The Myst private condominium with 408 units located on Upper Bukit Timah Road 101 units (27%) were sold at the end of the initial weekend of its launch on the 9th of July. The median price for condos sold is $2,057 per sq ft according to the the listed property developer City Developments Ltd (CDL).
About 99% of buyers are Singaporeans According to CDL and Permanent Resident of China are one%. “The positive response to The Myst by local homebuyers indicates a steady demand for homes in suburban areas,” says Sherman Kwek, CDL group CEO.
Grand Dunman launch sales distribution across the property types was quite varied.
Although all types of units were well-received CDL claimed that the two-bedroom and one-bedroom models were the most sought-after.
Close to 63% of the 48 one-bedroom-plus-study units of 517 sq ft were taken up. Around 38% of the 245 two- and three-bedroom units ranging from 678 to 732 sq ft of space were sold. Three-bedroom units that ranged between 850 and 1,163 sq feet, had over 15% bought.
“The oneand two bedroom homes were sought-after because of the affordable quantum rates,” says Mark Yip the CEO of Huttons Asia. “The development also attracted owners who love the area due to the proximity to nature, the good primary schools, and cashew’s MRT station.”
The Myst is a mere 5 minute walk to the Cashew MRT station on the Downtown Line. The Myst is just a four-to seven-minute drive from several nature parks like The Bukit Timah Nature Reserve Chestnut Nature Park Dairy Farm Nature Park and Bukit Batok Nature Park.
“District 23 is a desirable area due to its tranquility and closeness to nature and also for its easy access to the amenities and future developments within the region including The Jurong Lake District as well as Tengah Town,” says CDL’s Kwek. “We believe of the fact that The Myst, with its appealing prices will remain an ideal option for those who want the most desirable of both worlds – luxury resort-style accommodation with strong geographical features.”
In the last four months there were two more projects that were in the close vicinity to Upper Bukit Timah and Hillview The 386 unit the Botany in Dairy Farm Walk in March, and The 732-unit The Reserve Residences at Jalan Anak Bukit in May.
The Reserve Residences located in the city’s fringe, (or Rest of Central Region (RCR) of District 21, has more than the threshold of 81% closed (594 units) for an average of $2,474 per square foot. In The Botany in the Dairy Farm district of District 23 the property has 208 homes (54%) have been sold at an average of $2,060 psf.
“These two developments are The Botany The Botany and The Reserve Residences are already been able to absorb more than 800 units of interest from those interested in the location over the last couple of months.” states Ismail Gafoor who is the Chief Executive Officer of PropNex.
URA data revealed the URA data showed a 1.2% q-o-q uptick in 2Q2023 in non-landed private home rates in the OCR decreasing off from 1.9% q-o-q increase in the prior quarter. But, PropNex puts the slowdown due to the absence of new projects launched in the OCR in 2Q2023 as well as the small inventory of unsold new homes. “Given the lack of launches in the OCR, we believe that the most popular OCR project in the 2Q2023 period is The Botany at Dairy Farm,” according to PropNex in a statement to the media on July 3. announcement on the publication of URA 2Q2023 flash estimate.
Thus, Gafoor is confident that the buying activity at The Myst will pick up over the next few months due to The Myst’s “attractive price” along with “positive market demand within OCR”. OCR”.
According to Huttons”Yip,” the launches of 2023 have been very strong with every major non-landed projects achieving the sale of minimum 100 units the day of launch. “Take-up rate is dependent on the amount of units that are part of the project as well as the zone of the catchment,” he says. “It will differ between projects; consequently, it should not be used to compare projects located in different areas of island.”