Kingsford Achieves 76 Sales Chuan Park 2024S Best Performing Weekend Launch

in District 19.Situated in the heart of District 19, Chinese developer Kingsford Group successfully sold 696 units, representing 76% of the 916 total units available, on Sunday, November 10 at their latest project, Chuan Park. The average price per square foot of these units sold came in at approximately $2,579.The range of units sold consisted of two-bedroom, two-bedroom+study, and three-to-five-bedroom units, according to a spokesperson for Kingsford. The majority of these units were purchased by Singaporeans, making up 93% of the total buyers, while the remaining 7% were made up of permanent residents and foreigners.According to CEO of PropNex, Ismail Gafoor, approximately 92% of the units sold were comprised of two- and three-bedroom units, with the remaining 8% being four- and five-bedroom units. The transacted prices for all units ranged from $1.6 million (for two-bedroom units) to $4.3 million (for five-bedroom units). “Overall, we believe that the developer has priced this project competitively, taking into consideration the overwhelming demand, particularly from prospective buyers within the district 19 area,” he added.Read also: Emerald of Katong draws 10,000 as crowds surge at project sales galleries during Deepavali weekendAdvertisementAdvertisementTwo- and three-bedroom units were the most popular among buyers, according to CEO of ERA Singapore, Marcus Chu, as most of the buyers were in their 30s and 40s. Chu noted that many of the buyers were upgrading from older HDB flats or condominiums in nearby areas. However, he added that older buyers who were downsizing from landed properties tended to prefer the larger four- or five-bedroom units.Chuan Park’s sales at the close of November 10, as reported by property agents. (Source: Property Agents)With 2024 in its final stretch, Chuan Park has established itself as the top-selling project of the year in terms of number of units sold, surpassing Lentor Mansion’s 400 units (75%) that were sold in March. However, in terms of percentage of units sold, Norwood Grand—launched in October—still holds the top spot, with 84% or 292 out of 348 units sold.”In addition to being the best-selling project of 2024, Chuan Park is also the fastest-selling since the launch of J Gateway, which sold all 738 units on its first day in 2013,” says CEO of Huttons Asia, Mark Yip.This continued success marks yet another significant triumph for developer Kingsford. Back in January 2021, their 1,862-unit Normanton Park project managed to sell 600 units over the course of its first weekend. Impressively, every single unit was completely sold within just 18 months.Kingsford had acquired the 99-year leasehold site at Chuan Park for $890 million back in July 2022. The site is located beside the Lorong Chuan MRT Station and represents the first private condominium launch in the area since the 468-unit debut of The Scala back in August 2010.Chuan Park consists of five blocks in total, with three measuring 22 storeys in height, and the remaining two are 19 storeys tall. These blocks also feature two commercial units spread across the site’s 99-year leasehold, which spans 400,500 square feet. The 916 units made available range from two- to five-bedrooms and vary in size from 700 square feet to 1,841 square feet. Read also: Chuan Park attracts 5,000 visitors on first day of previewAdvertisementAdvertisementThe 50m lap pool at Chuan Park. The project is expected to be completed by 2027 (Artist’s Impression: Kingsford Group)Prices for these units began at over $1.5 million for two-bedroom units, $2.1 million for three-bedroom units at 915 square feet, $3.1 million for four-bedroom units at 1,335 square feet, and finally, $3.7 million for five-bedroom units at 1,550 square feet.According to PropNex’s Gafoor, Chuan Park’s prime location within an affluent private residential neighborhood surrounded by Serangoon Gardens, Li Hwan, and Tai Hwan landed housing estates is a major selling point for the development. Furthermore, despite being classified within the Outside Central Region (OCR), its proximity to the boundary of the Rest of Central Region (RCR) further adds to its appeal.Managing partner of SRI, Ken Low, highlights that it is also very close to “million-dollar HDB estates”, including Serangoon, Toa Payoh, Ang Mo Kio, Bishan, and the newly established Bidadari Estate. According to Chu, around 126,000 HDB flats and 54,000 private residential units can be found in what he refers to as the “Golden Triangle of Ang Mo Kio/Bishan, Toa Payoh and Serangoon around Chuan Park”. Additionally, ERA’s research shows that there have been 233 HDB flats sold for over $1 million in the first 10 months of this year alone in nearby HDB estates such as Ang Mo Kio, Bishan, Toa Payoh, and Serangoon. “These HDB owners are typically in a good financial position and may want to upgrade to private residential properties,” Chu adds.Chuan Park is situated just beside the Lorong Chuan MRT Station and is encircled by landed housing estates in Serangoon Gardens, Tai Hwan and Li Hwan, as seen in EdgeProp Landlens. With a launch as highly anticipated as Chuan Park, CEO of Huttons Asia, Mark Yip, is sure to attract a large number of interested potential buyers. The preview period, which ran from Deepavali Day (October 31) to November 7, saw over 20,000 visitors and more than 2,800 cheques collected from interested buyers before the sales launch commenced on November 10.Initially scheduled for November 16, the Chuan Park launch was brought forward by six days. “By bringing forward the launch of Chuan Park, investors and homebuyers are able to consider and explore the various upcoming developments,” says Low of SRI.Read also: Year-end rush: Record six projects set to launch in NovemberAdvertisementAdvertisementThree new projects are set to launch on November 16, including the 552-unit Nava Grove at Pine Grove, just off Ulu Pandan Road; the 846-unit Emerald of Katong on Jalan Tembusu in the East; as well as the 504-unit executive condominium Novo Place in Tengah, found in the West.Low expects the robust sales achieved by Chuan Park to carry over to these upcoming launches next weekend, with the existing interest in these projects already fuelling their success. “We are also seeing a growing attraction towards other ongoing new launches,” he adds. “This momentum provides a welcome boost to an otherwise muted 2024 market.”The US Federal Reserve’s recent reduction of interest rates by 50 basis points on September 18 and another 25 basis points on November 8, with further cuts expected in 2024, has boosted confidence and demand within the current real estate market. These changes are expected to make homebuying more affordable as banks use lower stress test rates. Additionally, buyers should see savings on their monthly mortgage payments as a result of these reduced interest rates.The improved market sentiment has encouraged even those homebuyers who were previously hesitant in the first nine months of the year to return to the market, says PropNex’s Ismail Gafoor. However, he does not expect all upcoming project launches to experience similarly strong sales. “Apart from the development’s individual attributes, factors such as its location, proximity to MRT stations, nearby new launches, and price sensitivity all play a critical role in the project’s sales performance.” Check out the newest listings for Chuan Park properties in District 19.

Additionally, the Urban Redevelopment Authority (URA) has outlined plans for Tampines that emphasize the development of a more inclusive and united community. These plans include various initiatives that aim to foster community bonding and cultural appreciation, ultimately enhancing the social landscape of the region. Events, festivals, and communal spaces will be tailored to bring residents together and promote a stronger sense of community spirit, making Tampines an even more enriching and desirable place to call home. As evidenced by the new Aurelle of Tampines development, Tampines is on track to become a thriving and cohesive community that values diversity and togetherness.