Sceneca Residence – the first new launch for 2023 – sells 60% of its units on day one
Sceneca Residence, a 268-unit development located in Tanah Merah Link at Tanah Kechil, was officially opened yesterday (Jan. 14) after a preview of two weeks that began on January 1. The first units were offered for sale at 10.30am on January 14, and by 5.30pm, 160 units (about 60%) had been sold. This was at a price of $2.072 per square foot.
Sceneca Residence is the first new project to be launched in 2023. Its performance will give other developers a good indication of the future. Sources claim that the developer, a consortium consisting of MCC Singapore Ekovest Developments, and The Place Holdings, had collected 560 checks by Thursday night, indicating the project to be two-times subscribed. The 160 units sold represent a conversion of approximately 28.6%.
Sceneca Residence sold out all of its one- and 2-bedroom units during the launch. The 120 units are divided into one and two bedroom types. They range in size from 463 sq ft to 883 square feet. They accounted for 75 percent of the 160 sold units. Prices for one-bedroom units started at $958,000 and for two-bedrooms, they were $1.33million.
The development has only four penthouses, ranging in size from 2,400 to 2,756 square feet. On launch day, the largest penthouse unit of 2,756 square feet was sold.
The developer stated that Singaporeans accounted for 88.5%, while permanent residents and other foreigners accounted for the remaining 11.5 %.
Sceneca Residence is a two-block residential complex of 14 and 15 stories that will be built on top of Sceneca Square. This 20,000 sq ft shopping mall features a mixture of shops, cafes, and restaurants. It also includes a new 10,000 sq ft supermarket.
It is located close to places of employment such as Changi Business Park Airport Logistics Park and Changi Airport. This makes the project attractive to those who wish to live near their workplace.
The fourth quarter of the year 2022 saw the launch of two executive condominium (EC) projects, namely, the 639-unit Copen Grand in Tengah Walk, in the west. This project is now sold out, and the 618 units Tenet in Tampines, in the east. It is currently 93.2% fully sold.
In September, the 165-unit SkyEden@Bedok as well as the 605 unit Lentor Modern were launched. SkyEden@Bedok was sold 75% on the day of its launch, and Lentor Modern had 84%. Both sold at an average price of $2,100 per square foot.
The Botany, a 386-unit project at Dairy Farm, and Terra Hill, a 270-unit development in Pasir Panjang are two other projects likely to be showcased during the Chinese new year period.
The performance of Sceneca Residence has been very positive. Upgraders may pull back if a project’s price is too high.