442 units sold include 4 penthouses
The average selling price at the West Coast Vale condominium was $1,399 psf. The price is considered affordable, thus it was not surprising that 442 out of 520 units were sold over the weekend. This included 4 out of the available 6 penthouses. All unit-types were well-received and it showed the diversity in buyer-profiles. Completion of the project is estimated to be in the fourth quarter of 2021.
Twin VEW consists of two 36-storey towers with 520 units in total. Units range from one- to four-bedder units including 6 penthouses. Prices of a one-bedder start from $650,000.
This is CSC Land’s maiden project. It’s parent company, China Construction (South Pacific) Development paid $592 psf ppr for the site last year.
A strong response from buyers for this 99-year leasehold development has boosted confidence all around. Buying momentum is expected to carry through the rest of the year.
Majority of buyers were Singaporeans and Permanent Citizens
Singaporeans and permanent citizens formed the majority of the buyers this time round. There were just 9 units bought by foreign nationals from China, Indonesia and Europe. It seems local buyers are more than ready to jump back into the market.
The neighboring Parc Riveria launched at $1,150 psf in 2016, but recent land bids for a plot nearby was won by City Development (CDL) for $800 psf ppr, about $200 more than what CSC Land paid for this plot. This would mean starting prices for the new launch on CDL’s site might have to begin from $1,400 psf.
Prices of units at new launches are expected to continue in an upward trajectory and at least 12,000 new private homes are estimated to be sold this year.