The part of sales that many developers dread is the final hangers-on; the units that are too big and expensive to move, or which people reject for some reason. Even with the recent change in ABSD rules for developers, it can still result in hefty costs that they would want to avoid. But this is also when fire sales tend to happen; steep discounts to clear out the last few units once and for all.
Of course, not all projects are in such a state. Some may just require bigger discounts in order to generate awareness and momentum to move the units.
Disclaimer: Prices are as of 29th April 2024. The lowest prices are those that we can find and may not be an accurate representation of the lowest prices if the information is not readily available. However, you can contact the developer further to see if there are any units that are lower than what is written here.
Here are some projects seeing fire sales so far this year:
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1. W Residences at Sentosa
Current Prices
| Type | Size (Sq Ft) | Prices From | Units Available |
| 2 Bedroom | 1,238 – 1,292 | $2,198,800 | 6 out of 41 |
| 3 Bedroom | 1,625 – 2,551 | $2,787,600 | 15 out of 86 |
| 4 Bedroom | 2,067 – 2,422 | $3,560,400 | 14 out of 66 |
| Penthouse | 2,217 – 6,297 | $4,066,400 | 10 out of 35 |
Sale Prices
| Unit | Type | Size | Price | $PSF |
| #03-07 | 2 Bedroom | 1259 | $2,198,000 | $1,746 |
| #02-01 | 2 Bedroom | 1238 | $2,232,000 | $1,803 |
| #04-07 | 2 Bedroom | 1259 | $2,244,800 | $1,783 |
| #02-19 | 3 Bedroom | 1658 | $2,938,800 | $1,772 |
| #05-39 | 3 Bedroom | 1658 | $3,087,600 | $1,862 |
| #02-32 | 4 Bedroom | 2067 | $3,560,400 | $1,722 |
| #03-32 | 4 Bedroom | 2067 | $3,644,000 | $1,763 |
| #03-33 | 4 Bedroom | 2067 | $3,606,400 | $1,745 |
| #06-09 | Penthouse | 3972 | $6,954,000 | $1,751 |
| #06-42 | Penthouse | 4919 | $8,528,400 | $1,734 |
This has been all over the news, and W Residences managed to move 65 units in two days after a 40 per cent price cut. Now this wasn’t an attempt to meet ABSD deadlines – this project crossed that line a long while ago.
W Residences has been on the market since 2011 (and its 99-year lease started in 2006). This is an extraordinarily long time to sell its 228 units, but also understandable as the developer wasn’t subject to the ABSD rules. Given that new cooling measures have hiked stamp duties by 60 per cent for foreigners – who are a significant buyer demographic for Sentosa’s luxury properties – it’s unsurprising that the developer seems eager to move on.
W Residences is close to Quayside Isle, which is an upscale dining and entertainment spot in Sentosa. There is also a Cold Storage just a short walk from W, making this a convenient, self-contained enclave. As with most such luxury enclaves, you should be prepared to drive out; it’s expected that residents here do not need public transport.
Facilities are still considered to be good even as it is ageing, as you might expect from a Sentosa condo; and prices can seem especially alluring now, with 1,600+ sq. ft. units transacting as low as $2.84 million; the fire sale has made this one of the cheapest condos in the area.
However, do note the hefty maintenance fees (around $1,250+ just for a two-bedder), and the fact that the 40 per cent discount may be setting a new base price. If so, future buyers will simply consider the discounted price to be the norm, which can make it harder to realise strong gains. This is a property best bought as an indulgence or as a retirement home, rather than an investment.
2-Bedroom at W Residences Type A2
3-Bedroom at W Residences Type B1d
4-Bedroom at W Residences type C1
2. Cuscaden Reserve
Current Prices
| Type | Size (Sq Ft) | Prices From | Units Available |
| 1 Bedroom Apartment with Study | 700 | $1,999,000 | 11 out of 24 |
| 2 Bedroom Apartment | 807 | $2,421,000 | 8 out of 24 |
| 2 Bedroom Apartment with Private Lift | 807 – 818 | $2,417,000 | 18 out of 48 |
| 2 Bedroom Apartment with Private Lift & Study | 936 | $2,806,000 | 43 out of 72 |
| 3 Bedroom Apartment with Private Lift & Study | 1,163 | $3,284000 | 9 out of 24 |
Sale Prices
| Unit | Type | Size (Sq Ft) | Price | $PSF |
| #05-04 | 1 Bedroom + Study | 700 | $1,999,000 | $2,856 |
| #14-05 | 2 Bedroom | 807 | $2,421,000 | $3,000 |
| #05-08 | 2 Bedroom (Pte Lift) | 807 | $2,417,000 | $2,995 |
| #05-01 | 2 Bedroom (Pte Lift) | 818 | $2,460,000 | $3,007 |
| #20-01 | 2 Bedroom (Pte Lift) | 818 | $2,577,000 | $3,150 |
| #10-07 | 2 Bedroom + Study (Pte Lift) | 936 | $2,806,000 | $2,998 |
| #13-06 | 2 Bedroom + Study (Pte Lift) | 936 | $2,837,000 | $3,031 |
| #10-02 | 2 Bedroom + Study (Pte Lift) | 936 | $2,868,000 | $3,064 |
| #20-03 | 3 Bedroom + Study (Pte Lift) | 1163 | $3,824,000 | $3,288 |
The fire sale at Cuscaden Reserve is due to ABSD deadlines. This project was set to miss the deadline last year, but was given an extension to this year. So on 16th March 2024, Cuscaden Reserve was relaunched at a lower price point of $2,900 psf, which is roughly 20 per cent lower than previous recorded prices.
