Cuscaden Reserve sells 45 units by private placement

In the relaunched luxury condo Cuscaden Reserve 45 (57%) units of the 79 released were sold via private placement on March 16, 2019.

Over 80 EOIs (expressions of Interest) were collected during the preview which began March 2 and lasted for two weeks.

Most of the units sold are two-bedroom types. Prices start at $2.292m, or $2.823 per square foot.

Huttons Data Analytics data indicates that one-third (33%) of the buyers in Cuscaden Reserve is under 35. Hutton Asia CEO Hutton Asia observes that buyers at Cuscaden Reserve are either Singaporeans, or permanent residents (PRs), who are buying their first property. It was a 50/50 split between people buying to live in and for investment.

The developers of the three joint developments — SC Global New World Development and Far East Consortium — are credited with the high sales, as they have slashed their selling prices up to 20 percent.

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A two-bedroom apartment with a price tag of approximately $2.4m, a good location, and prestigious address drew en masse interest from buyers.

Cuscaden Reserve has 192 units and is located at Cuscaden Road, District 10, just off Orchard Boulevard. The luxury condo will be completed in August 2023.

Cuscaden Reserve offers a variety of apartments ranging from 700 square feet to 1,163square feet. The 21st-26th floors have six 2,099 square foot four-bedroom apartment. On these floors, they are converted from a three- and two-bedroom apartment. On the 27th & 28th floor, a single duplex penthouse with 3,755 sq. ft. spans.

Based on the caveats that were lodged, 12 units sold at an average cost of $3.625 psf before the relaunch. After the additional 45 units were sold, the take up rate reached 57 units (30%).

The Cuscaden Reserve units that remain will be sold based on “first come, first served” principle.