The Reserve Residences Bukit Timah sells more than 70% of its units during the launch over weekend
The Reserve Residences in Bukit Timah, which is part of an integrated mixed-use development, sold over 70% of its 732 apartments during the launch weekend.
Far East Organization, the developer, and Sino Group, its venture partner, said that 520 of the 635 units sold on Saturday and Sunday were at an average cost of $2,460 psf.
Far East Organization reported that 99 percent of the buyers were Singaporeans or PRs. Three of the foreign buyers are from the United States. They are subject to the exact same rate for additional buyer’s duty (ABSD), as Singaporeans, under a free-trade agreement.
Over 40 percent of buyers are aged between 31 and 40. Around 22 percent are aged between 21 and 30.
The developer said that all of the one-bedroom homes at The Reserve Residences, located on Jalan Anak Bulkit, have been fully sold. The condominium has a range of units, from duplexes to penthouses to apartments with five bedrooms.
The five-bedroom Sky Terrace Apartment sold for $2,790 per square foot.
The Reserve Residences, which is expected to be finished in 2028 as part of a development integrated with three-storey mall, where CS Fresh will be an anchor tenant, a potential childcare centre, a transit interchange, and 160 serviced apartments. The station is also connected to Beauty World MRT.
Singapore raised ABSD rates for Singaporeans by 3 percentage point to 30 percent. The rate for foreigners was doubled to 60 percent to curb foreign investment demand.
Experts say that the uniqueness of The Reserve Residences and its proximity to a major transport hub, as well as its attractive price, are what attract buyers.
The Botany Dairy Farm and The Myst By CDL are both available to buyers who have been priced out. Both are located along Downtown Line, and only one or two stops away from Beauty World MRT Station.