The LakeGarden Residences sells 71 of project’s 306 units at S$2,120 psf average during launch
Two property launches experienced mixed responses from buyers over the weekend. The LakeGarden Residences managed to sell 71 units, accounting for 23 percent of its total of 306 units. On the other hand, Altura executive condominium (EC) saw the sale of 220 units, equivalent to 61 percent of its 360 units.
The units sold during the launch of The LakeGarden Residences by Wing Tai in Jurong achieved an average selling price of S$2,120 per square foot (psf), as stated in a press release on August 6. The 71 units sold represented 34 percent of the units released during the launch.
This development comprises 306 units situated in two towers, with 227 units of two- and three-bedroom configurations making up nearly three-quarters of the total.
Ismail Gafoor, the CEO of PropNex Realty, attributed the relatively modest launch performance of the project to “homebuyers experiencing some degree of buyers’ fatigue,” possibly due to the recent launch of more than 2,500 new units across various major projects in the past month. Gafoor suggested that buyers might be taking time to evaluate their options before making a purchase decision.
Beyond the two- and three-bedroom units, LakeGarden Residences, which holds a 99-year leasehold, also offers four duplex penthouses ranging from 2,002 square feet (sq ft) to 2,260 sq ft, as well as one-, four-, and five-bedroom units.
Wing Tai acquired the land plot through the collective sale of Lakeside Apartments for S$273.9 million in May 2020, at a premium of 14 percent over the S$240 million reserve price. This translates to a land rate of around S$1,250 psf per plot ratio (ppr).
According to PropNex’s weekend transactions, some former residents of the previous development also purchased units at LakeGarden Residences. Notably, two-bedroom and three-bedroom units constituted over 70 percent of the units sold during the launch.
Stacey Ow Yeong, Head of Marketing at Wing Tai Property Management, stated that the majority of buyers for The LakeGarden Residences were families and upgraders residing in the Western part of Singapore. This demonstrates a strong demand for private residential properties in the emerging Jurong Lake District, along with trust in the quality and value of Wing Tai’s developments.
In the same weekend, Altura EC commenced sales at an average price of S$1,433 per square foot (psf), achieving sales of 220 units out of the 360 available.
Qingjian Realty and Santarli Realty secured the Bukit Batok EC site through a state land tender in March 2022 for S$266 million, or S$662 psf ppr, setting a new record for EC development land at the time.
PropNex’s Gafoor noted that Altura’s pricing set a new record for an EC launch. In comparison, Copen Grand and Tenet, launched the previous year, had average prices of S$1,300 psf and S$1,360 psf, respectively.
Altura is strategically located within a 1 km radius of the new Anglo-Chinese School (Primary) in Tengah. The three- and four-bedroom premium units were the most sought after, with over 70 percent of applicants and balloters being second-time applicants.
Ouyang Jing, General Manager of Qingjian Realty, expressed delight in the enthusiastic response from potential buyers, recognizing Altura as an outstanding opportunity. HDB upgraders showed strong interest, purchasing all units allocated to second timers within the initial three hours of sales booking, according to Huttons’ Yip.
Given that Altura is likely the only EC launch in 2023, the robust demand was anticipated. Copen Grand EC, launched in Q4 2022, sold out within a month. This demand signifies the enduring appeal of ECs among Singaporean families, especially considering the limited availability of EC units and rising home prices, stated Marcus Chu, CEO of ERA.
