Far East Organization and its sister company Sino Group—both controlled by billionaire brothers Robert and Philip Ng—sold 82% of the apartment units marketed for sale over the weekend at a residential condominium project in the western Singapore town of Bukit Timah, defying slower sales at other projects after the government stepped up property curbs .
The Reserve Residences sold 520 units of the 635 allotted for sale over the weekend at an average price of S$2,460 ($1,820) per square foot. The 99-year leasehold project was one of three residential condominiums marketed by developers since the government doubled the tax rate for foreigners buying properties in the city state to 60% to cool surging home prices amid an influx of wealth from overseas, primarily from China, into the financial hub.
“Thoughtful design, a strategic location, and the scarcity of integrated developments with a transport hub, have made this project very attractive to homebuyers,” Shaw Lay See, chief operating officers for sales and leasing at Far East Organization, said in a statement. “We are confident our high floor units, sky terrace homes and penthouses with exceptional views will continue to delight homebuyers.”
Starting prices for The Reserve Residences were at S$1.1 million for a one-bedroom apartment with a gross floor area of 441 square feet (about 41 square meters), while five-room apartments (with 2,336 square feet of built up space) fetched S$6.2 million so far. About 99% of the buyers during the weekend were Singaporeans and permanent residents, with three buyers from the U.S., who are paying the same tax rate of 30% as the locals due to concessions in the Free Trade Agreement between the two countries.
With the strong sales at The Reserve Residences over the weekend, Far East Organization said it increased the number of units allotted for sale to 635 from 587 as originally planned. Sales at other developments were muted. The freehold Continuum—which was jointly developed by local developer Hoi Hup Realty and Malaysia’s Sunway Developments—sold just 26.5% of the 816 units over the launch weekend earlier this month, while EL Developments’ Blossom by the Park sold over 72% of the 275 units in the 99-year leasehold project when sales started in late April.
The project, which will have 732 residential units when completed in 2028, is part of the first integrated development in the Bukit Timah precinct. It includes Bukit V, a shopping mall with over 20,000 square meters, a bus interchange and a 160-unit serviced apartment.
Far East Organization and Sino Group are among the most active developers in Singapore. The duo is set to complete the construction of One Holland Village mixed-use residential and commercial project in central Singapore by the fourth quarter of 2024, with about 96% of the 296-unit residential tower sold, and 94% of the commercial space committed. In May 2022, the sister companies partnered with Perennial Holdings to buy the iconic Golden Mile Complex on the edge of the city’s central business district for S$700 million, earmarking the landmark for redevelopment.