At the end of the first day of its sales launch, Coastal Cabana, a 748-unit executive condominium (EC) in Pasir Ris, sold about 496 units at an estimated selling price of $1,734 psf.
The sales launch on Jan 17 saw a steady take-up rate throughout most of the day. At 3pm, about 255 units (34%) were sold and the sales tally rose to 453 units (60.5%) at 6pm. As of 7pm, 470 units (62.8%) were sold, and the day ended with the developer moving about 496 units which is roughly 66% of the total number of units in the EC.
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Coastal Cabana is jointly developed by a quartet of developers - Qingjian Realty, Forsea Holdings, ZACD Group, and Jianan Capital. The project is the first new EC to launch on Jalan Loyang Besar in more than 12 years, after the 495-unit Sea Horizon next door entered the market in 2013.
The unit mix at Coastal Cabana comprises three- to five-bedroom units of 872 to 1,421 square ft. Indicative prices during the preview period listed three-bedroom units starting from $1.438 million, or about $1,649 psf.
Buyers had six weeks to consider Coastal Cabana since the public preview began on Dec 6 last year. More than 4,000 people flocked to visit the sales gallery during its initial weekend preview.
In the weeks leading up to the sales launch, expectations were high that the EC could see a relatively high take-up rate, given the performance of recent EC launches. For example, Aurelle @ Tampines, a 760-unit EC project at Tampines Street 62, moved 682 units (90%) during its launch weekend last March. The project was fully sold after the remaining units were snapped up during the sales phase for second-timer buyers the following month.
In addition, the latest monthly developer sales data, published on Jan 15, indicated that no more new unsold EC units from previous launches were left in the market. But the scarcity of new EC homes will quickly abate this year due to a very strong launch pipeline of four more launch-ready EC projects in 2026.
Anecdotally, we've heard from agents on the ground that some EC buyers are holding out for the preview of Rivelle, a 572-unit EC project along Tampines Street 95. Developed by Sim Lian Group, this project is expected to preview this quarter.
Other upcoming EC projects this year include two developments by CDL, one at Woodlands Drive 17 and another at Senja Close, while JBE Holdings is developing a project at Sembawang Road.
In the meantime, sales at Coastal Cabana will continue tomorrow but these new buyers can expect to face a higher average selling price compared to those who secured a unit today. Agents we have spoken to say that the price will inch up by about 2% when sales start again tomorrow.
Editor's note: An earlier version of this article stated that the average price at the end of the first day was $1,820 psf. It has been updated at 11:30am, Jan 18 to reflect the latest average price.
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