What is it about The Reserve Residences that has made it so popular? It’s a question that has been on the minds of many property watchers in Singapore. After all, the development has sold over 70% of its units, at an average price of S$2,460 psf, on the launch day.
More than 70% sold during launch
The Reserve Residences, a component of a mixed-use integrated development in Bukit Timah, achieved remarkable sales during its weekend launch, on 27th May 2023. Out of the 635 units released for sale, an impressive 520 units were sold at an average price of $2,460 per square foot (psf), according to developer Far East Organization and venture partner Sino Group. A 5-bedroom Sky Terrace apartment was sold at an impressive rate of $2,790 psf.
Who are buying?
The majority of buyers, approximately 99 percent, consisted of Singaporeans or permanent residents (PRs), with only three foreigners from the United States, who are subject to the same additional buyer’s stamp duty (ABSD) rate as Singaporeans due to a free trade agreement. Notably, more than 40 percent of buyers fell within the 31 to 40 age range, while around 22 percent were between 21 and 30.
Despite the recent ABSD rate hikes, residential launches such as this continue to perform well, particularly due to their strong support from Singaporean and PR buyers, many of whom are first-time homebuyers unaffected by the latest cooling measures. The Reserve Residences enjoys a convenient location with several nearby schools including Methodist Girls’ School and Pei Hwa Presbyterian Primary School, both within a 1-kilometer radius.
Why the success?
The property’s appeal extends beyond its favorable pricing, defying expectations set by Far East Organization’s typically higher-priced units. The lower price point has generated confidence among buyers and investors, while the development’s iconic status and integrated mall and transportation system further enhance its allure. Proximity to nature, parks, and a range of amenities including restaurants and food centers also contribute to the project’s desirability.
The Reserve Residences, set to be completed by 2028, will form an integral part of a comprehensive development plan. Read more on The Straits Times
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