Zyon Grand, the luxury 706-unit development at Zion Road, sold 590 units, or 84% of its total units, during its launch weekend. The development is a joint venture (JV) between City Developments Limited (CDL) and Mitsui Fudosan (Asia).
The units were sold at an average selling price of $3,050 psf, states City Developments Limited (CDL) in its Oct 26 release.
The project, featuring a 62-storey twin tower luxury residence that is directly linked to Havelock MRT station on the Thomson-East Coast Line, is part of a new landmark integrated development. This includes Zyon Galleria with restaurants, a supermarket, an early childhood development centre, and a 36-storey tower that houses Singapore’s first long-stay serviced apartment concept.
According to CDL, about 84% of the buyers are Singaporeans, while 14% comprise Permanent Residents (PRs) from China, Malaysia, India, Indonesia, South Korea, Japan and others. All the unit types were said to be well-received by home buyers, with one of the two five-bedroom penthouse units being sold for over $10 million.
Apartments are priced from $1.298 million for a 474 sq ft one-bedroom plus study, from $1.468 million for a 538 sq ft two-bedroom unit and $2.2 million for an 818 sq ft three-bedroom apartment. Prices for a 1,421 sq ft four-bedroom premium unit with private lift start from $3.968 million, while prices for a 1,819 sq ft five-bedroom supreme unit with private lift begin from $5.988 million. The five-bedders are located on levels 44 to 61.
“We are very pleased with the strong response to Zyon Grand, particularly amid a very active period of new property launches,” says CDL’s group CEO Sherman Kwek.
See also: CDL and Mitsui Fudosan to preview Zyon Grand on Oct 8; prices start from $1.298 mil
“As one of the largest projects launched this year, the positive take-up reflects the market’s confidence in this landmark integrated development and the genuine demand for distinctive homes in a sought-after neighbourhood,” he adds.
Daijiro Eguchi, managing director of Mitsui Fudosan (Asia), expressed his delight by the “positive response” to Zyon Grand.
“It’s heartening to see buyers drawn not only to its prime location and thoughtful design, but also to the lifestyle and sense of community it represents. We are grateful that homebuyers recognise the unique value and quality that CDL and Mitsui Fudosan have brought together in this development,” he says.
See also: Singapore home prices rise for fourth quarter, rents increase
Huttons Asia's CEO, Mark Yip, notes that the strong sales reflected the "depth of liquidity" in the market. Data by Huttons Data Analytics estimates that over 80% of the three-bedroom+study and bigger units sold were priced at $3 million and above.
"Zyon Grand's excellent locational attributes and integration with transport and amenities were the off-cited reasons by buyers for the purchase," says Yip.
"The three-bedroom and larger unit types attracted more owner occupiers, selling more than 85% of its units. Seventy-nine out of 98 four-bedroom units were sold," he adds.
Shares in CDL closed 7 cents higher or 0.96% up at $7.37 on Oct 24.
