Kingsford achieves 76% sales at Chuan Park in 2024's best-performing weekend launch

Chinese developer Kingsford Group moved 696 (76%) out of 916 units at Chuan Park on Sunday, Nov 10. The average price of units sold was around $2,579 psf. The units sold ranged from two-bedroom, two-bedroom+study, and three-to-five-bedroom units, says a spokesman for Kingsford. Singaporeans comprised about 93% of the total number of homebuyers, while permanent residents and foreigners accounted for the remaining 7%. "Two- and three-bedroom units were clear favourites as most buyers are in their 30s and 40s," says Marcus Chu, CEO of ERA Singapore. He notes that many of these buyers were upgrading from older HDB flats or condominiums in nearby areas. "Meanwhile, older buyers who are downsizing from landed properties tend to prefer the larger four- or five-bedroom units," he adds. Read also: Emerald of Katong draws 10,000 as crowds surge at project sales galleries during Deepavali weekend Advertisement Advertisement Chuan Park has, therefore, emerged as the top-selling project of 2024, both in terms of total units sold and percentage of units sold. It surpassed the 400 units (75%) sold at the 533-unit Lentor Mansion in March and the 292 units (84%) sold at the 348-unit Norwood Grand in October. "Besides being the best-selling project of 2024, Chuan Park is also the fastest-selling since J Gateway, which sold all 738 units on its first day of launch in 2013," says Mark Yip, CEO of Huttons Asia. This success marks another significant achievement for Kingsford. In January 2021, their 1,862-unit Normanton Park project sold about 600 units on the first weekend of its launch. Remarkably, all units were entirely sold within 18 months. Kingsford acquired the 99-year leasehold, 400,500 sq ft Chuan Park site for $890 million in July 2022. The site is adjacent to Lorong Chuan MRT Station and marks the first private condominium launch in the area since the 468-unit The Scala's debut in August 2010. The project has five blocks – three 22-storeys and two 19-storeys – and two commercial units spread across a 99-year leasehold site of 400,500 sq ft. The 916 units range from two- to five-bedrooms, ranging from 700 sq ft to 1,841 sq ft. Prices started from over $1.5 million for a two-bedroom, upwards of $2.1 million for a 915 sq ft three-bedroom, $3.1 million for a 1,335 sq ft four-bedroom, and $3.7 million for a 1,550 sq ft five-bedroom. Read also: Chuan Park attracts 5,000 visitors on first day of preview Advertisement Advertisement Chuan Park is nestled within an affluent private residential enclave, surrounded by the Serangoon Gardens, Li Hwan, and Tai Hwan landed housing estates, as noted by Ismail Gafoor, CEO of PropNex. Although classified within the Outside Central Region (OCR), Chuan Park is near the boundary of the Rest of Central Region (RCR). Ken Low, the managing partner of SRI, highlights that it is near "million-dollar HDB estates", including Serangoon, Toa Payoh, Ang Mo Kio, Bishan, and the emerging Bidadari Estate. ERA's Chu estimates there are around 126,000 HDB flats and 54,000 private residential units in "the Golden Triangle of Ang Mo Kio/Bishan, Toa Payoh and Serangoon around Chuan Park", he adds. Based on ERA's research, 233 HDB flats were sold for over $1 million in the first 10 months of the year in the nearby HDB estates of Ang Mo Kio, Bishan, Toa Payoh and Serangoon. "These HDB owners are in a good financial position to upgrade to private residential properties should they wish to," Chu adds. Chuan Park's launch was among the most anticipated this year, according to Huttons' Yip. The preview period from Deepavali Day (Oct 31) to Nov 7 attracted over 20,000 visitors, with more than 2,800 cheques collected from interested buyers ahead of the sales launch on Nov 10. Initially scheduled for Nov 16, Chuan Park's launch was brought forward to Nov 10. "Bringing forward Chuan Park's launch has allowed investor and homebuyer demand to spread across various new developments," says SRI's Low. Three other projects are set to launch on Nov 16: the 552-unit Nava Grove at Pine Grove, off Ulu Pandan Road; the 846-unit Emerald of Katong on Jalan Tembusu in the East; and the 504-unit executive condo Novo Place in Tengah in the West. Read also: Year-end rush: Record six projects set to launch in November Advertisement Advertisement Low anticipates that the robust sales at Chuan Park will carry over to the upcoming launches next weekend, building on the existing interest in these projects. "We are also seeing buyers gravitate towards other ongoing new launches," he adds. "This momentum provides a welcome boost to an otherwise subdued 2024 market." The recent interest rate cuts by the US Federal Reserve—a 50-basis point reduction on Sept 18 and a 25-basis point cut on Nov 8, with further cuts anticipated next year—have boosted confidence and demand in the real estate market. "There will be increased affordability as banks lower their stress test rates," notes SRI's Low. "Additionally, homebuyers will benefit from savings on monthly mortgage payments due to the reduced interest rates." The improved market sentiment has encouraged even those homebuyers who were hesitant during the first nine months of the year to return, says PropNex's Gafoor. However, he does not expect all upcoming project launches to see similarly strong sales. "In addition to the development's specific attributes, factors such as location, proximity to MRT stations, nearby new launches, and price sensitivity play a crucial role in a project's sales performance." 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