Huttons AsiaOct 6 – 6.30pmLaunch pricing of Kassia on Flora Drive – the last development on the site of former Sun Rosier condo – appears to have benefitted from the uncertainty of the global economy. The selling price is in the range of S$1,500 to S$1,550 per square foot (psf).Launch pricing of Kassia on Flora Drive – the last development on the site of former Sun Rosier condo – appears to have benefitted from the uncertainty of the global economy. The selling price is in the range of S$1,500 to S$1,550 per square foot (psf).Kassia by developer Tripartite Developers is a 276-unit freehold condo at the Flora Road site where the previous Sun Rosier condo used to be. Kassia’s land area is 175,000 sq ft that is slightly smaller compared to Sun Rosier’s 199,000 sq ft.Kassia by developer Tripartite Developers is a 276-unit freehold condo at the Flora Road site where the previous Sun Rosier condo used to be. Kassia’s land area is 175,000 sq ft that is slightly smaller compared to Sun Rosier’s 199,000 sq ft.Kassia projected selling price is S$1,500 to S$1,550 psf, which is higher than the neighbors such as D’Nest and The Inflora, both currently selling at around S$900 psf to S$1,200 psf.Kassia projected selling price is S$1,500 to S$1,550 psf, which is higher than the neighbors such as D’Nest and The Inflora, both currently selling at around S$900 psf to S$1,200 psf.Kassia is surrounded by three bungalows, and just across the road from D’Nest. Industry experts believe that bungalows is a good selling point. However, it is not along Tampines Expressway and has only a small side gate, which makes it less convenient for those who drive.Kassia is surrounded by three bungalows, and just across the road from D’Nest. Industry experts believe that bungalows is a good selling point. However, it is not along Tampines Expressway and has only a small side gate, which makes it less convenient for those who drive.Kassia has a standard mix of one-, two-, three- and four-bedroom units. Though it may seem that a slightly smaller full size tennis court will be a bit of a concern, the semi-circle shape of the development make the distance between the blocks less crowded.Kassia has a standard mix of one-, two-, three- and four-bedroom units. Though it may seem that a slightly smaller full size tennis court will be a bit of a concern, the semi-circle shape of the development make the distance between the blocks less crowded.What may be more of a concern was that Kassia provided 8 smaller one-bedroom units at 495 sq ft to 527 sq ft. Meanwhile, two-bedrooms range from 657 sq ft to 743 sq ft, three-bedrooms at 1,100 sq ft and 1,200 sq ft, and four-bedrooms at 1453 sq ft.Kassia is also within walking distance to the Japanese School (Changi Campus). However, when the new Changi Airport Terminal 4 opens by 2017, more flights will be diverted to the existing terminals, and the busier airport may result in a more crowded neighborhood.Kassia is also within walking distance to the Japanese School (Changi Campus). However, when the new Changi Airport Terminal 4 opens by 2017, more flights will be diverted to the existing terminals, and the busier airport may result in a more crowded neighborhood.Related Topics
In the year 2024, the property market saw a drastic change, with two completely different halves. The first half was slow and uneventful, with boutique developments being the main attraction. According to Huttons Data Analytics, it also saw the lowest number of units launched for sale since the first half of 1996. The sales volume reflected this trend, with only 1,889 units sold in this period – the lowest number since 1996. However, the 533-unit Lentor Mansion managed to stand out amidst this lackluster performance, achieving a 75% take-up rate during its launch weekend in March. Other project launches in the first half of 2024 also saw relatively unimpressive sales compared to the previous year.
According to Mark Yip, CEO of Huttons Asia, the sluggish market sentiment could be attributed to uncertain job prospects and high interest rates. He believes that buyers were holding back in anticipation of highly-anticipated launches in the second half of the year, such as Chuan Park and Emerald of Katong. Interested buyers can search online for the latest new launches to get information on transaction prices and available units.
However, the launch of the 276-unit freehold Kassia on Flora Drive in late July marked a turning point for the market. With a 52% take-up rate, it set the stage for strong sales following the Lunar Seventh Month. This was followed by the launch of the 158-unit 8@BT at Bukit Timah Link, which saw 53% of its units sold over the weekend of Sept 21–22 at an average price of $2,719 psf.
In the third quarter of 2024, new home sales jumped 60% quarter-on-quarter, according to Huttons. This shift in sentiment has been attributed to the 50-basis point interest rate cut by the US Federal Reserve in September. The strong sales momentum continued in October, with more than 50% of the 226 units at Meyer Blue sold privately at an average price of $3,260 psf. This set a new benchmark for the prime District 15 area on the East Coast.
The 348-unit Norwood Grand in Woodlands also saw impressive sales figures, with a take-up rate of 84% during its launch in October. With an average price of $2,067 psf, it was the first project in Woodlands to surpass the $2,000 psf threshold. Its success was seen as a sign of growing buyer confidence and demand, according to Huttons’ Yip. This triggered a wave of activity in November, with a record-breaking six new projects comprising 3,551 units launched over a span of 10 days.
The month began with the launch of the 367-unit The Collective at One Sophia on Nov 6, followed by the 366-unit Union Square Residences at Havelock Road on Nov 9. This was followed by the launch of the 916-unit Chuan Park on Nov 10, and a surge in sales over the weekend of Nov 15-16 with three projects launched simultaneously: the 846-unit Emerald of Katong, the 552-unit Nava Grove, and the 504-unit Novo Place executive condo (EC). This propelled developer sales for November to 2,557 units – the highest figure since March 2013. Overall, new home sales in 2024 are expected to surpass those in 2023, indicating the resilience and strength of the property market.
According to Chia Siew Chuin, JLL’s head of residential research, the slow performance of the private residential market in the first three quarters of 2024 led to an unusual year-end scenario. Developers, who had postponed launches due to economic uncertainties and hopes for improved conditions, finally rolled out projects in November. She believes that this shift from caution to action was driven by the approaching year-end festive season and improved market sentiment since the third quarter of 2024. This created a dynamic market environment, defying the typical seasonal slowdown.
There is speculation about the possibility of property cooling measures following the unusually high sales figures in November. However, Chia believes that any intervention would depend on sustained sales momentum in the first quarter of 2025 and a sharp increase in property prices surpassing GDP growth. As of now, she does not foresee any new measures unless there are signs of persistent market overheating.
Overall, the property market in 2024 has shown strength and resilience despite uncertainties and global economic concerns. With a potentially higher number of units sold compared to the previous year, it highlights the enduring appeal of property as an asset for wealth creation and preservation.
Singapore has become a hot destination for condominium investments, drawing interest from both domestic and international investors. The country’s robust economy, political stability, and high standard of living make it a prime location for real estate opportunities. Condos, in particular, have emerged as a highly desirable option, offering convenience, luxurious amenities, and the potential for impressive returns. In this piece, we will explore the benefits of investing in a condo in Singapore, as well as the key considerations and necessary steps to take when making such a investment. Condo investments are on the rise, and it’s important to understand the ins and outs before diving in.