When it comes to investing in a condo, financing is a crucial factor to consider. Fortunately, Singapore has a variety of mortgage choices available. However, it is important to keep in mind the Total Debt Servicing Ratio (TDSR) framework. This framework restricts the amount of loan that a borrower can take based on their income and current debt responsibilities. Familiarizing oneself with the TDSR and seeking guidance from financial advisors or mortgage brokers can assist investors in making well-informed decisions about their financing options. This also helps in avoiding excessive borrowing. To make the most of these resources, investors can also look into various Singapore Projects to widen their range of options.
in SingaporeChinese developer Kingsford Group achieved a sales success at the launch of Chuan Park on Nov 10, with 696 (76%) out of 916 units being sold. The average price per square foot for the units sold was approximately $2,579.The units ranged from two-bedroom, two-bedroom+study, and three-to-five-bedroom units, according to a spokesperson for Kingsford. Singaporeans made up 93% of the total number of homebuyers, with permanent residents and foreigners accounting for the remaining 7%. The majority of the units transacted were two- and three-bedroom units, with the remaining being four- and five-bedders, says Ismail Gafoor, CEO of PropNex. The transacted prices for all units ranged from $1.6 million for two-bedders to $4.3 million for a five-bedroom unit. “In view of the overwhelming demand, including from prospective buyers within District 19, we believe the developer has priced the project sensitively,” he adds.Chuan Park has emerged as the top-selling project of 2024 in terms of the number of units sold, surpassing the 400 units (75%) sold at the 533-unit Lentor Mansion in March. However, Norwood Grand, which was launched in October, remains the highest in terms of percentage of units sold at 84% or 292 out of 348 units.”Two- and three-bedroom units were the top picks for buyers, as many are in their 30s and 40s,” says Marcus Chu, CEO of ERA Singapore. He notes that many of the buyers were upgrading from older HDB flats or condominiums in nearby areas. “Meanwhile, older buyers who are downsizing from landed properties tend to prefer the larger four- or five-bedroom units,” he adds.Chuan Park’s success at the close of Nov 10 (Source: Property Agents)This success marks another significant achievement for Kingsford, as in January 2021, their 1,862-unit Normanton Park project sold about 600 units on the first weekend of its launch, with all units being entirely sold within 18 months.Kingsford acquired the 99-year leasehold, 400,500 sq ft Chuan Park site for $890 million in July 2022. The site is adjacent to Lorong Chuan MRT Station and marks the first private condominium launch in the area since the 468-unit The Scala’s debut in August 2010.The project has five blocks – three 22-storeys and two 19-storeys – and two commercial units spread across a 99-year leasehold site of 400,500 sq ft. The 916 units range from two- to five-bedrooms, ranging from 700 sq ft to 1,841 sq ft.The prices started from over $1.5 million for a two-bedroom, upwards of $2.1 million for a 915 sq ft three-bedroom, $3.1 million for a 1,335 sq ft four-bedroom, and $3.7 million for a 1,550 sq ft five-bedroom. Chuan Park is nestled within an affluent private residential enclave, surrounded by the Serangoon Gardens, Li Hwan, and Tai Hwan landed housing estates, as noted by PropNex’s Gafoor.Although classified within the Outside Central Region (OCR), Chuan Park is near the boundary of the Rest of Central Region (RCR). Ken Low, the managing partner of SRI, highlights that it is near “million-dollar HDB estates”, including Serangoon, Toa Payoh, Ang Mo Kio, Bishan, and the emerging Bidadari Estate.ERA’s Chu estimates there are around 126,000 HDB flats and 54,000 private residential units in “the Golden Triangle of Ang Mo Kio/Bishan, Toa Payoh and Serangoon around Chuan Park”, he adds. Based on ERA’s research, 233 HDB flats were sold for over $1 million in the first 10 months of the year in the nearby HDB estates of Ang Mo Kio, Bishan, Toa Payoh and Serangoon. “These HDB owners are in a good financial position to upgrade to private residential properties should they wish to,” Chu adds.Chuan Park is