Yahoo Finance [UPDATE] Kopar at Newton sees 77 units sold ahead of enforced shut down of all sales galleries
SINGAPORE (EDGEPROP) - Chip Eng Seng’s property arm CEL Development sold a total of 77 units at Kopar at Newton on the first day of sales on April 4. The units sold achieved an average price of $2,350 psf.
Despite tighter safe distancing measures, Kopar at Newton saw 77 units sold on first day of its sales launch (Photo: CEL Development)
Sales at the 378-unit, 99-year leasehold, high-end condo at Kampong Java Road, just off Bukit Timah Road, was conducted under the strict safe distancing measures that kicked in on March 26.
CEL Development is expecting to see more sales over the next two days -- before April 7 (next Tuesday) -- when all property developers have to shut down their sales galleries for an entire month until May 4. This is in line with the government’s directive on April 3 to close all workplaces except for selected economic sectors and those providing essential services. These latest measures were taken due to the spike in the number of Covid-19 infections in Singapore.
The stricter safe distancing measures for developers’ sales galleries came into effect on March 26, and included having groups of fewer than 10 persons entering a showflat at any one time; a minimum of 1m distance between individuals within a group; and no more than one person per 16 sqm in the sales gallery.
Private previews at Kopar at Newton on March 25 (Photo: CEL Development)
CEL Development began private previews by-invitation-only at Kopar’s sales gallery from March 25. The developer collected about 200 cheques as expressions of interest during the 10 days of private previews. The 77 units sold represent a conversion rate of 38.5%.
“The purchasers recognise that the product of this quality and design, priced at $2,350 psf is a rare opportunity, given its District 9 location,” says Michael Ng, CEL Development executive director. “It is likely that we will increase the price once the Covid-19 situation has alleviated.”
According to Ng, the Kopar at Newton sales gallery will remain open until Monday night, “to accommodate as many appointments as possible, while continuing to observe MOH and URA health advisory,”
[UPDATE]
The majority of the units sold were one-bedroom apartments priced from $1 million, but a high proportion of two- and three-bedroom units were also taken up, according to Ken Low, managing partner of SRI. The other three marketing agencies for the project are ERA, OrangeTee and PropNex.
Even the biggest penthouse, a six-bedroom premier penthouse of 3,305 sq ft, was sold for $7.88 million ($2,384 psf). The buyer was said to be a Singaporean middle-aged couple, who bought the penthouse with the intention of moving in themselves. “They chose the penthouse because they like the location, the design and value proposition offered by Kopar,” says Ismail Gafoor, CEO of PropNex, the agency that brokered the sale.
Another one of the two remaining premier, six-bedroom penthouses of 2,960 and 3,251 sq ft each, is under negotiation. In addition to the premier penthouses, there are five other penthouses within the development: four 3-bedroom, deluxe penthouses of 1,593 to 1,636 sq ft; and a four-bedroom deluxe penthouse of 1,991 sq ft.
While the majority of the one-bedroom units were sold, even the biggest penthouse was sold for $7.88 million (Photo: CEL Development)
The 77 units sold also means that based on the total number of units in the development, Kopar has crossed the 20% mark on the first day of launch, says Gafoor of PropNex. “That is an extremely good performance given that Kopar was slated for launch two weeks after private previews, but that was cut short by the upcoming near nationwide lockdown.”
Even during the preview week, viewings were done by appointment only. And there was a limited number of time slots, which means that there were many interested buyers who didn’t get to visit the sales gallery, adds Gafoor. “Of course we all hope that sales could be higher. However, the sales conversion rate was more than 30%, and PropNex sold 40 out of the 77 units.”
Kopar was able to achieve the sales despite a short turnaround time following the April 3 announcement of greater restrictions – “in just a matter of hours” – says Low of SRI. “Although people have become more wary because of the spike in Covid-19 infections -- especially with the latest stay-at-home order to take place from April 7 -- the strong take up at Kopar shows that a product in the right location coupled with low entry price is still a very strong draw for buyers,” he adds.
According to CEL Development’s Ng, the Kopar at Newton sales gallery will stay open until Monday night, “to accommodate as many appointments as possible, while continuing to observe MOH and URA health advisory.”
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