The USP series: Diving into Chuan Park

Last weekend, Chuan Park emerged as a standout in the property market, with 76% of its units—696 out of 916—sold at an average price of S$2,579 per square foot during its launch. As of November 15, 2024, caveats lodged indicate a median unit price of about $2,580 per sq ft, slightly surpassing that of J’den at its 2023 launch. Additionally, the median transaction value for units sold on launch day at Chuan Park was around $2.3 million. This figure exceeds the median price of $1.8 million that property seekers typically consider for non-landed properties in District 19 as of October, according to DataSense by PropertyGuru . Notably, Chuan Park has captivated a significant audience, with 60% of its viewers not exploring other project listings, a notably higher engagement compared to the typical 40-50% seen in other new launches.

Figure 1: Demand Median Price for non-landed homes in District 19

What is Chuan Park's core value proposition? ??

Chuan Park's most compelling feature is undoubtedly its strategic location. Situated just a minute's walk from the Lorong Chuan MRT station on the Circle Line, the development offers exceptional convenience for residents travelling to downtown Singapore and other key employment hubs such as Buona Vista, Raffles Place, and the upcoming Punggol Digital District. Educational facilities within a 1km radius include CHIJ Our Lady of Good Counsel, St. Gabriel's Primary School, Yangzheng Primary School, and Zhonghua Primary School. Additionally, notable schools such as Maris Stella High School are 1-2km away. Its proximity to schools and the MRT station and its adjacency to a landed home cluster ensure some residential blocks enjoy unobstructed views.

The development's second standout attribute is its expansive open spaces. Unlike smaller boutique developments that must meticulously manage space, Chuan Park features extensive landscaping and many facilities and amenities. The generous land area has allowed the developer to design the blocks strategically, creating several with unobstructed views. Notably, Block 242 offers excellent vistas facing the landed homes, although only a few units remain post-launch.

What are the reasons for the high sales besides location attributes?

a) The scarcity of new launches in Lorong Chuan has created demand for new private homes, particularly among younger households wishing to stay close to their parents in nearby landed properties. This project allows these families to live near their loved ones while supporting them.

b) There is likely strong demand from previous homeowners seeking replacement properties and individuals who realised gains from purchases made in 2018. The increasing prices for non-landed homes in District 19, which have been rising steadily since the second half of 2022, support this trend.

My Favourite Layout

Among the various layouts featured in the sales gallery, the 3-bedroom Type C3B in the show flat stands out as my favourite. The appeal of this unit lies in its generous size. Those who appreciate ample space will find the living areas especially roomy and comfortable. The master bedroom is also notably spacious compared to other versions. However, such luxury comes at a premium; according to the caveats lodged, this unit is likely priced at around S$3.28 million SGD.

Figure 2: the 3bedroom layout

Conclude:

The purchasing data indicate that property seekers at Chuan Park possess significantly higher budgets, placing them in at least the top 25 percentile of property seekers on PropertyGuru in terms of spending power, according to DataSense. These buyers are likely benefiting from collective sales, upgrading from HDB flats, parental support, or recent gains in the equity and cryptocurrency markets.

As real estate markets are often sentiment-driven, the robust sales at Chuan Park could motivate those on the sidelines to enter the market. Additionally, the upcoming development of Emerald of Katong deserves attention. According to ground sentiments and the cheques collected and data from DataSense by PropertyGuru ,it is poised for a potentially successful launch weekend. Whether this will shift the market sentiments and push up market demand in 2025 remains to be seen.