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The Chuan Park – one of the highly anticipated new launches in 2024.
This new launch condo boasts an MRT station right at your doorstep, is close to reputable schools, shopping malls, and a variety of eateries, but it comes with a higher price tag.
The last project launched in this area was more than a decade ago, The Chuan Park will definitely gain insane attention from many upgraders and first-time homebuyers.
In this article, you’ll discover everything you need to know about The Chuan Park to decide if it’s a worthwhile investment.
1. Project Information About The Chuan Park
The Chuan Park, a new-concept redevelopment of the former Chuan Park which was jointly acquired by Kingsford and MCC Land through a $890 million en-bloc sale.
This is a 99-year leasehold, new launch condo in District 19, comprising 3 blocks of 22 storey & 2 blocks of 19 storey (Total of 916 units).
It also comes with 2 shops, basement carpark, swimming pool, communal facilities and landscape deck. More details to be released on the actual preview.
1.1 Track Records of Developers
If you’ve been keeping up with property news, you might feel cautious and hesitant due to concerns about the developer, Kingsford.
Indeed, Kingsford’s reputation has taken some hits, as they’ve been highlighted in the news several times for potential safety lapses.
Kingsford Waterbay, Hillview Peak, Normanton Park have been reported on the news for safety concerns.
However, there are signs of improvement, as demonstrated by their latest masterpiece – Normanton Park.
This development has earned accolades such as Best Mega-Scale Condo Development (Singapore) and Best Mega-Scale Condo Landscape Architectural Design (Singapore), marking it as the most impressive development in 2023.
With their latest achievements and recognitions, it seems your concerns may be somewhat alleviated.
1.2 Location & Connectivity Of The Chuan Park
The Chuan Park is just a stone’s throw from Lorong Chuan Station, which connects to five major MRT lines, offering you an easy access to all parts of Singapore.
Want to dine at Nex? You’re just one station away. Interested in a shopping spree at Orchard ION? It’s only one stop to Bishan and five more to Orchard MRT station.
Plus, you’re connected to both the Downtown Line and the East-West Line. How convenient is that?
For those who are driving, you will have an easy access to major roads like PIE, CTE, and Upper Serangoon Road for seamless commuting.
For parents with children, we have – St. Gabriel’s Primary, CHIJ (Our Lady of Good Counsel), Yangzheng, Zhonghua, and Kuo Chuan Secondary all within 1km radius. Additionally, the Australian International School is just a few bus stops away on route 105, and Nanyang Junior College (NJC) is only minutes away.
1.3 How Big Is The Chuan Park?
The Chuan Park features 916 units, making it a prime choice for enthusiasts of large-scale projects.
It spans a massive 37,215.6 sqm (approximately 400,589 sqft) and boasts a generous plot ratio of 2.1, allowing for up to 24 storey.
For context, let’s compare it with Grand Dunman, a mega project launched in 2023. Grand Dunman has 1008 units on a land area of 271,622 sqft, distributed across seven residential blocks of 18 storey each, complete with extensive condominium facilities and amenities.
In comparison, Grand Dunman is only 2/3 of the size of The Chuan Park, and we are expecting a comparable range of facilities.
1.4 How Much Is The Chuan Park?
Location, MRT, schools, amenities and size of the development checked all the boxes but here comes the biggest question: How much?
That’s probably why you ended up on Google and found my article—because price is often the most determining factor for many homebuyers.
After accounting for all expenses including land, construction, marketing cost, and financing, the estimated breakeven price per plot ratio is $2,229.
In today’s market, homebuyers are more cautious and sensitive to high property prices due to elevated interest rates and economic uncertainty. Additionally, developers have a five-year window to sell all their inventory to avoid paying Additional Buyer’s Stamp Duty (ABSD).
To kickstart sales effectively, the developers MIGHT initially set an attractive price point and gradually increase prices once a certain percentage of the units are sold.
This strategy can help drive healthy sales momentum for a mega project.
Hypothetically say The Chuan Park is launching at the 10% profit margin ($2,452), a brand new family-sized 3 bedder of 9xxsqft will be priced starting from $2.3m.
Disclaimer: This is purely an estimated number for reference, the actual price will only be announced on the launch date.
2. Potential Competition of The Chuan Park
Assuming you are planning to move near the Lorong Chuan MRT station and nearby schools, and here are the five closest condo projects: Scala, Chiltern Park, Goldenhill, Springbloom, and The Chuan Park.
It’s important to note that these condominiums, with the exception of The Chuan Park, are relatively old, having been built over a decade or two ago.
3. Does The Entry Price of The Chuan Park Makes Sense?
Here’s the key question: Is the quantum of $2.3m for a 9xxsqft 3 bedder worth considering for aspiring upgraders and first-time homebuyers?
It is a fact that The Chuan Park will be launching at a much higher price per square foot than its neighboring resale projects.
But does it mean that The Chuan Park is overpriced as an OCR condo?
Before we jump into any conclusion, let’s at look some data from its neighboring condos:
3.1 The Supply Is Scarce For Family-Upgraders
| 2023 Transaction Volume (3-bedders only) | |
|---|---|
| The Scala | 1 out of 128 units |
| Chiltern Park | 8 out of 201 units |
| The Springbloom | 3 out of 267 units |
| Goldenhill Park Condominium | 10 out of 220 units |
| Total Transaction Volume | 22 / 816 units |
In 2023, only a total of 22 three-bedroom units in the neighboring condos were sold. This indicates a limited supply of such units in the area.
