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Buying interest in Symphony Suites rises in December, project 90% sold

timothy.tay@edgeprop.sg

Yishun has been in the news lately for the wrong reasons, one example being the bust of an illegal drug lab last month. A recent positive development in Yishun was the spike in year-end sales at Symphony Suites by local developer EL Development.

According to caveats lodged with URA, 35 units at the 660-unit condominium were sold in the week of Dec 26, 2017 to Jan 2, 2018. This brings the total number of units sold in December to 50, compared with nine in November and 16 in October. The project is about 90% sold, says Lim Yew Soon, managing director at EL Development.


Scale model of Symphony Suites, a 660-unit condominium in Yishun by EL Development
(Picture: Samuel Issac Chua/The Edge Singapore)

The recent uptick in the URA flash estimate for private property prices, increase in the number of land bids as well as the progress of construction at Symphony Suites (structural works were completed) are some of factors that led buyers to revisit the project, Lim says. He adds that the project is expected to obtain Temporary Occupation Permit in 2H2018.

Prices at Symphony Suites have risen slightly since the project was launched in February 2015. According to caveats lodged so far, the average psf price in December 2017 was $1,034, compared with $1,016 at launch. Prices of units sold in December ranged from $852,600 ($1,085 psf) to $1.12 million ($1,099 psf). Located at the intersection of Yishun Avenues 6 and 9, the condo sits on a 221,247 sq ft site with a 99-year tenure. It comprises eleven 15-storey blocks and has a mix of two- to four-bedroom units of 689 to 1,023 sq ft.

In the last week of 2017, there was an increase in buying interest at two executive condos (ECs) adjacent to each other on Yishun Street 51 — JBE Holdings’ 525-unit Signature at Yishun and City Developments’ 505-unit The Criterion.

At Signature at Yishun, 10 units were sold between Dec 26 and Jan 2, while five units were sold at The Criterion. The most expensive unit sold during the week at Signature at Yishun in terms of absolute price was a 1,184 sq ft, four-bedroom unit on the fourth floor, which went for $987,000 ($834 psf) on Dec 30. Prices at the EC ranged from $603,405 ($779 psf) to $1.02 million ($861 psf) in December.

The average psf price for units sold in December at Signature at Yishun was $771 psf, while at The Criterion, it was $792 psf. A 1,098 sq ft, three-bedder on the third floor that went for $856,800 ($780 psf) on Dec 27 was the most expensive unit sold at The Criterion in terms of absolute price in the week of Dec 26 to Jan 2.

 

This article appeared in the EdgeProp Pullout, Issue 813 (Jan 15, 2018)

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