The Continuum Sells Over 26% of its Units, The Continuum condo New Property Cooling Measures May Not Reduce Overall Property Prices, and More
The Continuum sold more than 26% or 216 out of its 816 units during its launch over the weekend. Meanwhile, Blossoms by the Park in Buona Vista witnessed robust demand, registering a 75% take-up rate within two days of its launch – indicating that the latest cooling measures may not cool property prices.
- The Continuum sells over 26% of units at an average price of $2,732 per sq ft (PSF)
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The Continuum sold more than 26% or 216 out of its 816 units during its launch over the weekend, with healthy demand seen across all unit types.
Dr Tan Tee Khoon, Country Manager – Singapore, PropertyGuru said: “The largest and only freehold developer launch in District 15, The Continuum, is the second project to debut and in this instance, 10 days after the announcement of new Additional Buyer’s Stamp Duty (ABSD) rates affecting multiple property purchasers and foreigners.
Having sold 216 units on the first weekend of sales, this meant a conversion of more than 40% expressions of interest from the preview period. Comparatively, the 816 unit development has performed just as well given that it is three times larger than Blossoms By The Park and after news of another Fed rate hike on 3 May 2023.
Noteworthy of mentioning is that healthy demand was observed for all unit types with an average selling price of $2732 PSF. This indicates that homebuyers value freehold tenure as a prized investment for the long haul, even for legacy purposes.
As the en bloc market is anticipated to decelerate, there may be fewer freehold launches in District 15 in the future. This makes the area particularly attractive to buyers purchasing for their children who wish to reside close to their parents. Additionally, The Continuum appeals to landed homeowners looking to downsize as they approach retirement age. Districts 15 and 16 boast a robust demand catchment, with one of the largest enclaves of landed homes in the region. We expect sales for the project to continue at a steady rate.”
Jointly developed by Hoi Hup Realty and Sunway Property, The Continuum sits on a 263,715 sq ft site on Thiam Siew Avenue, featuring 816 units spread across six 17- to 18-storey towers.
Over 60% of the units offered are 2- and 3-bedroom units.
- New property cooling measures may not reduce overall property prices
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Despite the introduction of new property cooling measures, Blossoms by the Park in Buona Vista witnessed robust demand, registering a 75% take-up rate within two days of its launch.
Most of the buyers were locals and the project set new benchmark prices in the area, reported The Straits Times.
With this, some people questioned whether the new cooling measures – which involve higher ABSD rates for Singaporeans and Permanent (PRs) buying second and subsequent homes as well as a 60% ABSD rate for foreign buyers – is effective in curbing investment demand.
“In the coming months, we can expect new mid-tier and mass-market residential projects to be launched at new record-high benchmark prices. Therefore, the latest cooling measures are unlikely to reduce the overall residential property prices,” said Nicholas Mak, Chief Research Officer at Mogul.sg.
