Cuscaden Reserve Offers One Price Promotion %E2%80%93 Flat 2850 Psf Selected Units
in Sept 2019 Sun, E. (2020). Luxury condo Cuscaden Reserve launches one-price promotion at $2,850 psf. The Business Times.
On July 5, the prestigious Cuscaden Reserve condo announced a new “one-price promotion” of $2,850 psf. This promotion is available for 16 two-bedroom-plus-study units on the 5th to 13th floors of two stacks in the 28-storey tower. Each unit is 936 sq ft and offers a private lift. With a price of $2,850 psf, the total cost for each unit is $2.67 million. The promotion will end on July 14 and is limited to the first five units sold in these stacks. The developer has appointed PropNex, ERA, and Huttons Asia as joint marketing agencies.
Since the promotion launched last Friday, four units have already been sold. PropNex has sold three units, with two purchased by Singapore citizens and one by a Singapore permanent resident (PR). Huttons Asia brokered the sale of the fourth unit.
In addition, three four-bedroom units were sold over the weekend, making it the most popular unit type in the 192-unit development. These units, which are 2,099 sq ft, were created by combining two- and three-bedroom units on the 21st, 23rd, 24th, 26th, 27th, and 28th floors. The prices of these four-bedroom units were reportedly above $3,400 psf or upwards of $7.14 million. Huttons Asia brokered two of the sales, while ERA handled the third one.
Cuscaden Reserve, developed by SC Global Developments in a joint venture with New World Development and Far East Consortium International, offers a mix of one-bedroom-plus-study, two-, three- and four-bedroom apartments. The unit sizes range from 700 sq ft for a one-bedroom-plus-study, 807 sq ft for a two-bedroom, 818 sq ft for a two-bedroom-plus-study, to 926 sq ft for a two-bedroom-plus-study with private lift. The three-bedroom units are 1,152 sq ft, and the four-bedroom units are 2,099 sq ft.
Located at Plantation Close, Novo Place EC offers residents a prime location with great connectivity to other areas of Singapore. This executive condominium is strategically situated near major roads and expressways, providing easy access to various parts of the island. Residents can conveniently travel to different parts of Singapore thanks to key thoroughfares such as the Pan Island Expressway (PIE) and Kranji Expressway (KJE). The Bukit Timah Expressway (BKE) also offers direct connections to the northern and central regions of Singapore. For those interested in Novo Place Hoi Hup, this is the perfect location to enjoy excellent accessibility and connectivity.
The luxury project first launched in September 2019 and saw 12 units sold at an average price of $3,625 psf by the end of December that year. However, in March 2021, the project was relaunched at lower prices in the range of $2,900 psf to $3,000 psf, which is approximately 20% lower than the average transacted prices during its initial launch. The units at the relaunch were sold via private placement, which closed on March 16 after two weeks of private previews. According to PropNex, 45 units were sold during this period, mainly consisting of two-bedroom units starting at $2.292 million ($2,823 psf).
Based on caveats lodged as of July 8, 104 units have been taken up, with Singaporeans accounting for 77% of the buyers. However, according to sources, the latest tally is higher at 118 units (61.5%), including the recent weekend sales.
According to Huttons Asia project director Ngiam Juyong, Cuscaden Reserve was the best-selling project in the Core Central Region (CCR) last week. “There was very strong traction in the promotion with several units sold and some units showing strong indication of interest.” He also stated that the two- and three-bedroom units have been the most popular with buyers since the relaunch in March, with only one of the 21 three-bedroom units still available. The buyers are a good mix of investors and owner-occupiers.
Cuscaden Reserve is located in prime District 10 on Cuscaden Road and is surrounded by two freehold luxury condos: the 54-unit Park Nova and the 77-unit 3 Orchard By-the-Park. While Park Nova is entirely sold, one unit is linked to one of the 10 convicts in Singapore’s biggest money laundering case. The last recorded transaction at Park Nova was for a 1,432 sq ft, three-bedroom unit on the third level of the 20-storey tower that sold for $4.85 million ($3,388 psf) in September 2023.
Meanwhile, the latest transaction at 3 Orchard By-the-Park was for a 3,251 sq ft, four-bedroom duplex that fetched $12.643 million ($3,889 psf) in May. The buyer is a Singapore PR based on a lodged caveat.
The prices at Cuscaden Reserve, Park Nova, and 3 Orchard By-the-Park over the last 15 quarters (Source: EdgeProp Buddy) have remained consistent with the high-end market trend.
In summary, the recent one-price promotion has attracted a significant number of buyers, especially for the two- and three-bedroom units. The relaunch at lower prices has also contributed to the project’s success, making it the best-selling project in the CCR last week. With a prime location and luxurious amenities, Cuscaden Reserve continues to be a highly sought-after property in the prestigious District 10.