Hoi Hup Realty & Sunway Developments sold 26.5% of The 816 units of The Continuum during its launch weekend, at an average of $2.732 per square ft.
The joint developers said that 216 condominium units were sold, and there was a healthy demand for all types of units.
The project is located in Thiam Siew Avenue, off Tanjong Katong Road. It contains 816 units spread over six tower blocks of 17 or 18 stories. Over 60 percent of the available units are two and three bedroom apartments.
The last project of this type in the Katong district was Haig Court, which launched in 2004.
The majority of buyers were locals or first-timers. A number of units were sold in larger sizes, which indicates that they were bought by families to live in.
The Continuum is a freehold large development that has attracted buyers. The majority chose to own two-bedroom and three-bedroom apartments.
These larger developments are more likely to be resold at a higher price than smaller ones. This is because there is more demand for resale and more transactions that result in higher prices.
“Today’s buyers are thinking long-term, and their ability to make more money and return on their purchase is an important consideration.”
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The “keen” demand for homes in the District 15 was reflected by the encouraging take-up rates of units. The launch of Tembusu Grand in April sold 53% of its 638 apartments at an average of $2,465 per square foot.
The average price for The Continuum will likely be higher than the Tembusu Grand. This is due to a premium being paid for freehold property, which has a tendency to hold its value better in the long run.
The site was purchased by the developers in November 2021, for $815,000,000. Later, they added a smaller plot of land on 2A Thiam Siew Avenue.
The Continuum took-up rate was lower than 75 percent at Blossoms By the Park, that was the first residential development to be launched following the implementation of the latest cooling measures. Blossoms By The Park had only 275 available units.
Both developments sold well despite the cooling measures.
In the past 16 months, developers had sold freehold non-landed properties in District 15, with a median transaction price of $2480 per square foot. If a new condo project is launched with a much higher price than similar projects in the area, sales will be slower.
In both the Buona vista and District 15 areas, the percentage of housing units purchased by foreigners was low at less than 5% of all transacted units.
Source: https://www.straitstimes.com/business/the-continuum-sells-265-of-units-over-launch-weekend-at-prices-averaging-2732-psf