The weekend of May 11-12 marked a notable event in the real estate market with the successful launch of Roxy-Pacific Holdings' boutique development, Straits at Joo Chiat. This new addition to District 15's vibrant landscape achieved an impressive 20% sales rate, with three out of its 16 units sold at an average price of $2,100 per square foot (psf).
Strong Demand for Boutique Living
The sales included a mix of three-bedroom-plus-study and four-bedroom units, predominantly purchased by families seeking well-sized apartments. The trend towards boutique projects over larger condominiums continues to gain traction, as evidenced by the early success of Straits at Joo Chiat. Teo Hong Lim, executive chairman of Roxy-Pacific Holdings, notes that buyers today have more options and tend to be more discerning, taking their time to commit to a purchase.
Unique Appeal of Peranakan-Themed Development
Straits at Joo Chiat offers a unique Peranakan-themed living experience, blending Chinese, Malay, and European design elements. This thematic approach has captured the interest of buyers, according to Mark Yip, CEO of Huttons Asia. The combination of the regular layout, generous bedroom sizes, and competitive price points around $2 million for a freehold property adds to its allure.
The units cater specifically to family needs, ranging from three- to five-bedrooms. The three-bedroom-plus-study units start from 990 sq ft, while the three-bedroom-plus-guest units are from 1,044 sq ft. Four-bedroom units begin at 1,227 sq ft, and the five-bedroom units are a spacious 1,453 sq ft. Each floor houses four units of each type, providing a balanced living environment.
Comparative Market Insights
This launch follows the recent debut of Macly Group's Jansen House on May 4-5, which saw a similar boutique offering. Located in District 19's Kovan and Serangoon neighborhoods, Jansen House also experienced positive reception. Offering a 15% early bird discount, Macly Group priced its units attractively, starting from $1,940 psf. Two units sold during the launch weekend—an indication of strong interest in well-priced boutique developments.
Market Dynamics and Future Projections
In the broader context, developers' sales for the week of 6 May – 12 May 2024 were recorded at 41 units. The Core Central Region (CCR) accounted for 12.2% of these sales, with the Rest of Central Region (RCR) and Outside Central Region (OCR) making up 26.8% and 61%, respectively. Notably, top-selling projects included 19 Nassim and Klimt Cairnhill in the CCR, Grand Dunman in the RCR, and The Myst in the OCR.
Upcoming Developments and Market Opportunities
A significant development on the horizon is the GLS site at Holland Drive, set to close on 14 May. This site represents the last plot for private residential development in the popular Holland Village enclave. Potential development could see structures exceeding 30 storeys, offering residents panoramic views over the Good Class Bungalow (GCB) areas. Proximity to Holland Village MRT station and One Holland Village mall enhances its appeal. However, the large site size with over 600,000 sq ft of gross floor area suggests a substantial quantum, with top bids expected between $815 million and $877 million, translating to $1,300 to $1,400 psf per plot ratio (ppr).
Summary of Key Highlights:
- Straits at Joo Chiat: Achieved 20% sales at $2,100 psf.
- Unit Mix: Three- and four-bedroom units favored by families.
- Unique Theme: Peranakan-inspired design attracting discerning buyers.
- Jansen House Launch: Positive response with units sold at attractive prices.
- Market Sales (6-12 May 2024): 41 units sold, with top projects highlighted.
- Upcoming GLS Site: Potential high-rise development in Holland Village.
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Source 1: Edge Prop
Source 2: Huttons