CDL will launch The Myst condo in Upper Bukit Timah by 2H2023
City Developments Ltd. (CDL), a Singapore listed property group, announced May 19th that they would launch The Myst condo at Upper Bukit Timah Road some time in 2H2023. Cashew Station of the Downtown Line can be reached in just five minutes by foot.
CDL, however, has rescheduled a preview originally planned for April 29, for Newport Residences. The 246-unit Newport Residences freehold is part a mixed-use, office, F&B and retail development. It is a redevelopment project of the former Fuji Xerox Towers Commercial Building on Anson Road at Tanjong Pagar, District 2 of Core Central Region.
CDL delayed the preview in response to the recent property cooling measures, which came into force on April 27,2003. Foreigners purchasing residential property now pay an additional stamp duty of 60% instead of 30%. ABSDs for Singaporeans purchasing their second and subsequent residential property have increased to 20% and 30% respectively.
CDL believes that in the short-term, the latest cooling measures for property will affect projects with a greater proportion of foreign demand. This is typically high-end/luxury homes located in prime districts and CCR.
The group anticipates “minimal impacts” in the mass and middle-tier segments, where the majority of buyers are locals or PRs. This was evident by the launch at one-north of EL Development’s Blossoms by The Park, where 75% sold out on the day of the launch, April 29, at an average price $2,423 psf. The Continuum, an 816 unit freehold, was launched by HoiHup and Sunway Property in the following weekend. 211 units (26%) were sold at a price of $2.730 psf. The 732-unit Reserve Residences, a joint-venture between Far East Organization & Sino Group at Jalan Anak Bukit will be launched on May 27.
View The M pricing here.
Analysts estimate the group may be able to recognise around $5 billion in residential sales that have not been billed over the next 3 years. CDL has about 1,500 unit launch pipelines in four projects. 80 percent of the units that are not sold are in the middle-tier or mass-market segment, and have less impact from the new cooling measures targeted mainly at investors and foreigners.