JURONG Lake District’s latest residential development project Sora sold 102 – or 23.2 per cent – of its total units as at 6 pm on Sunday (Jul 7), during its launch weekend, at an average selling price of S$2,160 per square foot (psf), said its developers SingHaiyi and TK 189 Development.
Over the weekend, 320 of the 440 total units in the 99-year leasehold project were launched for sale.
Of the available units, more than 80 per cent of the one-bedroom units, which also include a study, were sold. Most of the remaining units sold were two-bedroom units or two-bedders with a study.
Raymond Chia, chief executive of SingHaiyi, said that more than half the buyers are below 40 years old, which indicates “the rejuvenation of the area and the confidence in Sora’s relevance and potential”.
“A home like this – in the heart of the dynamic Jurong Lake District – especially at this price point, was very well-received by the market,” he added.
PropNex Realty CEO Ismail Gafoor said: “The launch weekend saw a healthy interest from buyers residing beyond the western areas. Only 30 per cent of the buyers are from Jurong and Clementi.”
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Based on data from Huttons Asia, the one-bedders with a study and two-bedroom units were the most popular among owner-occupiers and investors.
Mark Yip, chief executive of Huttons Asia, said: “Almost 95 per cent of the units sold were in the sweet spot pricing of below S$2 million.”
ERA Singapore’s CEO Marcus Chu noted that units priced up to S$1.5 million are perceived to be “more prudent options for now” for owner-occupiers and investors in their 30s and 40s, due to higher-for-longer interest rates and elevated Additional Buyer’s Stamp Duty (ABSD).
ERA’s data, as at 4 pm on Jul 6, showed that 81 per cent of the 538 sq ft one-bedders with a study with prices starting from S$996,000 – as well as 70 per cent of the 646 sq ft to 667 sq ft two-bedroom units priced from S$1.3 million – were snapped up.
“As such, the take-up is within expectations,” said Chu.
In contrast, Nicholas Mak, chief research officer of Mogul.sg, said the “mediocre sales” at Sora shows that some buyers are not in a hurry to commit to a purchase.
This is despite Sora having several appealing factors in favour, such as its proximity to Lakeside Garden and Jurong’s potential as the next central business district.
Private residences in Jurong are also not dependent on foreigners, with units in that area mostly purchased by Singaporeans and permanent residents – indicating that the 60 per cent ABSD applied to foreign homebuyers would not affect housing demand in Jurong, said Mak.
However, as there are about 20 residential projects set to launch in the next six months and several unsold units in launched projects, homebuyers are “spoilt for choice” and becoming more price-sensitive, he noted.
“Property developers may have to accept that in the current market climate, the days of selling more than 50 per cent of the units in a major residential project within the first weekend of the launch are over,” he added.
He pointed to the launch of Wing Tai’s The LakeGarden Residences, which sold 71 – or 23 per cent – of its total 306 units in its August launch weekend last year. Units at this 99-year leasehold project transacted at an average selling price of S$2,120 psf during that weekend.
Caveats lodged as at Jun 30 indicate that The LakeGarden Residences has sold 141, or 46.1 per cent, out of its total units.
Gafoor said: “We believe that the sales at Sora and the upcoming launch of Kassia later this month would give the new home sales segment a much-needed boost and liven things up, ahead of more launches to come.”
Sora occupies a site area of 191,974 sq ft, with a gross plot ratio of 2.1. The area was secured with a S$260 million bid at a collective sale tender in July 2022, at a land rate of S$1,023 psf per plot ratio.
The majority of the development’s units are two- and three-bedders, which start at 646 sq ft and 936 sq ft, respectively. It also has one-bedders with a study, which are between 538 sq ft and 689 sq ft.
The four-bedroom units start from 1,528 sq ft, while five-bedders begin at 1,679 sq ft. The larger four- and five-bedroom units will feature a private lift.
Previews for Sora began on Jun 22. Its gallery on Prinsep Street will be closed from Jul 8 to 12, and will reopen for viewing from Jul 13.
Sora is the largest of recent launches in Jurong.
The LakeGarden Residences occupies 134,176 sq ft and has 306 units, while CapitaLand Development’s mixed-use development J’den is located on a site measuring 83,648.5 sq ft.
J’den, which is a redevelopment of former mall JCube, sold 88 per cent of its 368 residential units at an average selling price of S$2,451 psf when it launched on Nov 11 last year. Caveats data showed that J’den has sold a total of 334 units, or 90.8 per cent, as at end-June.