next to the Lorong Chuan MRT Station and is surrounded by the landed housing estates of Serangoon Gardens, Tai Hwan and Li Hwan (Source: EdgeProp Landlens)Chuan Park’s launch was among the most anticipated this year, according to Huttons’ Yip. The preview period from Deepavali Day (Oct 31) to Nov 7 attracted over 20,000 visitors, with more than 2,800 cheques collected from interested buyers ahead of the sales launch on Nov 10.Initially scheduled for Nov 16, Chuan Park’s launch was brought forward to Nov 10. “Bringing forward Chuan Park’s launch has allowed investor and homebuyer demand to spread across various new developments,” says SRI’s Low.Read also: Year-end rush: Record six projects set to launch in NovemberThree other projects are set to launch on Nov 16: the 552-unit Nava Grove at Pine Grove, off Ulu Pandan Road; the 846-unit Emerald of Katong on Jalan Tembusu in the East; and the 504-unit executive condo Novo Place in Tengah in the West.Low anticipates that the robust sales at Chuan Park will carry over to the upcoming launches next weekend, building on the existing interest in these projects. “We are also seeing buyers gravitate towards other ongoing new launches,” he adds. “This momentum provides a welcome boost to an otherwise subdued 2024 market.”The recent interest rate cuts by the US Federal Reserve—a 50-basis point reduction on Sept 18 and a 25-basis point cut on Nov 8, with further cuts anticipated next year—have boosted confidence and demand in the real estate market. “There will be increased affordability as banks lower their stress test rates,” notes SRI’s Low. “Additionally, homebuyers will benefit from savings on monthly mortgage payments due to the reduced interest rates.”The improved market sentiment has encouraged even those homebuyers who were hesitant during the first nine months of the year to return, says PropNex’s Gafoor. However, he does not expect all upcoming project launches to see similarly strong sales. “In addition to the development’s specific attributes, factors such as location, proximity to MRT stations, nearby new launches, and price sensitivity play a crucial role in a project’s sales performance.” Check out the latest listings for Chuan Park properties in SingaporeArtikel ini telah diubah oleh pengedit. Pengembang asal China, Kingsford Group, sukses menjual 696 unit (76%) dari total 916 unit di Chuan Park pada Minggu, 10 November. Rata-rata harga unit yang terjual berkisar sekitar $2,579 per kaki persegi.Menurut juru bicara Kingsford, unit yang terjual terdiri dari dua kamar tidur, dua kamar tidur dengan ruang belajar, dan unit tiga hingga lima kamar tidur. Sebanyak 93% pembeli adalah warga Singapura, sementara sisa 7% terdiri dari penduduk tetap dan warga asing.Sebanyak 92% unit yang berhasil terjual adalah unit dengan dua kamar tidur dan tiga kamar tidur, sementara 8% sisanya adalah unit dengan empat dan lima kamar tidur, menurut Ismail Gafoor, CEO PropNex. Harga transaksi untuk semua unit terjual berkisar antara $1,6 juta (untuk unit dua kamar tidur) hingga $4,3 juta (untuk unit lima kamar tidur). “Secara umum, kami berpikir bahwa pengembang telah menetapkan harga proyek ini secara sensitif mengingat permintaan yang sangat besar, termasuk dari pembeli yang berpotensi berada di District 19,” tambahnya.Baca juga: Emerald of Katong menarik 10.000 pengunjung saat puncak kepadatan di galeri penjualan proyek selama akhir pekan DeepavaliMenurut Marcus Chu, CEO ERA Singapore, unit dua kamar tidur dan tiga kamar tidur menjadi favorit utama karena mayoritas pembeli berusia antara 30 dan 40 tahun. Dia menambahkan bahwa banyak dari pembeli tersebut berasal dari peningkatan unit HDB tua atau kondominium di daerah sekitarnya. “Sementara itu, pembeli yang lebih tua yang berasal dari properti landed cenderung lebih memilih unit yang lebih besar dengan empat atau lima kamar tidur,” tambahnya.Penjualan Chuan Park hingga 10 November (Sumber: Agen Properti)Chuan Park berhasil menjadi proyek terlaris pada 2024 dalam hal jumlah unit yang terjual. Proyek ini mengungguli penjualan 400 unit (75%) di Lentor Mansion yang terjual pada Maret. Namun, dalam persentase unit yang terjual, Norwood Grand, yang diluncurkan pada Oktober, masih menjadi yang tertinggi dengan 84% atau 292 dari 348 unit.”Selain menjadi proyek terlaris pada 2024, Chuan Park juga merupakan