A plausible reason for the low turnover in the area is that most families value its convenient MRT access and proximity to schools, choosing to stay put.
If your family is considering an upgrade to a three-bedroom unit in this vicinity to match the space of a typical 4-room flat (89 sqm/960 sq ft), the limited supply could make your upgrade challenging.
Some say the chances of getting a 3 bedroom unit at The Chuan Park is much higher than getting a resale unit.
Let that sink in.
3.2 The Age & Price Gap Of Resale Condo
Most upgraders and homebuyers tend to prefer “newer” properties if it fits within their budget. Among the 4 aforementioned condos, The Scala, built in 2010, is the newest.
The other three condos are over 20 years old, which are less appealing to first-time homebuyers and those looking to upgrade.
“Would you find it convincing to pay a higher maintenance fee for a pool and other facilities in a condo that’s two decades old, and let your children swim in it?”
Well, some people wouldn’t mind, but i certainly do!
Therefore, we are going to take The Scala as the main competitor for The Chuan Park.
The Scala is currently transacting at the average price of $17xxpsf whilst The Chuan Park is expected to launch at $24xxpsf and beyond. There is also a 14 year age gap between the two, and the difference is $7xxpsf.
Does it make sense?
Based on the 10-year average growth for resale condos, it is at around 3.3% annually.
Let’s use 3% as a conservative number, it translate to roughly $50psf increase annually.
Assuming ($50psf X 14 year = $700psf), in other words, a $7xxpsf price gap between The Chuan Park and The Scala is completely justifiable.
In my personal opinion, if The Chuan Park does launch at $24xxpsf and beyond, the price is completely fair despite being an OCR condo.
4. But Neighboring Projects Are Cheaper Than The Chuan Park?
We’ve discussed and justified The Chuan Park will be launching at a higher price, but you might still have reservations due to the sheer price gap.
“Those neighboring resale projects are much bigger and lower in PSF, perhaps I should consider them over The Chuan Park?”
I completely get that.
We’re all human, and sometimes our decisions are driven by emotions.
How about we analyze the past resale statistics logically and see what conclusions we can extract from it?
4.1 Chiltern Park
Chiltern Park has a total of 500 units and only 77 units have exchanged hands for the past 29 years? In addition, there is zero transaction as of Q12024. Why is that so?
4.2 The Springbloom
Despite healthy transaction volume in The Springbloom, note that there are still many first-gen-owners who are still holding onto their property with an entry price of $4xxpsf – $5xxpsf.
4.3 Goldenhill Park Condo
Only 9 out of 390 units were transacted in 2022 & 2023?! How many first-gen-owner are there who is still holding onto their property at $6xx – $7xxpsf?
4.4 The Scala
Similar trend is observed in The Scala, there could be still many first-gen-owners who are still holding onto their property at $11xxpsf – $13xxpsf.
5. The Risk Of Resale Projects Vs The Chuan Park
After examining the past resale transactions for the neighboring projects, it might seem a bit complex, so let me break it down:
5.1 Neighboring Resale Projects
The data indicates that there is likely a group of owners who bought their properties at a very low price per square foot (as low as $4xx PSF) and HAVE NOT SOLD YET.
What does this mean for you as a resale buyer? Consider the risks:
“Say you decide that the actual price for The Chuan Park is too high and instead you purchase a unit in The Scala at $17xxpsf, which feels more reasonable. Suddenly, another black swan event hits, forcing many to sell their properties.
Owners at The Scala, who bought at lower prices, could easily sell their units for $14xx per square foot and still bag a profit.”
But what about you, having entered the market at $17xx per square foot?
With these sellers as your direct competitors, could you exit smoothly without a loss, putting aside any potential profits?
5.2 New Launch Projects
Conversely, it’s understood that new launch condos often carry a higher price tag than resale units.
However, buying a new launch offers you the “first-mover advantage,” where all buyers start on equal footing.
“When everyone starts on the same line, would it be hard or easy for you to exit in the future?”
Additional benefits for those who purchase early include access to brand new & modern amenities, early-bird discounts, a broader selection of units, and a higher potential for appreciation in value.
In this case, The Chuan Park does offer you the abovementioned.
6. Any Downsides Of The Chuan Park though?
Before considering a purchase at The Chuan Park, there are two significant factors to consider beyond price: the urgency of your family’s housing needs and the challenging traffic conditions.
First, The Chuan Park is expected to be completed around the fourth quarter of 2027 or in 2028. If your family needs a place to live immediately, you may have to consider staying with your parents if there’s enough space and they are welcoming, which could be the most cost-effective solution.
Otherwise, you’ll face a potential six figures rental expenses for about the next three years until The Chuan Park is ready for move-in.
Secondly, the traffic in Lorong Chuan can get quite heavy during morning and afternoon peak hours, largely due to its proximity to several schools, resulting in congestion from school drop-offs and pick-ups.
Additionally, evening traffic also increases as people return home from work. If you’re driving in this area, be aware of these peak hours and consider planning alternate routes to avoid delays.
7. More Details About The Chuan Park
By now, you should have a better understanding of The Chuan Park’s estimated launch price, how it compares to less expensive neighboring projects, and the potential risks involved.
At the moment, no one has specific details on the actual prices, project site plan, unit mix, or layouts of The Chuan Park except the developers.
If you’re interested in learning more about The Chuan Park, get in touch with me now to receive first hand information and insider project news!
