Sometimes, we hear about new launch condos that don’t perform well. There are times when we hear of condos approaching their ABSD deadlines, but aren’t sold out yet.
And then, there are those that make headlines for selling really well during the launch weekend.
So today, we’re looking at new launch condos that had a high take-up rate during the launch weekend in the past year.
These are:
- Jervois Mansion (99%)
- Pasir Ris 8 (85%)
- Canninghill Piers (77%)
- Piccadilly Grand (77%)
Here’s the current take-up rate, according to URA’s monthly developer sales as of April 2022.
| Project name | Total number of units launched for sale | Number of unsold units | Take-up rate |
| Jervois Mansion | 105 | 1 | 99% |
| Pasir Ris 8 | 487 | 52 | 89.3% |
| Canninghill Piers | 696 | 86 | 87.6% |
*We didn’t include the figures for Piccadilly Grand since the project was just launched earlier this month.
We also asked a few agents on the ground for insights on the high take-up rate. Based on their responses, in general, we can break down the reasons into these four factors:
- Connectivity to the MRT (and the mall)
- Lack of new launches in the area
- Attractive launch price
- Bonus: Personal touch
Connectivity to the MRT and the mall
Out of the four best-selling projects we’ve listed, three of them are integrated developments with direct connectivity to the MRT.
Canninghill Piers is connected to the Fort Canning MRT on the Downtown Line, while Piccadilly Grand is connected to the North-East Line via Farrer Park MRT.
Not only is Pasir Ris 8 connected to Pasir Ris MRT, but it has direct links to the bus interchange as well.
On top of that, all three of them come with retail spaces.
According to Rex Tan from Huttons, these factors have helped boost sales.
“These developments have strong demand as residents fuel the demand for retail options. With that, we are looking forward to the next mixed-use development, which is Sky Eden @ Bedok by Frasers.”
Jasmine Lau from PropNex added that the direct access to the MRT for Piccadilly Grand makes it very easy to get to town. She elaborated that during the preview of the new launch project, she was also commuting through Farrer Park MRT to conduct viewings that were near MRT stations.
“Farrer Park MRT is also much closer to Piccadilly Grand, than to City Square Residences and Sturdee Residences which are the other two large condominiums in front of the same MRT.”
Nizam Gafoor from PropNex explained that given Pasir Ris 8’s direct connectivity to the MRT and bus interchange, it’s a game-changer in Pasir Ris and District 18.
“Beyond that, they’ve got a childcare centre and a polyclinic there.”
Lack of new launches in the area
Another factor that these new launches have in common is the lack of competition in the area.
According to Norman Koh from PropNex, one reason Canninghill Piers performed so well was because of the lack of competition for integrated developments in the area.
In fact, there aren’t any new launches in District 6 apart from this project.
This was also what Jasmine observed for Piccadilly Grand. It’s been a while since a mid-sized condo was launched in the area. The nearby Uptown @ Farrer, completed in 2021, only comprises 116 units, while Piccadilly Grand has 407 units.
“There are very few units available in condos with full facilities, especially in sizes with more than 400 units. Each condo is pretty much more than 10 years old.
“The TOP date (2026) is very attractive to many buyers because they will collect their keys when the supply of new condominiums is very little. So for investors, that’s a good thing.”
Likewise, apart from Parc Komo (which is about an 18-minute walk to the upcoming Loyang MRT), there haven’t been any new launches in Pasir Ris, making Pasir Ris 8 an attractive buy. Before Parc Komo, the last new launch was Casa Al Mare, which was completed in 2021.
“So Pasir Ris 8 was highly anticipated; people were looking forward to it. And clearly the only obvious choice, either they go for a new launch or it has got to be a resale and resale units were already a few years older,” explained Nizam.
Attractive launch price
Agents we talked to also shared that some of these projects were reasonably priced, particularly Pasir Ris 8 and Jervois Mansion.
Nizam believed that the good take-up rate for Pasir Ris 8 ultimately boiled down to one reason: the super attractive launch price. Prices for units there had started at S$1,400 psf.
Looking at our Researcher data, in the two months before the launch in July 2021, the average price psf for new sale condos in Pasir Ris has been hovering around S$1,300 to S$1,400.
Since then, the average price psf for these new sale condos has been hovering around S$1,650. According to URA’s monthly developer sales data for April 2022, the median price psf for Pasir Ris 8 based on three transactions in the month was S$1,618.
“If you look at it even today, I would say there are many units that are very attractively priced,” said Nizam.
Rex also highlighted the very attractive price of Jervois Mansion during the preview.
“At that time, the prices were more affordable compared to those of the nearby resale and new launches.”
Prices started at around S$2,200 psf. On the other hand, the average price of new sale condos in Tanglin has been hovering around S$2,700 to S$2,900 a few months before Jervois Mansion’s preview and launch in October 2021.
He added, “A 3-bedroom unit in Jervois Mansion, a freehold, was priced much lower than Mon Jervois, a 99-year leasehold, during the preview.”
Between May and September 2021, the average price of a 3-bedroom at Mon Jervois was S$3.65 million. In comparison, the average price of a 3-bedroom unit at Jervois Mansion was S$2.28 million during the launch month.
Bonus: Personal touch
What’s interesting to note is that out of these four projects, one of them is from a small developer.
When it comes to new launches, buyers are usually more attracted to well-known developers to minimise risk. Bigger developers also tend to have more resources and a bigger marketing budget.
So it’s noteworthy that Jervois Mansion, coming from a small developer (Kimen Realty), raked in a take-up rate of 99% during the launch weekend.
Norman explained that this was down to the unique personal touch of the developer.
“They’ve come up with a modern design, yet retaining the success of the existing development. The practical layout, coupled with lush greenery, helps create a homely feel.”
(Writer’s note: the project was a redevelopment of Jervois Mansions.)
On top of that, he shared that there was a strong focus on Jervois Mansion sitting on a rare and large freehold plot.
“To sum up, I believe what drew people in was how well thought out the concept was.”
What do you think are the reasons for the high take-up rate for these new launch condos? Let us know in the comments section below or on our Facebook post.
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