{"id":68230,"date":"2023-08-14T17:10:11","date_gmt":"2023-08-14T09:10:11","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=68230"},"modified":"2023-08-17T18:41:50","modified_gmt":"2023-08-17T10:41:50","slug":"the-arden-sale-units","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/the-arden-sale-units\/","title":{"rendered":"The Arden sells 26% of units at an \u201cattractive\u201d average price of S$1,750 psf"},"content":{"rendered":"
<\/div>

The sales weekend of <\/span>The Arden<\/span><\/a> on 12-13 August saw a take-up rate of 26% at an average price of S$1,750 psf.\u00a0<\/span><\/p>\r\n

The 105-unit project is a boutique development along Phoenix Road near the Choa Chu Kang and Bukit Panjang neighbourhoods. It is an enbloc site of a row of apartments and shops along Phoenix Road, which developer Qingjian Realty acquired for S$42.6 million in 2019.\u00a0<\/span><\/p>\r\n

According to Qingjian Realty in a press release, The Arden saw a positive response from prospective buyers on its booking day. 68 individuals expressed keen interest, while 36 potential buyers participated in the balloting exercise. Eventually, 27 out of 105 units were snapped up.\u00a0<\/span><\/p>\r\n

\"the<\/a>
A showflat unit at The Arden<\/figcaption><\/figure>\r\n

The Arden\u2019s average sale price is one of the most affordable private residential new launches in the Outside Central Region (OCR)<\/a> this year. Several units were also priced below S$1,700 psf.\u00a0<\/span><\/p>\r\n

Ismail Gafoor, CEO of PropNex, says, \u201c<\/span>Having purchased the site back in 2019 when land cost was perhaps a bit more manageable, the developer likely has some flexibility in its pricing strategy amid today\u2019s high cost environment. We have seen a number of new OCR launches transacting at prices over S$2,000 psf, and The Arden would represent a value-buy for many owner-occupiers, including HDB upgraders.\u201d<\/span><\/p>\r\n

\"new<\/a>
The average price of new sale transactions in the Outside Central Region (OCR) is S$2,073 psf from January to July 2023.<\/figcaption><\/figure>\r\n

Suitable homes for owner-occupiers\u00a0<\/strong><\/h2>\r\n

According to Qingjian Realty, The Arden\u2019s 2-bedroom units were the most popular among buyers. 3-bedroom and 4-bedroom units also \u201cenjoyed a steady and substantial demand,\u201d with a majority of them \u201cacquiring the units for their own stay.\u201d<\/span><\/p>\r\n

“The response we’ve received for The Arden has been remarkable. The demand showcases the appeal of our meticulously designed living spaces and the value we offer to our customers,” says Ouyang Jing, General Manager of Qingjian Realty.<\/span><\/p>\r\n

\"the<\/a>
The CoSpace concept at The Arden<\/figcaption><\/figure>\r\n

One of The Arden\u2019s unique selling points is its CoSpace concept in several 3 and 4-bedroom unit types. B<\/span>uyers are able to have flexible unit configurations as they can customise their living spaces based on their preferences at any stage of their lives.<\/span><\/p>\r\n

Furthermore, standard units at <\/span>The Arden<\/span><\/a> come with a high ceiling of 3.2m, while penthouses enjoy 4.6m.\u00a0<\/span><\/p>\r\n

Marcus Chu, CEO of ERA Singapore, notes that The Arden is \u201ca compelling choice for homebuyers and investors\u201d as it has an \u201cattractive pricing and well-thought-out\u201d features. It is also in \u201ca strategic position to enjoy the benefits of living close to the upcoming Jurong Innovation District (JID) and Jurong Lake District (JLD).\u201d<\/span><\/p>\r\n

Check out 99.co’s review of The Arden.<\/a><\/i><\/p>\r\n

Muted sales amid nine new launches in July and August<\/strong><\/h2>\r\n

During The Arden\u2019s launch weekend, two other projects, <\/span>TMW Maxwell<\/span><\/a> and <\/span>Orchard Sophia<\/span><\/a> also launched for sale. TMW Maxwell sold 7 out of 80 units (9%) which were released, at an average price of S$3,310 psf. Meanwhile, Orchard Sophia sold 19 out of 78 units (24%), at an average price of S$2,800 psf.\u00a0<\/span><\/p>\r\n

\"altura<\/a>
Altura EC’s showflat<\/figcaption><\/figure>\r\n

The combined sales of 53 units last weekend were more muted than previous weeks\u2019 launches. For instance, on the weekend of 5-6 August, <\/span>Altura EC<\/span><\/a> sold 220 out of 360 units with a take-up rate of 61%. In July, <\/span>Grand Dunman sold 550 out of 1,008 units<\/span><\/a> with a take-up rate of 54%.\u00a0<\/span><\/p>\r\n

PropNex\u2019s Gafoor attributes this to a \u201cchoice paralysis\u201d as \u201cbuyers are <\/span>spoilt for choice in today\u2019s market, with more than 2,500 units (excluding ECs) still unsold from recently launched projects since April. Faced with so many options, understandably buyers will need more time to come to a decision.\u201d<\/span><\/p>\r\n

In July and August this year, there were nine <\/span>new launches<\/span><\/a>. Although they have distinct concepts and price points targeting different segments of buyers, there\u2019s less urgency to purchase a new condo during its launch weekend.\u00a0<\/span><\/p>\r\n

ERA\u2019s Chu notes that, <\/span>\u201cWhile genuine buying demand remains resilient, we do see increasingly more homebuyers making their rounds to consider various options before returning to pick up a unit in the project of their choice.\u201d<\/span><\/p>\r\n