Luxury condo in Bukit Timah sells 5% of units in launch days after latest cooling measures

The freehold development in Bukit Timah Road moved 12 out of 230 units as at Sunday evening. ST PHOTO: KELVIN CHNG

Dec 19, 2021, 10:29 PM SGT

SINGAPORE - Luxury condo Perfect Ten saw a somewhat muted launch on Sunday (Dec 19), in the first high-profile sale days after new property market cooling measures were announced.

The freehold development in Bukit Timah Road moved 12 out of 230 units as at Sunday evening, industry sources told The Straits Times.

Several potential buyers, including at least two couples, were seen through the window of the project's sales gallery when The Straits Times visited at around 11.30am.

Perfect Ten's developer, Hong Kong-based CK Asset Holdings, declined to disclose sales figures and denied ST entry into the gallery and adjacent carpark.

Measures announced by the authorities on Wednesday night include the raising of additional buyer's stamp duty that must be paid for purchases of additional properties and tightening of the total debt servicing ratio for borrowers from 60 per cent to 55 per cent.

Mr Nicholas Mak, head of research and consultancy at ERA Realty, said it is too soon to determine the impact of the latest measures on sales.

"High-end developments cater to a more exclusive clientele. To be able to sell over 10 units in one weekend is actually good results, bearing in mind the cooling measures," he said, adding that the festive season is usually a quieter period for the property market.

Mr Mak added that buyers are still trying to digest the implications of the cooling measures but that eventually, those who need to buy real estate, especially for their own use, will return to the market.

Huttons Asia chief executive Mark Yip said the condo has set a new benchmark of more than $3,000 per sq ft (psf) in the Bukit Timah area, even at the lower initial launch price.

The psf prices of units in the area are usually more than $2,000 psf.

"The sales are commendable for the launch day of a new luxury condo project in the wake of the measures imposed just four days ago," said Mr Yip, adding that most projects would have been pushed back after such "draconian" measures.

ERA, Huttons, OrangeTee & Tie and PropNex are the agencies marketing Perfect Ten.

The developer, which did not change its launch date after the cooling measures were announced, dangled a one-time, 5 per cent discount to buyers for Sunday.

It also released on Thursday the selling prices of 10 units at the condo.

Their psf prices range from $3,200 to $3,618 before the discount, or $3,040 to $3,437 after the discount is applied.

Out of the 10 units, the two-bedders' pre-discount prices range from almost $2.5 million to about $2.9 million. The three-bedroom units' pre-discount prices range from nearly $4 million to around $4.4 million.

ST understands that buyers largely picked two-bedroom units on Sunday.

Some other luxury projects have been snapped up in recent months.

The 99-year leasehold luxury condominium CanningHill Piers in River Valley sold 77 per cent of its 696 units at its launch last month, with an average selling price of about $3,000 psf.

However, Mr Mak noted that other luxury condos have sold fewer than five units at their launch amid the pandemic.