At the close of balloting on the first day of launch on Sept 22, JadeScape saw 332 units sold, although the numbers are still trickling in at 7pm. JadeScape is marketed by five property agencies, namely ERA, Huttons, PropNex, Savills and SLP International. According to sources, PropNex is said to have contributed to 40% of the units sold, with the other agencies making up the rest.
The 1,206-unit private condo by Qingjian Realty is a redevelopment of the former Shunfu Ville, located in the Marymount-Thomson area.
The sales achieved on the first day alone is equivalent to more than 27% of the total units at JadeScape. Over the past two weeks, more than 800 cheques were received as expressions of interest, which means a conversion rate of 41.5%.
“The first day of sales at JadeScape is very encouraging, given that it comes in the shadow of the latest property cooling measures,” says Nicholas Mak, executive director of ZACD Group. “It should bolster market confidence; and it’s a sign that not all is doom and gloom. There’s still underlying demand for well-designed and well-located properties.”
The average price of $1,700 psf achieved at JadeScape will also set a new benchmark for the Bishan-Thomson area. “This is a new reality for the Bishan-Thomson area,” adds Mak.
Ismail Gafoor, CEO of PropNex, attributes the strong sales at JadeScape to: “Sensitive pricing of the units; the overall concept of the project – the well-thought-out design and layout of the units as well as the smart home features; the location in the Thomson-Marymount area; as well as the lack of competition in the neighbourhood.”
The last launch in the Thomson area was the 288-unit Thomson Impressions in Oct 2015. Completed earlier this year, the average price of units sold at Thomson Impressions was $1,427 psf, based on caveats lodged. However, at least 15 of the units sold crossed $1,700 psf in 2H2017.
Besides its location at the doorstep of the Marymount MRT station, JadeScape is also walking distance to the MacRitchie Reservoir, across the road from the Shunfu Mart and Food Centre as well as a five-minute walk to the Sheng Siong Supermarket at Upper Thomson Road.
Meanwhile, at Jui Residences, the freehold 117-unit project by SDB Asia on Serangoon Road, was also launched on Sept 22. According to sources, the developer sold 23 units on the first day at an average of $1,700 psf. The project is a redevelopment on the site of the former National Aerated Water Co. building. Built in the 1950s, the building has to be conserved.
The facade of the new 18-storey condominium tower of Jui Residences is inspired by the art deco heritage of the conserved building which will be integrated with it.