Cuscaden Reserve is relaunched with prices starting at $2,900 per sqft., a 20% reduction from the average transaction prices

Singapore-based SC Global, its Hong Kong-listed joint venture partners New World Development, and Far East Consortium have reduced the asking price at Cuscaden Reserve up to 20%.

According to a WhatsApp message sent by agents, units at Cuscaden Reserve will be priced at $2,900 a square foot. The two-week preview began on March 2 with the submissions of expressions via cheque. It is expected that bookings will begin 16 March. ProNex has been appointed as the marketing agency.

According caveats filed to date, 12 units (6.25%) out of 192 have been sold on average at $3,625 a square foot. This new price represents a 20% price reduction.

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Bookings will begin on March 16. Due to the exclusivity of this project, it is likely that units will be sold through private placement.

Cuscaden Reserve, designed by SCDA Architects – the same architects for SC Global’s other luxury developments: the 55-unit Ladyhill development and the 66 unit The Marq at Paterson Hill – received a Temporary Occupation Permit in August 2023.

SC Global, along with its joint venture partners, paid $410m for the 99-year leasehold 61,597sq ft site in April 2018 SC Global has a 40% share in the joint venture. New World Development holds another 40%, and Far East Consortium the remaining 20%. At the end of the GLS tender, the partners were the highest bidders out of nine. The partners’ purchase price also translated into a record-breaking $2,377 per square foot (psf) per plot ratio.

The developers will pay an additional buyer’s Stamp Duty (ABSD) of 15% on the land purchase cost, or $61.5 Million. This is because the residential development site purchased prior to the cooling measures in July 2018.

The ABSD is not the only one who might be motivated to sell the remaining units of Cuscaden before the launch of the new project on the Orchard Boulevard GLS, just across the street.

The joint venture of UOL Group with Singapore Land (SingLand Group) Group, a 80:20 partnership, beat out three other developers for the 99-year leasehold GLS on Orchard Boulevard. Their top bid was $428.28million. The land rate is $1,617 per square foot per year, which is 32% less than Cuscaden Reserve, where the price was $2,377 per square foot a year ago.

URA awarded Orchard Boulevard GLS to UOL-SingLand on February 21. The development will have approximately 280 units and be connected underground to Orchard Boulevard MRT Station, which is located on the Thomson East Coast Line, next to the Orchard Boulevard GLS site.

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The new condo from UOL-SingLand is expected to be priced between $3,000 and $3,200 per square foot. The new development will have units with larger formats, mostly two-, three and four-bedrooms. This is similar to Watten House. The new Orchard Boulevard project will focus on a completely different market segment. It is likely to have a lot of family-sized apartments aimed at younger wealthy people or retirees who are looking to downsize.

Cuscaden Reserve is the second project under SC Global’s Petit Collectible series, which consists of smaller luxury projects. These developments are still managed by SC Global and have a trained concierge service as part of its Seven Palms Resort Management and Concierge Services.

The units at Cuscaden Reserve include a mixture of one, two and three bedroom apartments ranging from 700 to 1,163 square feet. Six 2,099 square foot four-bedroom units are located on the 21st through 26th floors. These floors are rearranged from two- or three-bedroom apartments. The 27th and the 28th floors are home to a duplex penthouse measuring 3,755 square feet.

According to caveats filed, the highest price per square foot achieved up to now is $3,830 for a 1,163-square-foot, three bedroom unit on the 26th level that sold for $4.452 in June 2022. The final unit sold was a two-bedroom 936 sq ft unit located on the 23rd level of the 28-storey building. In December 2023, it sold for $3.537 Million ($3,777 per square foot).

Cuscaden Reserve’s latest price reduction and unit sizes have therefore attracted mostly investors. Recent rents: A one-bedroom apartment was leased for $5,600 a month in December last year, while a two bedroom unit was leased for $8,000 per month in November last year. Rents are therefore hovering around $8 to $9 per square foot (psf) per month.

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