If you are keen on a monthly informational newsletter on the latest New Launches projects in Singapore, do sign up for our newsletter.
We have a strict no spam policy and we only send 1 newsletter every month.
Chuan Park New Launch Sells Over 76% of Units on Opening Day
The highly anticipated Chuan Park New Launch saw robust demand on its debut, with 696 of the 916 available units (76%) sold. The average selling price per square foot reached approximately $2,579, with unit sizes spanning from two-bedroom and two-bedroom + study layouts to larger three- to five-bedroom options.
Singaporeans represented the majority of buyers, accounting for about 93% of total sales, while the remaining 7% comprised permanent residents and foreign nationals. A strong preference was observed for two- and three-bedroom units, which made up 92% of the total transactions. Larger four- and five-bedroom units represented the remaining 8% of sales. Sale prices ranged from $1.6 million for a two-bedroom unit to $4.3 million for a five-bedroom unit.
This swift uptake places Chuan Park as the best-selling project of 2024 in terms of absolute units sold. It surpassed other notable launches, setting a record for the year and achieving a rate that echoes past high-demand developments. The success of Chuan Park’s launch also mirrors recent trends in Singapore’s residential property market, where a well-priced development in a desirable location can generate significant buyer interest.
Chuan Park occupies a 99-year leasehold site of 400,500 square feet and is located adjacent to Lorong Chuan MRT Station. It marks the first major private condominium launch in the vicinity since 2010, featuring five residential towers with heights ranging from 19 to 22 stories. The development includes 916 units, ranging from 700 to 1,841 square feet, across configurations of two to five bedrooms. Pricing starts from approximately $1.5 million for a two-bedroom unit and scales up to $3.7 million for five-bedroom options.
Situated within a mature residential area, Chuan Park is surrounded by established private estates, including Serangoon Gardens and other nearby landed housing zones. Its location, straddling the edge of the Rest of Central Region (RCR) and proximate to “million-dollar” HDB estates, further enhances its appeal.
The surrounding neighborhoods contribute to the development’s strong potential for capital appreciation and long-term value. An estimated 126,000 HDB flats and 54,000 private homes lie within this “Golden Triangle” area encompassing Ang Mo Kio, Bishan, Toa Payoh, and Serangoon. With over 230 million-dollar HDB sales recorded this year in these estates alone, demand for upgraded living spaces is considerable.
Chuan Park’s preview, spanning from late October to early November, drew over 20,000 visitors and collected more than 2,800 cheques from interested buyers. Originally scheduled for mid-November, the official launch was moved forward to accommodate the high demand. The accelerated launch timing has set a precedent, encouraging demand for upcoming projects across Singapore’s various districts.
The project’s strong initial sales also underscore a broader recovery in the real estate market, spurred by recent interest rate cuts by the US Federal Reserve, including reductions in September and early November. With lower mortgage rates anticipated, prospective buyers are experiencing improved affordability, spurring renewed interest in property investments.
While the positive momentum at Chuan Park bodes well for upcoming launches, experts note that a project’s sales success will still depend on its unique characteristics, including location, proximity to transport options, and pricing.
Nevertheless, the success of Chuan Park is a significant milestone for Singapore’s property market in 2024.
There are still choice units available so do contact us if you are keen to explore the Chuan Park New Launch.
