Several market watchers are surprised at the strong sales of The Reserve Residences, so soon after the latest cooling measures (although Blossoms by the Park was another that did well). This point in 2023 is also perceived as a market peak (or at least a near-peak) by most, so couple that with high-interest rates and the latest cooling measures, and...
Several market watchers are surprised at the strong sales of The Reserve Residences, so soon after the latest cooling measures .
But here's what was especially interesting. 41 per cent of the buyers were aged between 31 and 40, while 22 per cent were of ages 21 and 30. This makes a large bulk of the buyers under the age of 40, which is quite telling of the target group of the development.Some people have been taken aback at the strong sales, given the recent ones such as The Continuum or The Botany at Dairy Farm haven't fared as well.
Consider that, at the current prices for The Reserve Residences, a 730+ sq. ft. unit can still be below $1.8 million, a quantum that's still realistic for HDB upgraders.While we can add to this the fact that Reserve Residences will be an integrated development, with a commercial component in the form of Bukit V mall, some people might point out that besides The Linq @ Beauty World, the price gaps are still quite wide.
There could have also been further scares from the recent cooling measures, and the sales at The Continuum might have played a part in lowering the pricing. Granted, these again were all launched at very different times, but it does provide a little indication of the demand of the vicinity. For example, Daintree Residence only sold 50 out of 80 units at launch, Verdale at 15 per cent, and Forett at about 30 per cent.Now to be fair, The Linq had only 120 units, so selling out faster is easier - but if we put that aside, we can see that The Linq and Reserve Residences are both close to Beauty World MRT .
This could also have been due to the location being within the coveted one km radius of the very popular Methodist Girls Primary and Pei Hwa Primary School. Younger buyers with the help of parents planning ahead would have been a factor, as there’s only so much new launch supply in the area that is close to both primary schools.
While there's no guarantee, Urban Redevelopment Authority does like to implement a balanced live-work-play angle in each neighbourhood, and it's possible this sizeable area will see mixed-use or other thematic developments.
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