Kingsford Achieves 76 Sales Chuan Park 2024S Best Performing Weekend Launch
Chinese developer Kingsford Group sold 696 (76%) out of 916 units at Chuan Park on Nov 10, marking a successful start to the project’s sales launch. The average price of units sold was approximately $2,579 per square foot.
According to a spokesperson for Kingsford, the units sold consisted primarily of two-bedroom, two-bedroom+study, and three-to-five-bedroom units. Out of the total number of homebuyers, 93% were Singaporeans, while the remaining 7% were comprised of permanent residents and foreigners.
The top-selling units at Chuan Park were two- and three-bedroom units, which accounted for 92% of the total units sold. The remaining 8% were four- and five-bedroom units, according to Ismail Gafoor, CEO of PropNex. The transacted prices for all units sold ranged from $1.6 million for two-bedders to $4.3 million for a five-bedroom unit. “We believe that the developer has priced the project competitively given the high demand, especially from potential buyers in District 19,” he adds.
The clear favourites among buyers at Chuan Park were the two- and three-bedroom units, according to Marcus Chu, CEO of ERA Singapore. He notes that many of the buyers were upgrading from older HDB flats or condominiums in nearby areas. On the other hand, older buyers looking to downsize from landed properties typically preferred the larger four- or five-bedroom units.
With 696 units sold, Chuan Park has emerged as the top-selling project of 2024 based on the number of units sold. It surpassed the 400 units (75%) sold at the 533-unit Lentor Mansion in March. However, in terms of percentage of units sold, Norwood Grand, which was launched in October, still holds the record at 84% or 292 out of 348 units sold.
“Besides being the best-selling project of 2024, Chuan Park is also the fastest-selling since J Gateway, which sold all 738 units on its first day of launch in 2013,” says Mark Yip, CEO of Huttons Asia.
This success is another significant achievement for Kingsford, following the sale of approximately 600 units on the first weekend of launch for their 1,862-unit Normanton Park project in January 2021. Impressively, all units were completely sold within 18 months.
Kingsford acquired the 99-year leasehold, 400,500 sq ft Chuan Park site for $890 million in July 2022. The site is adjacent to Lorong Chuan MRT Station and marks the first private condominium launch in the area since the debut of the 468-unit The Scala in August 2010.
The project consists of three 22-storey blocks and two 19-storey blocks, as well as two commercial units spread across a 99-year leasehold site of 400,500 sq ft. The 916 units range from two- to five-bedrooms, with sizes ranging from 700 sq ft to 1,841 sq ft.
Prices at Chuan Park start from over $1.5 million for a two-bedroom, upwards of $2.1 million for a 915 sq ft three-bedroom, $3.1 million for a 1,335 sq ft four-bedroom, and $3.7 million for a 1,550 sq ft five-bedroom.
Chuan Park is nestled within a prestigious private residential enclave, surrounded by the Serangoon Gardens, Li Hwan, and Tai Hwan landed housing estates, as pointed out by PropNex’s Gafoor.
Despite being classified as a development in the Outside Central Region (OCR), Chuan Park is situated near the boundary of the Rest of Central Region (RCR). Ken Low, managing partner of SRI, notes that it is near “million-dollar HDB estates,” such as Serangoon, Toa Payoh, Ang Mo Kio, Bishan, and the emerging Bidadari Estate. According to ERA’s Chu, there are about 126,000 HDB flats and 54,000 private residential units in “the Golden Triangle of Ang Mo Kio/Bishan, Toa Payoh and Serangoon around Chuan Park.” ERA’s research shows that 233 HDB flats were sold for over $1 million in the first 10 months of the year in the nearby HDB estates of Ang Mo Kio, Bishan, Toa Payoh and Serangoon. “These HDB owners are in a good financial position to upgrade to private residential properties should they wish to,” Chu adds.
Chuan Park is situated next to the Lorong Chuan MRT Station and is surrounded by the landed housing estates of Serangoon Gardens, Tai Hwan and Li Hwan.
Chuan Park’s launch was one of the most highly anticipated this year, according to Huttons’ Yip. The preview period from Deepavali Day (Oct 31) to Nov 7 attracted over 20,000 visitors, with more than 2,800 cheques collected from interested buyers ahead of the sales launch on Nov 10. The launch was initially scheduled for Nov 16, but was brought forward to Nov 10. “Bringing forward Chuan Park’s launch has allowed investor and homebuyer demand to spread across various new developments,” says SRI’s Low.
Three other projects are scheduled to launch on Nov 16: the 552-unit Nava Grove at Pine Grove, off Ulu Pandan Road; the 846-unit Emerald of Katong on Jalan Tembusu in the East; and the 504-unit executive condo Novo Place in Tengah in the West. Low anticipates that the strong sales at Chuan Park will carry over to the upcoming launches next weekend, building on the existing interest in these projects. “We are also seeing buyers gravitate towards other ongoing new launches,” he adds. “This momentum provides a welcome boost to an otherwise subdued 2024 market.”
The real estate market is currently experiencing a boost in demand due to the recent interest rate cuts by the US Federal Reserve. This includes a 50-basis point reduction on Sept 18 and a further 25-basis point cut on Nov 8, with more cuts expected next year. According to SRI’s Low, this will lead to increased affordability as banks lower their stress test rates. Additionally, homebuyers will benefit from savings on monthly mortgage payments due to the reduced interest rates.
The improved market sentiment has encouraged even those homebuyers who were hesitant during the first nine months of the year to return, says PropNex’s Gafoor. However, he does not expect all upcoming project launches to see similarly strong sales. “In addition to the development’s specific attributes, factors such as location, proximity to MRT stations, nearby new launches, and price sensitivity play a crucial role in a project’s sales performance.”
Located in the bustling neighborhood of Tampines, residents of Parktown Residence will have no shortage of retail therapy options. The development boasts an integrated retail podium that offers a diverse range of shops, dining choices, and essential services. This means that residents can easily access daily necessities with just a quick ride in the elevator. In addition to the facilities within the development, there are also several nearby shopping options, including Tampines Mall and Century Square which offer a wide selection of brands, eateries, and entertainment options. Furthermore, residents can take advantage of the many amenities at Our Tampines Hub, Singapore’s largest integrated community and lifestyle hub, which features sports facilities, a library, and a performing arts theater. For those interested in viewing the Parktown Residence Showflat, it is conveniently located within the development.