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I was thrilled to see that Kassia, the final private condo project in the Flora Drive-Flora Road enclave, recorded an impressive sales performance during its launch weekend. The Kassia Launch Sales Result on July 21, 2024 was 144 units had been sold, which is 52% of the total 276 units available.
This success is largely attributed to the attributable pricing strategy that resonated with buyers seeking affordable options amidst rising interest rates. Offering two-bedroom apartments from $1.196 million and one-bedroom apartments from $883,000, Kassia presented a rare opportunity.
What particularly stood out at the launch of Kassia was the remarkable sales performance, with an impressive 144 units, or 52%, of the total 276 units taken up by July 21, 2024.
One key aspect driving this success was the strategically devised sales strategy, which centered around attractive pricing that is highly competitive in the current market landscape.
The pricing analysis indicates that the majority of buyers were drawn to the one-bedroom and two-bedroom apartments, likely due to the value for money offered. With selling prices ranging from S$1,821 to S$2,177 psf, the overall take-up rate is among the highest for new projects in 2024, highlighting the effective strategy employed.
Tripartite Developers, a joint venture between Hong Leong Holdings, CDL, and TID, has an extensive history in the Flora Drive-Flora Road area, having developed several major condominium projects in the vicinity. As the master developer of the enclave, Tripartite has been active here for over 30 years, which speaks to its project history and developer reputation. It’s impressive to note that the site was purchased in the 1950s and spans three million square feet, showing their long-term vision and commitment to this area. With Kassia being the 11th project in this enclave, Tripartite’s expertise and familiarity with the locality will certainly contribute to the project’s success.
Kassia is the final launch in a cluster of private condos within the Flora Drive-Flora Road enclave by joint venture Tripartite Developers, comprising Hong Leong Holdings, City Developments Ltd and TID.
The other completed projects in the neighbourhood include Azalea Park, Ballota Park, Carissa Park, Dahlia Park, Edelweiss Park, Ferraria Park, The Gale, Hedges Park, The Inflora and The Jovell.
The new launches in Flora Drive are in alphabetical order !
Name of Development | Tenure |
Azalea Park | 999 |
Ballota Park | Freehold |
Carissa Park | Freehold |
Dahlia Park | Freehold |
Edelweiss Park | Freehold |
Ferraria Park | Freehold |
Gale | Freehold |
Hedges Park | 99 |
Inflora | 99 |
Jovell | 99 |
Kassia | Freehold |
The vast majority of homebuyers, primarily in their 30s and 40s, displayed a diverse mix of owner-occupants and investors. This demographic breakdown highlights both the attractiveness of Kassia for first-time buyers and its strong appeal to investor interest. The range of units available at Kassia effectively meets the diverse needs of these buyers, ensuring that both individuals and families can find the perfect fit. With units starting from around $1.5 million, the project’s pricing stands out as prudent and accessible, with a natural draw for both owner-occupiers seeking a private residence and investors looking for long-term potential. This balanced appeal to diverse demographics has contributed greatly to Kassia’s launch weekend success.
As I analyze the recent market landscape, I observe that Kassia is strategically positioned as the second major launch in the Outside Central Region since the June school holidays. This strategic timing allows buyers to take advantage of attractive pricing compared to market trends, which analysts say favor financial prudence. Kassia, a freehold condominium, offers unique value with affordable units priced from around $1.5 million, a level not seen since before the COVID-pandemic. The absence of significant new freehold or 999-year condos in the OCR since 2021 further enhances Kassia’s appeal. As interest rates and costs rise, savvy buyers are drawn to such smart investments.
In comparing Kassia’s launch performance, I find that it stands out as one of the top performers, with its 52% sales closely trailing Lentor Mansion’s 75% sales. The key to Kassia’s success lies in its pricing strategies, which offer competitive advantages by providing freehold units at attractive rates. The two-bedroom apartments, priced from $1.196 million, saw an impressive 90.3% sales, while the one-bedroom apartments, starting at $883,000, sold 71.2%. This particular pricing strategy seems to have resonated with buyers seeking affordable freehold options amidst rising interest rates.
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