Key Highlights :
The 99-year leasehold project is the only integrated development in the Bukit Timah precinct, featuring a shopping mall, a bus interchange, and a 160-unit serviced apartment. Starting prices for The Reserve Residences were set at S$1.1 million for a one-bedroom apartment with a gross floor area of 441 square feet (about 41 square meters), while five-room apartments (with 2,336 square feet of built up space) fetched S$6.2 million so far.
Far East Organization and its sister company Sino Group, both controlled by the Ng brothers, attributed the strong sales to the project's thoughtful design, strategic location, and the scarcity of integrated developments with a transport hub. About 99% of the buyers during the weekend were Singaporeans and permanent residents, with three buyers from the U.S., who are paying the same tax rate of 30% as the locals due to concessions in the Free Trade Agreement between the two countries.
The strong sales at The Reserve Residences over the weekend prompted Far East Organization to increase the number of units allotted for sale to 635 from 587 as originally planned. The success of the project stands in stark contrast to other developments marketed by developers since the government doubled the tax rate for foreigners buying properties in the city state to 60% in an effort to cool surging home prices.
The freehold Continuum, a joint development by local developer Hoi Hup Realty and Malaysia’s Sunway Developments, sold just 26.5% of the 816 units over the launch weekend earlier this month, while EL Developments’ Blossom by the Park sold over 72% of the 275 units in the 99-year leasehold project when sales started in late April.
Far East Organization and Sino Group are among the most active developers in Singapore. The duo is set to complete the construction of One Holland Village mixed-use residential and commercial project in central Singapore by the fourth quarter of 2024, with about 96% of the 296-unit residential tower sold, and 94% of the commercial space committed. In May 2022, the sister companies partnered with Perennial Holdings to buy the iconic Golden Mile Complex on the edge of the city’s central business district for S$700 million, earmarking the landmark for redevelopment.
The success of The Reserve Residences shows that Singapore's property market is still attractive to buyers despite the government's property curbs. With thoughtful design, strategic location, and the scarcity of integrated developments with a transport hub, Far East Organization and Sino Group have been able to tap into the demand for quality housing in the city.
Title:
Far East Organization Sees Robust Sales Despite Property Curbs in Singapore