Kingsford sells 76% of Chuan Park units at an average price of $2,579 psf

Chinese developer Kingsford Group moved 696 (76%) out of 916 units at Chuan Park on Sunday, Nov 10. The average price of units sold was around $2,579 psf. The units sold ranged from two-bedroom, two-bedroom+study, and three-to-five-bedroom units, says a spokesman for Kingsford. Singaporeans comprised about 93% of the total number of homebuyers, while permanent residents and foreigners accounted for the remaining 7%.

About 92% of the units transacted were two- and three-bedroom units, while the remaining 8% were four- and five-bedders, says Ismail Gafoor, CEO of PropNex. The transacted prices across all units sold ranged from $1.6 million (for two-bedders) to $4.3 million (for a five-bedroom unit). "Generally, we think the developer has priced the project sensitively in view of the overwhelming demand, including from prospective buyers within District 19," he adds.

According to Marcus Chu, CEO of ERA Singapore, two- and three-bedroom units were the clear favourites as most buyers are in their 30s and 40s. He notes that many of the buyers were upgrading from older HDB flats or condominiums in nearby areas. "Meanwhile, older buyers who are downsizing from landed properties tend to prefer the larger four- or five-bedroom units," he adds.

Chuan Park has, therefore, emerged as the top-selling project of 2024 in terms of number of units sold. It surpassed the 400 units (75%) sold at the 533-unit Lentor Mansion in March. However, by percentage of units sold, Norwood Grand, which was launched in October, is still the highest at 84% or 292 out of 348 units.

"Besides being the best-selling project of 2024, Chuan Park is also the fastest-selling since J Gateway, which sold all 738 units on its first day of launch in 2013," says Mark Yip, CEO of Huttons Asia. This success marks another significant achievement for Kingsford. In January 2021, their 1,862-unit Normanton Park project sold about 600 units on the first weekend of its launch. Remarkably, all units were entirely sold within 18 months.

Kingsford acquired the 99-year leasehold, 400,500 sq ft Chuan Park site for $890 million in July 2022. The site is adjacent to Lorong Chuan MRT Station and marks the first private condominium launch in the area since the 468-unit The Scala's debut in August 2010.

The project has five blocks – three 22-storeys and two 19-storeys – and two commercial units spread across a 99-year leasehold site of 400,500 sq ft. The 916 units range from two- to five-bedrooms, ranging from 700 sq ft to 1,841 sq ft.