A SingHaiYi spokesperson revealed that the seven units were sold at an average price of S$3,310 per square foot.
The sales results of the mixed-use developments by CEL Development, Singhaiyi Investments and Chuan Investments were well below the expectations of market watchers, who were expecting occupancy of at least 20 per cent based on recent launches.
A total of 80 units were offered for sale in the first phase of the offering, with the remaining units to be offered in subsequent phases.
Located on the site of the former Maxwell House, TMW Maxwell comprises a block containing three floors of commercial facilities and a total of 324 flats. It is the first of four to be launched in the city centre's Central Business District (CBD) area.
Most developers expect total flat sales to exceed 5,000 units in the first eight months of this year 2023.
The market launched so many new projects in a short period of time in July and August. Eight private residential projects were launched in six weeks, totalling more than 3,000 units available for sale.
The last time the market saw at least eight project launches was in November 2018 when 1,265 units were available for sale. In terms of units launched, the highest was in the first quarter of 2021, when a total of 2,629 units were sold across four launches.
With more launches, the market is on track to sell around 8,000 units, up from 7,099 in 2022.
The developer launched three new projects for sale this weekend. Orchard Sophia in Core Central and The Arden in Outside Central Region (OCR), in addition to TMW Maxwell.
Both Orchard Sophia and The Arden had an occupancy rate of around 23 per cent at their respective launches. The former sold 18 out of 78 units while the latter sold 24 out of 105 units.
The projects launched during this period each underperformed in terms of sales when compared to those previously placed on the market; this was due to several factors, which may have included some difficult choices.
Buyers in today's market have too many options with ample choices. This directly mitigates the urgency for buyers to immediately snap up units during the launch weekend. With a wider range of choices available to buyers, future new launch sales may experience some difficulty, especially if there is an ample supply of unsold units in the neighbourhood.
The combination of TMW Maxwell's location and a wider range of smaller units will appeal to a small group of buyers, including investors, couples and small families.
While real demand for purchases remains strong, we do see more and more homebuyers reconsidering the various project options before returning to purchase a unit in the project of their choice.
