First new launch of 2023, Sceneca Residence hits 60% sales on first day

Sceneca Residence, the first new project launch of 2023, was officially launched yesterday (Jan 14) after a two-week preview that started on Jan 1. One- and two-bedroom units, which made up 120 units in the development, were fully sold, accounting for 75% of the 160 units sold on launch day. Prices started from $958,000 for one-bedroom unit and $1.33 million for a two-bedroom. Singaporeans made up about 88.5% of the total homebuyers.The fourth quarter of 2022 ended with two executive condo (EC) project launches, namely the 639-unit Copen Grand at Tengah Walk in the west, which is now fully sold and the 618-unit Tenet at Tampines in the east, which is 93.2% sold to date.Recent transaction prices and rental rates achieved at neighbouring condos (Source: EdgeProp Landlens)The 268-unit Sceneca Residence located at Tanah Merah Kechil Link saw a robust performance since its launch: by 5 pm, 160 units (about 60%) were sold at an average price of $2,072 psf. The developer, a consortium made up of MCC Singapore, Ekovest Developments and The Place Holdings, had collected a total of 560 cheques by Thursday evening which resulted in the project being twice subscribed. This reflects a conversion rate of about 28.6%.It is rare to find a one-bedroom apartment for under $1 million in the market today, says Mark Yip, CEO of Huttons Asia. Ismail Gafoor, CEO of PropNex adds that the project would have sold more units had it had a higher proportion of one- and two-bedroom types.Marcus Chu, CEO of ERA Realty Network, attributes the robust sales to several reasons, including the direct link to the Tanah Merah MRT station and the convenience of a mall directly below the residential towers.The project is located near places of employment, such as the Changi Business Park, the Airport Logistics Park and Changi Airport, which is attractive for those who want to live close to their place of work.Sceneca Residence’s performance has certainly started the year on a positive note, according to PropNex’s Gafoor. “We hope that the sales momentum achieved will encourage other developers to price their projects right,” he adds.Following Sceneca Residence’s launch, the next two projects that are likely to preview during the Chinese New Year period are the 386-unit The Botany at Dairy Farm and the 271-unit Terra Hill in Pasir Panjang. Mark Yip, CEO of Huttons Asia points out that there hasn’t been much new supply in the vicinity of these two projects.As the first new project launch of 2023, Sceneca Residence’s performance is a harbinger of what other developers with projects in the pipeline could expect. “The strong sales result at Sceneca Residence should dispel doubts about the strength of the market and Tengah EC set the tone for the upcoming launches in February and March,” says Yip.Sceneca Residence, the first new project launch of 2023, was officially launched yesterday (Jan 14): one- and two-bedroom units, which made up 120 units in the development, were fully sold, accounting for 75% of the 160 units sold on launch day. Prices started from $958,000 for one-bedroom unit and $1.33 million for a two-bedroom. Singaporeans made up about 88.5% of the total homebuyers.Recent transaction prices and rental rates achieved at neighbouring condos (Source: EdgeProp Landlens)Balloting of units kicked off at 10.30 am on Jan 14, and by 5 pm, 160 units (about 60%) were sold at an average price of $2,072 psf. The developer, a consortium made up of MCC Singapore, Ekovest Developments and The Place Holdings, had collected a total of 560 cheques by Thursday evening resulting in the project being twice subscribed. This reflects a conversion rate of about 28.6%.It is rare to find a one-bedroom apartment for under $1 million in the market today, says Mark Yip, CEO of Huttons Asia. Ismail Gafoor, CEO of PropNex adds that the project would have sold more units had it had a higher proportion of one- and two-bedroom types. The smallest of the three-bedroom types, the “Classic”, with sizes from 904 sq ft to 1,055 sq ft, saw 23 out of 37 units (62%) taken up.Marcus Chu, CEO of ERA Realty Network, attributes the robust sales to several reasons, including the direct link to the Tanah Merah MRT station and the convenience of a mall directly below the residential towers. The project is located near places of employment, such as the Changi Business Park, the Airport Logistics Park and Changi Airport, which is attractive for those who want to live close to their place of work.Sceneca Residence is also located near amenities such as a mall, an added attraction for future residents and tenants. There are only four penthouses in the development, with sizes of 2,400 to 2,756 sq ft. Sceneca Residence’s performance has certainly started the year on a positive note, according to PropNex’s Gafoor. “We hope that the sales momentum achieved will encourage other developers to price their projects right,” he adds.Following Sceneca Residence’s launch, the next two projects that are likely to preview during the Chinese New Year period are the 386-unit The Botany at Dairy Farm and the 271-unit Terra Hill in Pasir Panjang. Near the freehold Terra Hill is the 548-unit, 99-year leasehold Kent Ridge Hill Residences, and next door to The Botany at Dairy Farm is the 460-unit Dairy Farm Residences. “These two upcoming launches should see good response as well,” says Yip.As the first new project launch of 2023, Sceneca Residence’s performance is a harbinger of what other developers with projects in the pipeline could expect. “The strong sales result at Sceneca Residence should dispel doubts about the strength of the market and set the tone for the upcoming launches in February and March,” says Yip.