singapore’s CEO. MCC Singapore on behalf of the consortium.

The one- and two-bedroom apartments in Sceneca Residence were completely sold. They ranged in size from 463 sq ft to 883 square feet Oneand two-bedroom units comprise 120 units within the development. They accounted for 75% of all the units that were sold. Prices ranged from $958,000 for a single-bedroom or $1.33 million for two bedrooms.

“It is not common to get a one-bedroom house priced under $1 million in the current market,” says Mark Yip Huttons Asia’s CEO. Huttons Asia. “Astute buyers spotted this and bought all of the one-bedroom units. Two-bedroom units were also gone as the quantum proved to be an appealing as an starting point HDB upgrading enthusiasts.”

There are four penthouses within the development, and the sizes range between 2,400 and 2,756 sq feet. The largest penthouse with 2,756 square feet was one of the units available on the launch day.

Based on this developer, Singaporeans made up approximately 88.5% of the total amount of buyers who bought homes, with the permanent resident and those from abroad making up 11.5% of the total. 11.5%.

Sceneca Residence would have sold many more units if it was a larger proportion of two- and one-bedroom models, according to Ismail Gafoor, CEO of PropNex. “It is clear that there is a high demand for homes that cost under $1.8 million, with investors eager to buy the units, regardless of the higher rate of interest,” says Gafoor.

The smallest of the three-bedroom styles”Classic”, the smallest of three-bedroom types “Classic” has sizes of 904 sq ft up to 1,055 sq feet, saw 23 of the 37 apartments (62%) taken up and there was “a little pulling back” for the more spacious four-bedroom models which ranged of 1,044 sq feet to 1,518 sq feet. “There there was a bit of reluctance for some upgrading buyers who wanted to wait due to the uncertainty in the market and could have delayed their upgrades,” observes Gafoor. “That’s the reason we saw lower sales for the larger models.”

Sceneca Residence comprises two residential blocks of 14 and 15-storeys, which will be situated on the top of Sceneca Square, a 20,000 sq ft shopping mall with cafés, restaurants, shops and an 10,000 square foot new-to-market supermarket.

Marcus Chu, CEO of ERA Realty Network sees many of the buyers coming from the northeast and east regions of Singapore as well as a great mix of owners and investors. occupiers. Chu credits the strong sales to many factors, such as the close proximity to the MRT station in Tanah Merah as well as the convenience of a shopping mall right below these residential towers. “Residential developments near MRT stations are popular due to the ease of access,” he says. The mall and other amenities can be a draw for prospective homeowners and residents in Sceneca Residence, he adds.

The development is located close to places of employment including The Changi Business Park, the Airport Logistics Park and Changi Airport This is a draw for people who are looking to be near their workplace According to Chu.

The 4th quarter in 2022 concluded with two executive condominium (EC) projects being launched which included six39 units of Copen Grand at Tengah Walk in the west, which is completely sold, and the 618-unit Tenet located in Tampines located in east. Both are 93.2% sold to date.

Prior to that , there was the opening of SkyEden@Bedok’s 165-unit along with the 605-unit Lentor Modern in September. SkyEden@Bedok is just one stop on the MRT from Sceneca Residence, was 75% sold on the day of launch as did Lentor Modern saw 84% sales. Both had average sales prices of less than $2,100 per square foot.

Following the opening of Sceneca Residence the two next projects to open over this Chinese new Year duration are The Botany at Dairy Farm and the 270-unit Terra Hill in Pasir Panjang. “There isn’t a lot of new inventory around these two developments,” Yip points out. Nearby from The Botany located at Dairy Farm is the 460-unit Dairy Farm Residences, launched in November of this year and completely sold until the date. In the vicinity of Freehold Terra Hill is the 548-unit 99-year leasehold Kent Hill Residences, which first launched in November of 2018 and has been has been sold out to the present. “These two launches coming up — The Botany located at Dairy Farm and Terra Hill are expected to receive a positive responses,” he says.

“While there was some uncertainty about the direction of the market in 2023 the solid results in the Sceneca Residence should dispel doubts about the quality in the marketplace and establish the stage for the next launches scheduled for February and March.” Says Huttons Yip.

Sceneca Residence’s sales have certainly begun the year with a positive outlook According to PropNex’s Gafoor. “We are hoping that the momentum in sales achieved by Sceneca Residence will encourage other developers to set their prices appropriately, given that home buyers are also more price sensitive because of the current low interest rates,” he adds. “If an investment is not priced appropriately, there might be a pullback from buyers who are upgrading and may decide to leave.”