For homebuyers who were actively on the market in 2018, Twin Vew was one of the more memorable new launch projects of the year. Located on West Coast Vale in District 5, Twin Vew is a 520-unit condominium that launched in May 2018.
Developed by CSC Land, the 99-year leasehold project managed to sell out 85% of its units over its weekend launch. The feat was noteworthy in the primary market back then, which had seen months of subdued sentiment following a series of property cooling measures from 2013 and 2017.
When Twin Vew hit the market, there was debate about whether the project’s success marked a turning point for the better in the private residential property market. However, the real contributing factor to its sales success may simply be its first-mover advantage.
Let’s break down what this means. CSC Land won the site in 2017 after submitting a $291.99 million bid for the site, a land rate of about $592 psf per plot ratio (ppr). Twin Vew launched in May 2018, and achieved an average selling price of $1,399 psf
But City Developments (CDL) won the adjacent plot in February 2018, with a top bid of $472.4 million or a land rate of $800 psf ppr. On the face of it, this was a higher land rate compared to what CSC paid for Twin Vew, which typically results in a relatively higher average selling price.
As a result, buyers had reason to believe that CDL’s upcoming project would likely be much pricier compared to Twin Vew. But Whistler Grand saw launch prices of about $1,380 psf when it entered the market in November 2018.
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