The Continuum, a joint development by Hoi Hup Realty and Sunway Property, was launched over the weekend of May 6-7. Located on Thiam Siew Avenue, off Haig Road and Tanjong Katong Road, the 816-unit freehold condominium saw 26.5% of its units sold – 216 in total. The average price achieved was $2,732 psf, making it a strong showing considering the recent cooling measures and cloudy economic outlook.

PropNex’s sales team handled about 100 of the 211 units sold, of which 90% were bought by Singaporeans and 10% by Singapore Permanent Residents. Before the launch of the condominium, the developer had collected 545 cheques from expressions of interest during two weeks of previews. This reflects a conversion rate of nearly 40%, much higher than the usual 20-30% across other projects.

Showflat of a two-bedroom-plus-study priced from $1.818 million, or $2,584 psf, contributed to 32% of the units sold. Two-bedroom units, priced from $1.67 million, accounted for 62%, and three-bedroom units from $2.306 million made up 29%. 15 units of the four-bedders were sold at prices above $3.312 million.

The sales at The Continuum is on par with the 206 units sold at the 275-unit Blossoms By The Park on April 29-30, which achieved a 75% sales rate. The average price there was $2,423 psf, nearly all one- and two-bedders. Tembusu Grand, a 99-year leasehold condo off Tanjong Katong Road, sold 53% of its 638 units at an average price of $2,465 psf on its launch weekend in early April.

Located in the heart of Choa Chu Kang, Lot One Shoppers’ Mall is a premier shopping and lifestyle destination that neighbours Altura Executive Condominium. Boasting over 100 stores offering retail, dining, and entertainment options, it has been a staple of the local community since its opening in 1996. From fresh produce to leisure activities, Lot One Shoppers’ Mall has something for everyone and is sure to become a favourite shopping spot of all its visitors.

It has been almost 20 years since a significant condominium on a freehold plot of over 200,000 sq ft in the Katong area entered the market. The iconic bridge at The Continuum, which links the two sites, is a major draw for buyers, along with the quality fittings, freehold tenure, proximity to good schools, and the Paya Lebar sub-regional centre.

Since additional buyer’s stamp duty increased to 60% following cooling measures on April 27, foreign buyers have taken a backseat, overall. This is because they evaluate the impact of the ABSD and their other options.

The average transacted price of freehold non-landed private properties in District 15 sold by developers in the past 16 months was $2,368 psf, according to Nicholas Mak, chief research officer of Mogul.sg. It is likely that a large-scale development like The Continuum will fetch higher prices in the secondary market compared to smaller developments. This is due to increased resale demand from better visibility, leading to a higher volume of transactions at higher prices, says Marcus Chu, CEO of ERA Realty Network.

SingHaiyi Group’s upcoming 99-year leasehold project, Grand Dunman, is the third development in the pipeline for launch in District 15. It will have 1,008 units and is scheduled for a roll-out sometime in 3Q223. The Continuum has set the benchmark for a successful roll-out – and if all goes as expected, it is likely that developers will be able to sell out their existing inventory progressively.