85% of Completed Twin VEW Units Scooped in a Day
There were long queues when Twin VEW was open for previewing, and potential buyers arrived in their thousands when the sale of its completed 520 units was launched.
At the end of the day, 442 units were taken up, and among them were 4 penthouses.
CSC Land Has Made a Decent Profit
The site on which Twin VEW stands was acquired by CSC Land’s parent company, China Construction (South Pacific) Development, and the price per sq ft per plot ratio (psf ppr) was S$592.
As for the average selling price for the new units, it is S$1,399 psf. In comparison, a nearby site, Parc Riviera, which is owned by EL Development, was launched in 2016 at an average rate of S$1,150 psf.
An even better image of how well the developer of Twin VEW has done is the comparison with a property acquired in January 2018 within the vicinity by City Developments Ltd (CDL).
The land rate was S$800 psf ppr, and according to the head of research at ZACD, Nicholas Mak, the new units, once developed, would have to be sold at a rate higher than S$1,400 psf if any meaningful profit was to be realised.
Also, according to Jason Chen of ERA Singapore, there is a site adjacent to that of CSC that CDL purchased at a rate approximately S$200 higher than that of Twin VEW site per sq ft.
He says that high price must have induced potential buyers who would have wanted to wait for cheaper units to dash for Twin VEW while the units were still available and affordable.
Mr. Li Xiao Qian, who is chairman of CSC Land, told journalists he was encouraged by the great response the launch of their development units had received.
He proceeded to explain that all the different types of housing units drew interest from buyers, and the company was convinced the momentum would continue.
The completed units are held in two towers, 36 storeys each, and they come in one-bedroom units whose price begins at S$650,000; 2-bedroom units with prices starting from S$898,000; 3-bedroom units whose prices begin at S$1.18 million, and there are some four-bedroom units with prices beginning at S$1.55 million.
Twin VEW new condo launch is on a 99-yr lease, and its construction is expected to be completed towards the end of 2021.
In the meantime, those who managed to purchase units at the property were dominated by local Singaporeans and permanent residents, but foreign nationals, comprising Chinese, Indonesians and Europeans, managed to take up nine units too.
In the promotional materials that advertised the Twin VEW housing units, there was mention that the property had two shops, a childcare centre, swimming pools, a gym, and what the developers called, ‘sky terraces’.
According to observers in the housing sector, 12,000 new homes are likely to be sold this year across Singapore, to exceed last year’s figure by more than a thousand, even without including executive condominiums.
Last year, the new homes sold in Singapore totalled 10,566.