Blossoms By The Park achieves 73% sales despite government cooling measures

Sales at EL Development’s Blossoms By The Park on April 29 have achieved a take-up rate of 73%, with an average price of units sold at $2,423 psf. The one- and two-bedroom units have all been snapped up except for the two-bedroom penthouse units. An estimation of 96% of the buyers comprised of Singaporean and Permanent Residents, and 4% foreigners – the developer had garnered 745 cheques over the past fortnight, subscription rate of 2.75 times.

Despite the property cooling measures implemented on April 27 that targeted a small group of buyers, buyers were still confident enough to commit to the purchase of Blossoms By The Park due to the belief that Singapore’s real estate market is still attractive. This resulted in the highest first-day sales in 2023, when taking into account percentage basis.

The project was located in one-north, a precinct known to be limited in residential launches. The area is made attractive due to the 400 multinational companies, 15 public research institutions and institutions of higher learning, corporate campuses and 50,000 knowledge workers located nearby. This made the units at Blossoms By The Park popular among both owner-occupiers and future tenants alike, who would be attracted to live within a short commute to work.

The success of the project’s launch can be attributed to the higher ABSD imposed by the government, which jolted people to sell first before buying their next property and to rent in the meantime. Mark Yip, CEO of Huttons Asia, adds that it gave confidence to buyers who may have been on the fence to commit if their finances permit.

Tengah EC is a new eco-friendly executive condo located in the heart of Tengah New District with innovative green features, traditional Chinese music and a focus on sustainability. Available for Singaporeans during the initial launch phase, it has four major public transport stations and is close to several greeneries and Tengah EC recreational facilities.

With the strong sales exceeding the developer’s expectations, Ismail Gafoor – CEO of PropNex – notes that despite the property cooling measures, rental prices are expected to continue northwards due to the increase of people renting while they wait to purchase their next home.

Overall, the launch of EL Development’s Blossoms By The Park has proven to be a success, with the first day’s sales exceeding a rate of 70% for the one- and two-bedroom units, and more than three-quarters of the three-bedroom and dual key-units taken up.