Cuscaden Reserve offers 'one price promotion' – a flat $2,850 psf for selected units

On July 5, the luxury condo Cuscaden Reserve launched a new "one-price promotion" of $2,850 psf. The promotion is for 16 two-bedroom-plus-study apartments on the 5th to 13th floors of two stacks in the 28-storey tower. The units are 936 sq ft each and come with a private lift. At $2,850 psf, each unit costs $2.67 million. The promotion ends on July 14 and is limited to the first five units sold in these stacks. PropNex, ERA, and Huttons Asia are the joint marketing agencies appointed by the developer. Four units have already been snapped up since the promotion launched last Friday. PropNex is said to have sold three units - two purchased by Singapore citizens and the third by a Singapore permanent resident (PR). Huttons brokered the fourth unit. Read also: PLP Architecture designs world’s first AI research lab in China Advertisement Advertisement

Half of the four-bedders snapped up

Three other units sold over the weekend were four-bedroom units, the largest apartments in the 192-unit development. They are 2,099 sq ft, and there are only six such units. They were created from the amalgamation of adjoining two- and three-bedroom units on the 21st, 23rd, 24th, 26th, 27th, and 28th floors. Prices of the four-bedroom units sold were said to be above $3,400 psf or upwards of $7.14 million. Huttons brokered two of the four-bedroom units sold, while ERA stitched up the sale of the third unit. Developed by Singapore-based luxury property developer SC Global Developments in a joint venture with Hong Kong-listed New World Development and Far East Consortium International, Cuscaden Reserve offers a mix of one-bedroom-plus-study, two-, three- and four-bedroom apartments. Unit sizes start from 700 sq ft for a one-bedroom-plus-study, 807 sq ft for a two-bedroom, 818 sq ft for a two-bedroom-plus-study, and 926 sq ft for a two-bedroom-plus-study with private lift. The three-bedroom units are 1,152 sq ft, and the four-bedroom units are 2,099 sq ft.

Relaunch at lower prices

The luxury project debuted in September 2019 and saw 12 units sold at an average price of $3,625 psf by the end of December 2023. Cuscaden Reserve was relaunched in March this year at prices in the $2,900 psf to $3,000 psf range, about 20% below the average transacted prices in its initial launch. Units at the relaunch were sold via private placement, which closed on March 16 after two weeks of private previews. According to PropNex, 45 units were sold then and were predominantly two-bedroom units from $2.292 million ($2,823 psf). Read also: Private housing further moderates to 1.1% q-o-q growth in 2Q2024; URA flash estimates Advertisement Advertisement Based on caveats lodged as at July 8, 104 units have been taken up, with Singaporeans accounting for 77% of the buyers. However, according to sources, the latest tally is higher at 118 units (61.5%), including the weekend sales.

‘Best-selling project in the CCR’

"Cuscaden Reserve was the best-selling project in the Core Central Region [CCR] last week," says Ngiam Juyong, project director of Huttons Asia. "There was very strong traction in the promotion with several units sold and some units showing strong indication of interest." According to Ngiam, the two- and three-bedroom units have been the most popular with buyers since the relaunch in March. Only one of the 21 three-bedroom units is still available. He adds that the buyers are a good mix of investors and owner-occupiers. Located in prime District 10, Cuscaden Reserve is a 99-year leasehold condo on Cuscaden Road. It is flanked by two freehold luxury condos: the 54-unit Park Nova by Hong Kong-listed Shun Tak Holdings and the 77-unit, 3 Orchard By-the-Park by Malaysian-listed YTL Corp's property development subsidiary, YTL Land & Development. While Park Nova is entirely sold, one unit is linked to one of the 10 convicts in Singapore's biggest money laundering case. The last recorded transaction at Park Nova was for a 1,432 sq ft, three-bedroom unit on the third level of the 20-storey tower that sold for $4.85 million ($3,388 psf) in September 2023. At 3 Orchard By-the-Park, the latest transaction was for a 3,251 sq ft, four-bedroom duplex that fetched $12.643 million ($3,889 psf) in May. The buyer is a Singapore PR based on a caveat that has been lodged. Read also: Bukit Timah Turf City - Rare Homeownership Opportunity in a Prime District Advertisement Advertisement