SINGAPORE (EDGEPROP) - At the launch of The Commodore today, a total of 162 units were sold by 6pm, according to niche developer JBE Holdings. This translates into a take-up of 74% at the 219-unit, private condominium located at Canberra Drive. The average price of units sold is about $1,500 psf.
Schematic chart of units sold as at yesterday evening (Credit: ERA agents)
“Strong take-up was seen among both upgraders and investors from the northern region, particularly from Sembawang and Yishun,” says Patrick Lam, director of JBE. Buying interest was also registered among buyers from other parts of Singapore, such as Ang Mo Kio, Bishan, Choa Chu Kang and even Jurong, notes Lam.
One- and two-bedroom units, including two-bedroom premium, have sizes from 464 to 786 sq ft. Prices for one-bedroom units started from $700,000 while two-bedroom units were priced upwards of $920,000. They make up 108 units in the development, and were quick to sell out, says the developer. Three- and three-bedroom premium units, sized from 969 to 1,023 sq ft, make up 36 units in the project, and 78% have been spoken for at prices from just below $1.4 million. About half of the 14 units of four- and five-bedroom premium units with private lifts were taken up. The four- and five-bedroom premium units are sizes from 1,412 to 1,679 q ft, and priced from just below $1.7 million and $2.4 million respectively.
ERA Realty Network is the exclusive marketing agency for The Commodore. Doris Ong, deputy CEO of ERA Realty attributes the strong sales is due to the transformative plans taking shape in the northern region. “All these growth opportunities draw both investors and owner occupiers,” she says. “Besides the Canberra MRT station nearby, the area has a lot of new amenities.”
One- and two-bedroom units which make up half the units in the development were the first to be fully sold (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Located next to Canberra MRT station is Canberra Plaza shopping mall, with amenities ranging from supermarkets, restaurants, food courts and enrichment centres. In the future, they can look forward to the convenience of the North-South Corridor, which will reduce the driving time to 20 to 30 minutes, from the current 30 to 35 minutes. There’s also the Bukit Canberra, a 12ha integrated development with facilities such as a polyclinic, a senior care centre, hawker centre, swimming pool and indoor sports hall.
The Commodore is expected to be completed by December 2024. “A lot of these infrastructural developments will be ready when the owners of The Commodore get the keys to their units,” says Ong.
About 93% of the buyers were Singaporeans with 59% below the age of 40. “Many of the buyers are young, first-time homebuyers or HDB upgraders, who are looking to buy their first private home or investment property.”
JBE is offering premium quality finishes for the units at The Commodore, for instance, large format Italian tiles for the flooring in the living and dining area; kitchens fitted with Silestone countertops, Blum cabinetry, Blanco sinks and mixer taps and Bosch appliances. Bathrooms feature top-end German brands, Villeroy & Boch sanitaryware and Hansgrohe fittings. “Some buyers were particularly impressed with the premium finishes offered in the development, which made their purchase ‘worth every dollar’,” says Jane Lam, JBE marketing director.
The pricing of the units at The Commodore therefore presents “value-for-money”, says Nicholas Mak, head of research at ERA Realty. “Prices of homes in the northern region – both HDB and private – are considered more affordable than other suburban areas, and hence, presents more scope for price appreciation,” he says. (Find HDB flats for rent or sale with our Singapore HDB directory)