Cuscaden Reserve Offers One Price Promotion %E2%80%93 Flat 2850 Psf Selected Units
in its initial launchShun Tak’s Park Nova set for launchCuscaden Reserve relaunched at prices from $2,900 psf
On July 5, Cuscaden Reserve, a sought-after luxury condominium, announced a new promotion offering a fixed price of $2,850 per square foot. The promotion is exclusively available for 16 two-bedroom-plus-study units on the 5th to 13th floors of two blocks within the 28-storey tower. With a size of 936 square feet and a private lift, each unit costs $2.67 million at the fixed price. Interested buyers can take advantage of this promotion until July 14, with a limited number of units available for the first five buyers in these stacks. The developer has appointed PropNex, ERA, and Huttons Asia as the joint marketing agencies for this promotion.
The recent transactions at Cuscaden Reserve have been promising, with four units already sold since the promotion launched last Friday. According to sources, PropNex sold three units to Singapore citizens, while a Singapore PR purchased the remaining unit. Huttons also brokered a sale for one unit.
Besides the popular two-bedroom units, the larger four-bedroom apartments, with a size of 2,099 square feet, have also seen good uptake. Only six of these units are available, created by merging adjacent two-bedroom and three-bedroom units on the 21st, 23rd, 24th, 26th, 27th, and 28th floors. The sale price for the four-bedroom units has been reported to be above the price of $3,400 per square foot, amounting to a minimum of $7.14 million. Huttons brokered two of these sales, while ERA facilitated the third transaction.
Cuscaden Reserve, a joint venture between Singapore-based luxury developer SC Global Developments and Hong Kong-listed companies, New World Development and Far East Consortium International, offers a range of apartment types, including one-bedroom-plus-study, two-, three-, and four-bedroom units. The sizes of the units range from 700 square feet for a one-bedroom-plus-study to 2,099 square feet for a four-bedroom unit.
Previously launched in September 2019, Cuscaden Reserve saw 12 units sold by the end of December 2023 at an average price of $3,625 per square foot. However, the development was relaunched in March this year at lower prices in the range of $2,900 to $3,000 per square foot, representing a 20% reduction from its initial launch prices. The units were sold through private placement, which closed on March 16 after two weeks of private previews. According to PropNex, 45 units were sold during this period, with the majority of buyers opting for the two-bedroom units, starting from $2.292 million ($2,823 per square foot).
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Based on caveats lodged as at July 8, 104 units have been sold, with Singaporeans making up 77% of the buyers. However, according to sources, the current number of transactions stands at 118 units, with Singaporeans making up 61.5% of the buyers, including the weekend sales.
Project director of Huttons Asia, Ngiam Juyong, shares that Cuscaden Reserve was the best-selling project in the Core Central Region (CCR) last week. He adds that there has been a strong interest in the promotion, with several units sold and others showing a high level of interest. Ngiam also reveals that the two- and three-bedroom units have been the most popular among buyers since the relaunch in March. Currently, only one of the 21 three-bedroom units is still available. The buyers are a mix of investors and owner-occupiers.
Situated in prime District 10, Cuscaden Reserve is a 99-year leasehold development on Cuscaden Road, surrounded by two other freehold luxury condominiums: Park Nova, a 54-unit development by Hong Kong-listed Shun Tak Holdings, and 3 Orchard By-the-Park, a 77-unit project by Malaysian-listed YTL Corp’s property development subsidiary, YTL Land & Development. Park Nova has recorded full sales, with only one unit linked to Singapore’s biggest money laundering case. The most recent sale at Park Nova was for a three-bedroom unit of 1,432 square feet on the third level of the 20-storey tower, which sold for $4.85 million ($3,388 per square foot) in September 2023.
At 3 Orchard By-the-Park, the latest transaction was for a four-bedroom duplex of 3,251 square feet, fetching $12.643 million ($3,889 per square foot) in May. As per the caveat lodged, the buyer is a Singapore PR.
Over the past 15 quarters, the transaction prices at Cuscaden Reserve, Park Nova, and 3 Orchard By-the-Park have been recorded as follows: [Source: EdgeProp Buddy]
[Photo: Cuscaden Reserve, EdgeProp Buddy]