Launched last month, Sceneca Residence in Tanah Merah has sold 157 of its 268 units, or nearly 60 per cent of the units sold. With high interest rates and property cooling measures, this project was a hot seller right after launch, indicating that there is still pent-up demand in the market, especially in locations outside the Central District (OCR).

Jingle Court, jointly developed by MCC Land, Ekovest Developments and The Place Holdings, sold for a median price of $2,083 per square foot last month.

The runner-up in sales was Tampines' executive condominium (EC) project, Tenet, which like King's Court is located outside the Central District. This EC project was the top-selling new private residential development for the month when it was launched last December, but was edged out by a new project last month.

The 618-unit Jingle Court, a joint venture between Chingjian Realty, Santarli Construction and Heeton Holdings, sold 145 units last month and is 95% or 590 units sold to date.

Due to a severe supply crunch, the recently launched EC project has become increasingly expensive in terms of sf, with the median sf price for the project last month being $1,388.

Other projects on the list did not sell well last month. Leedon Green, near Holland Road, sold 21 units at a median price of $2,957 per square foot. This project is expected to be completed by the end of this year and has sold 523 units or 82% since its launch in early 2020.

Klimt Cairnhill, a freehold luxury development in the prime Jubilee district of District 9, came in fourth with 17 units sold at a median sf price of $3,784. Only 25 units or 18% have been sold since the project opened in August 2021. This is a redevelopment of a collective sale, formerly Cairnhill Mansions.

In fifth place is One Holland Village Residences, a mixed-use development adjacent to Holland Village MRT station, which sold 16 units last month at a median sq ft price of $2,791. The project has sold 84% or 249 units since sales began in November 2019.

Overall, the developer launched more new supply in January, driving a surge in sales. Excluding EC, developers launched a total of 410 new private residential units, a jump of 811.1 per cent from a year earlier. Sales in this month were at a four-month high, with 391 new private homes sold, a 130 per cent jump from a year earlier.

The Government has just announced an increase in buyer's stamp duty for some private homes in the 2023 Budget, but market observation has not affected buyers' interest in viewing homes. So far, developers remain confident in the market and are on track to launch new projects.

The Seafront on Meyer (right) is in a prime location, close to the upcoming Caledon Park MRT station which will open next year. One unit in this project was resold in January this year at a price of $1868 per square foot. The Atria at Meyer on the left had two units resold last year at $1970 and $2075 per square foot respectively. (Photo by Chan Lai Fook)

After three tenders, a buyer has finally been found for Meyer Park, a private freehold development on Meyer Road, which UOL and Singland will develop into high-end private residences.

Meyer Road is home to a number of high-end private freehold developments, with sea views along the east coast being a major selling point for buyers. The MeyerHouse, a luxury condominium project in the area also developed by the China Property Group, has 56 units over five floors and was sold out in July last year. From August to December last year, a total of eight units in this project changed hands at prices ranging from $2,537 to $2,797 per square foot.

The Meyer Park site is a freehold and uniquely located opportunity for high-end private residential development, and the group will take advantage of the unobstructed views to build 230- to 250-unit high-rise condominiums, according to UOL's president, Mr Ngoi Wai Shun.

Another high-end project is the 200-unit Meyer Mansion by GuocoLand. Meyer Mansion was launched in September 2019 and is close to being sold out with 193 units sold so far. Two units were sold last month at $2,823 and $2,513 per square foot respectively.

The Meyerise project, The Makena and The Atria at Meyer are all developed by Hong Leong Holdings. 239 units were built in 2014 at The Meyerise. The Meyerise was built in 2014 with 239 units and was last resold in October last year at a price of $2,225 per square foot.

The Makena, built in 1998, is relatively old but resale transactions are still active and prices are steadily increasing. A total of 17 units changed hands last year, with one unit selling for $1,954 psf, the highest price for a unit since April 2018.

The Atria at Meyer, which is about the same age as The Makena, had only two units resell last year, selling for $1,970 and $2,075 ft2 respectively. Completed in 1996, the 157-unit project is a great example of the kind of development that can be found on the Makena site.

The Seafront at Meyer is strategically located close to the upcoming Caledon Park MRT station, which is due to open next year. The project was built around 2011 by CapitaLand and has 327 units. One unit was resold in January this year at a price of $1,868 per square foot.

Maiya Road is like Nassim Road on the East Coast, a quiet suburb. In addition to Katong Park and East Coast Park, there are a number of amenities and local and international schools nearby, such as Deming Government Secondary School and Eaton Pre-School Centre. This area is also not far from the central business district and is only a 10-minute drive to Marina Bay and Suntec City.