Blossoms By The Park achieves 73% sales despite government cooling measures

Bukit Timah area The Myst Bukit Timah to reimagine itself with more green spaces and improved connectivity through the Railway Corridor development and Beauty World rejuvenation plan.

Over 200 units out of 275 at El Development’s project Blossoms By The Park were sold at 6pm on April 29 in Slim Barracks Rise. This translates to a take-up rate of 73%. The average price of units sold was $2,423 psf.The developer reported that all one- and two-bedroom units, apart from the two-bedroom penthouse units, had been purchased. Two-bedroom units, at 678 sq ft, had been priced upwards of $1.5 million ($2,211 psf).The strong sales performance, especially only two days post the latest round of property cooling measures, had far exceeded EL Development’s expectations. This can perhaps be attributed to the fact that the developer had generated 745 cheques in just the two weeks prior to the launch.Despite the introduction of cooling measures, Singaporean and Permanent Residents still made up 96% of the buyers. In terms of units sold, two-bedroom and two-bedroom-plus-study units were the most popular, followed by three-bedroom and three-bedroom dual-key units, and four-bedroom units.At one-north, the residential property’s main draw for investors is its location in a precinct largely occupied by multinational companies, public research institutions and higher learning institutions. Furthermore, the proximity of the residential units to these facilities also makes them attractive to owner-occupiers.The first-day sales of Blossoms By The Park set yet another record for the year of 2023, proving that property in Singapore is still attractive even with cooling measures in effect. With the limited supply of private residential launches in the one-north area, it is clear that there is a demand for homes in the precinct, driven on by knowledge workers looking to live within close proximity to their workplaces.