Prior to this fire sale, only 12 of its 192 units had been sold, at an average of $3,625 psf. It really is quite urgent for the developers to move the remaining units: the 60 per cent ABSD on foreigners can only serve to weaken demand the longer they wait. And to make things worse, a new condo is arriving right across the road (the Orchard Boulevard land sales plot, which has just been bought by UOL and Singland).
One of the main issues with this project is the buyer profile that can afford such an area. As such it’s not really about the quality or location, but lease. This is one of the few 99-year leasehold condos in District 10, a prime area where freehold is the norm.
The other issue is unit size. In such an area where buyer’s can afford such prices, a unit mix on the smaller side may not hold such high appeal. Cuscaden Reserve’s unit mix is mainly smaller: they mostly range between one to three-bedders, of 700 to just over 1,160 sq. ft. The bigger four bedders, which are upward of 2,000 sq.ft., number only six units.
Perhaps now aspiring landlords, who seek high rental rates from affluent expatriates, might find Cuscaden Reserve a tempting prospect; especially now that prices have been discounted. Landlords also care less about leasehold status than pure home buyers.
Cuscaden Reserve 1 Bedroom (Type A1)
Cuscaden Reserve 2 Bedroom (Type B1)
Cuscaden Reserve 2 Bedroom Apartment With Private Lift And Study (Type D1)
3. 19 Nassim
Current Prices
| Type | Size (Sq Ft) | Prices From | Units Available |
| 1 Bedroom | 538 – 570 | $1,870,680 | 14 out of 17 |
| 1 Bedroom + Study | 646 – 678 | $1,938,685 | 12 out of 16 |
| 2 Bedroom | 807 – 1,119 | $2,664,056 | 19 out of 33 |
| 2 Bedroom + Study | 1,055 | $3,430,360 | 4 out of 8 |
| 2 Bedroom Deluxe | 1,109 | $3,623,415 | 6 out of 8 |
| 3 Bedroom Deluxe | 1,475 – 1,733 | $5,187,950 | 6 out of 19 |
Unfortunately, we weren’t able to get current sale prices for 19 Nassim. However, they are on sale at the moment and you can contact the developer for more information.
19 Nassim is another small leasehold project in District 10, where freehold is the norm. This condo only has 101 units, and received its TOP in 2023; but we’re told that so far, only around a third of all the units have been sold.
This price cut may surprise some market watchers, as back in 2023, 19 Nassim set a new record price. This was when a 1,475 sq. ft. (three-bedroom) unit sold for $5.63 million, or a new high of $3,815 psf.
This also followed a previous transaction high in 2021, when a 538 sq. ft. (one-bedroom) unit sold for $2.09 million, or about $3,876 psf.
While Nassim Hill is an upscale area, we do wonder if the proximity of Gleneagles Hospital is working against it. Some buyers hold taboos against “living near sickness,” while others just worry about ambulance sirens in the night. That aside, 19 Nassim has good access to public transport, with Napier MRT (TEL) within walking distance.
The issue here may also be similar to the one faced at Cuscaden Reserve, where a leasehold project may just not appeal to the target crowd. It is also probably the same story when it comes to the unit mix, as 1 or 2-bedders may just not be enough for higher-end buyers.
Do also note that some of 19 Nassim’s two-bedders (which make up the bulk of units) are sizeable enough to rival even three-bedders today. Some of the two-bedder layouts have included units of up to 1,119 sq. ft., which are some of the largest new two-bedders we’ve seen.
19 Nassim 1 Bedroom (Type A1)
19 Nassim 2 Bedroom (Type B1)
19 Nassim 3 Bedroom Deluxe Type C2
4. Perfect Ten
Current Prices
| Type | Size (Sq Ft) | Prices From | Units Available |
| 3 Bedroom Penthouse | 1281 | $4,600,000 | 1 out of 4 |
Sale Prices
| Unit | Type | Size | Price | $PSF |
| #24-09 | 3 Bedroom (Penthouse) | 1281 | $4,759,920 | $3,716 |
Perfect Ten is down to its last unit. This is a 1,281 sq. ft. penthouse unit, previously priced at $5,409,000. The price has been reduced by 12 per cent, to $4,759,920 (although do note that the previous similar units were sold at prices ranging from $4.3m to $4.5m – but this was much earlier on and prices have been raised since). Perfect Ten is set to receive its TOP in 2025, so buyers will only need to wait one year before they can move in.
Perfect Ten is a freehold, 230-unit condo just along Bukit Timah Road. This is a “loft-style project”, with units that feature a 3.225 metre ceiling height (4.475 metres for penthouse units). The unit mix here is a bit unusual, in that there’s only two or three-bedders.
The two-bedders range between 753 to 797 sq. ft., whilst three-bedders range between 1,227 to 1,281 sq. ft. These are slightly bigger than most two or three-bedders in new launches today; but buyers who want genuinely large four or five-bedders will probably have to look elsewhere.
Facilities are top-notch as you’d expect, and there’s a good sense of privacy as the unit count is low.
Access to Orchard from here is quick, being only around a six-minute drive. The famous Newton Food Centre is also close by, and some might consider it walkable (a little over 12 minutes). Overall, this is a very well-located spot: it’s a balance between being in a prime area, whilst not too close to the noisy parts of Newton and Orchard.
3 Bedroom Penthouse Type B2-PH
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