First new launch of 2023, Sceneca Residence hits 60% sales on first day

Sceneca Residence, the 268-unit newly launched project, officially opened for balloting yesterday (Jan 14). Of the project located at Tanah Merah Kechil Link, around 60% of the units were sold by the end of the day. An average price of $2,072 psf was achieved. With the first new project launch of 2023, the developer consortium of MCC Singapore, Ekovest Developments and The Place Holdings was two times subscribed, collecting 560 cheques in total.Singaporeans made up the majority of buyers, comprising 88.5%. Homebuyers Senja Close EC were attracted to the favorable location, with a direct link to the Tanah Merah MRT station, as well as a 20,000 sq ft mall with a new-to-market supermarket located directly below the residential towers. Prices of one-bedroom units started from $958,000 and two-bedrooms from $1.33 million.Following the launch, the two-bedroom units were sold out, with 75% being taken up. However, for the larger three-bedroom and four-bedroom units, prices from $1.8 million, there was a “bit of pullback” from buyers.Sceneca Residence proved to be a harbinger of what other developers in the pipeline could expect. It has set the tone for upcoming launches in February and March, such as The Botany at Dairy Farm and Terra Hill. Homebuyers are more conscientious and price-sensitive due to the current high interest rate environment. Sceneca Residence’s strong sales result should encourage developers to price their projects competitively.Yesterday (Jan 14), the 268-unit Sceneca Residence at Tanah Merah Kechil Link was officially launched to positive response, with the balloting of units starting at 10.30 am. The development, consisting of two residential blocks of 14- and 15-storeys, is situated directly above a 20,000 sq ft mall featuring a mix of cafes, restaurants and shops, including a new-to-market supermarket. By 5 pm, 160 of the units were sold, with Singaporeans making up the majority at 88.5%.They were attracted to the convenience of a direct link to the Tanah Merah MRT station, as well as being located near places of employment such as Changi Business Park, Airport Logistics Park and Changi Airport. One-bedroom units sold from $958,000 and two-bedrooms from $1.33 million. While the two-bedrooms were fully sold, making up a total of 75%, there was “a bit of pullback” for the larger three-bedroom and four bedroom units.The strong sales result at Sceneca Residence should set the tone for future launches in February and March, such as The Botany at Dairy Farm and Terra Hill, with homebuyers being more conscious and price-sensitive. It has been a positive start to 2023, and developers should price their projects competitively to ensure similar results.