Is it still a good deal to purchase new launch condo in District 3 ?

[sgpropertyshelf 0]

2018 shall see two new launches in District 3 and both would be near Queenstown MRT, namely at Margaret Drive and Stirling Road.

Based on the recent land bids, prices may have already bottomed out and seem to be back on the upward trend. A quick re-cap on the recent land bids for D3 would be as follows:

Sep 2012  Prince Charles Crescent (Wingtai & Metro / The Crest)  $960 psf ppr

Dec 2012  Alexandra View (Singapore Land/ Alex Residences )  $970 psf ppr

Feb 2013  Commonwealth Ave (Hong Leong/ Commonwealth Towers )  $883 psf ppr

Apr 2013  Kim Tian Road (Keppel Land / Highline Residences)  $1163 psf ppr

Apr 2014  Prince Charles Crescent (UOL & Kheng Leong / Principal Garden )  $821 psf ppr

Jun 2015  Dundee Road (HY Realty/ Queen's Peak)  $871 psf ppr

Nov 2015 Alexandra View (Tang Skyline / Artra)  $851 psf ppr (Mixed Development)

Dec 2016 Margaret Drive (MCL Land) $998 psf ppr

May 2017 Stirling Road (Logan & Nanshan)   $1051 psf ppr

Oct 2017 Normanton Park  (Kingsford) $969 psf ppr

 

At the date of writing, Alex Residences and Commonwealth Towers have already been 100% sold. Principal Garden is almost 100% sold while Highline Residences is already 90% sold (mainly only 3 and 4 bedroom units left). However, units in Queen’s Peak and Artra are still available.

From the figures above, MCL Land and Logan & Nanshan have already paid more than what Singapore Land had paid for the Alexandra View plot. However, the prices may be more reflective of current market prices given that the amount paid is comparable to what Kingsford had paid for Normanton Park, since Margaret Drive and Stirling Road are nearer to amenities and the completion of upcoming developments around the Queenstown MRT.

It would be interesting to see how MCL Land and Logan & Nanshan would differentiate their projects from the rest in order to still provide value to perspective buyers.