HOI Hup Realty and Sunway Developments opened previews for The Continuum on Friday (Apr 21), with indicative prices ranging from about S$2,580 per square foot (psf) to more than S$2,800 psf.

This marks the second major residential launch in District 15 in the year to date, after City Developments Ltd and MCL Land’s 638-unit Tembusu Grand. That project sold 53 per cent of units on its launch weekend in April, at an average price of S$2,465 psf.

The Continuum freehold development on Thiam Siew Avenue off Tanjong Katong Road will house 816 units in six blocks on the site acquired at a collective sale in 2021. More than 60 per cent of the units available will be two- and three-bedroomers.

One-bedroom units with a study, sized 560 square feet (sq ft), will start around S$1.45 million, or about S$2,585 psf.

Two-bedroom units, ranging from 646 sq ft to 667 sq ft, start at S$1.67 million (S$2,586 psf), while two-bedroom units with a study, sized 700 sq ft to 721 sq ft, will go from S$1.82 million (S$2,600 psf).

Three-bedroom units of 872 sq ft to 947 sq ft in size will go from S$2.3 million (S$2,637 psf), and three-bedroomers with a study, of 1,227 sq ft to 1,249 sq ft, start from S$3.32 million (S$2,705 psf). Four-bedroom units of 1,227 sq ft to 1,292 sq ft start at about S$3.21 million (S$2,613 psf).

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Three-bedroom units with a private lift, sized at 1,066 sq ft to 1,087 sq ft, are priced from S$2.76 million (S$2,588 psf); four-bedroom units with a private lift, of 1,690 sq ft in size, start at S$4.57 million (S$2,704 psf). For five-bedroomers of 1,905 sq ft with private lift, units start from S$5.35 million (S$2,808 psf).

The Continuum sits on a land area of 263,715 sq ft, with a plot ratio of 2.8. The site was sold to Hoi Hup and Sunway in November 2021 for S$815 million. This translates to S$1,488 per square foot per plot ratio (psf ppr), after an estimated development charge of about S$248 million. Taking into account a 7 per cent bonus on balconies, the land rate works out to about S$1,440 psf ppr.

The condo is situated near Paya Lebar and Dakota MRT stations.

Also coming up in the area in the second half of 2023 is SingHaiyi’s Grand Dunman, which is expected to yield 1,012 units. Estimated launch prices for the 99-year-leasehold condo range between S$2,200 and S$2,300 psf, said CBRE head of research for South-east Asia Tricia Song. 

Before Tembusu Grand came to market, the last launch in the District 15 area was the 99-year-leasehold Liv @ MB in May 2022. The 298-unit project being built by Bukit Sembawang Estates has sold 256 units or 86 per cent of its total at an average price of S$2,412 psf, as at Apr 21. The most recent sale was a three-bedroom unit in April that transacted at S$3.03 million, or S$2,707 psf.

GuocoLand’s freehold Meyer Mansion, launched in September 2019, sold 21 of 200 units at an average price of S$2,747 psf at its launch weekend. According to caveats data as at Apr 21, the project has moved 194 units, with its latest transaction being the sale of a three-bedroom unit for close to S$3.92 million, or S$2,798 psf, in March.

Among resale transactions in District 15 in the year to date, the highest psf prices reached were all for three-bedroom units: one at Amber 45 for S$3.1 million or S$2,618 psf in January, a Meyerise unit at S$3.3 million or S$2,534 psf in February, and a third at Aalto for S$4 million or S$2,581 psf in April.