New Launch Sales Crashes : TMW MAXWELL only Sold 2%

Only 53 Units sold out of 507 units new launch over Aug 13.

3 new launches are done over the weekend across Singapore. TMW Maxwell, The Arden and Orchard Sophia all recorded below 30% take-up rate.

TMW MAXWELL

Following poor sales of Lakeside Residence (23%) last week, the trend is expected to continue. TMW MAXWELL has just sold 7 out of 324 units in Phase One sales. This represents 2 % of the whole project.  The transacted price range between $ 1.5 million to $2.47 million which is approximately $3,143 to $3739, with an average psf of $3310. 

TMW MAXWELL was developed by Singhaiyi Investments and Chuan Investments. This is the least take-up rate for a  new launch for 2023. The market had expected a 20% take-up rate as per recent launches. This new launch defies expectations with dismay showing.

Located at the former Maxwell House, the location might have been a factor. CCR projects have been lagging behind the market as the traditional buyers, who are usually foreigners, are priced out of the market with 30% ABSD. TMW is 99-year leasehold project. There are 3 more new launches to come in CBD area in the coming months. 

THE ARDEN

The Arden was billed as the lowest price new launch with prices from $1688 psf. The new launch average prices range from $2057 to $2121. Despite the attractive pricing, only 27 out of 105 units (26%) were sold at an average price of $1750 psf. 

The Arden is located on Phoenix Road, off Choa Chu Kang Road. The Arden is developed by Qingjian Realty. It is the best performer among the three launched over the weekend.

ORCHARD SOPHIA

Orchard Sophia managed to sell 19 (24.4%) out of 78 units at an average price of $2800 psf.

The freehold Orchard Sophia is located at D9 on Sophia Road. Despite being in the CCR zone, the prices are relatively attractive compared to TMW MAXWELL. With Orchard Road and schools such as St Margaret's Primary and Anglo-Chinese School (Junior) within 1 km, its location is ideal for investors and owner-occupied buyers. 

While the demand for property in Singapore continues to wane, the prices remain inelastic, will developers resort to discounts going forward to increase sales? Only time will time.

You can also read the following : 

Are Property Prices set to fall? 

Are New Launches Losing its Shine?