Lucerne Grand, a new condominium project in Jurong, sold 350 of its 570 units during its launch weekend at an average price of S$2,480 per square foot.
Developer City Developments Limited said sales began on Saturday, 3 October, and the 350 units had been sold by 6pm on Sunday, 4 October. That works out to about 61% of the project.
For those who do not spend their free time refreshing property portals, “psf” simply means price per square foot. It is one of the standard ways Singapore property prices are compared, although it does not tell you the full amount a buyer pays for a home.
Buyers Were Mostly Singaporeans
According to CDL, about 93% of the buyers were Singaporeans, while the remaining 7% were permanent residents from countries including Malaysia, China, India, Bangladesh, Myanmar and South Korea.
The developer said two-bedroom, three-bedroom and four-bedroom premium units were among the most popular unit types.
EdgeProp reported that 145 of the 222 two-bedroom units were sold, while 157 of the 253 three-bedroom units and 48 of the 95 four-bedroom units were taken up.
Within the project, standard two-bedroom units and four-bedroom premium units saw especially strong take-up, according to EdgeProp. It reported that 84 of 96 standard two-bedroom units and 41 of 47 four-bedroom premium units were sold.
Units Start From About S$1.5 Million
Lucerne Grand is located at Lakeside Drive and has 570 homes across five 17-storey residential towers.
According to CDL, apartments are priced from S$1.498 million for a two-bedroom unit of 624 sq ft, S$1.988 million for a three-bedroom unit of 883 sq ft, and S$2.788 million for a four-bedroom premium unit of 1,152 sq ft.
The project is also part of a mixed-use development. Its first level will include Lucerne Galleria, which CDL said will have a supermarket and food-and-beverage and retail options.
In other words, residents may not need to make a full expedition just to buy milk. Which, in Singapore property terms, is apparently a feature worth mentioning.
Direct Link to Lakeside MRT Was a Key Selling Point
One major selling point is transport access.
Lucerne Grand is directly linked to Lakeside MRT station on the East-West Line. CDL also said the development is two stops from Jurong East MRT Interchange, where malls such as IMM, Jem and Westgate are located.
The project is near Jurong Lake District, which the authorities have planned as Singapore’s largest business district outside the city centre. CDL also highlighted nearby amenities such as Jurong Lake Gardens, the Jurong Innovation District, Jurong Gateway, the new Science Centre and Jurong Point.
The Business Times reported that analysts linked the take-up partly to the project’s proximity to the MRT station, ground-floor retail space and location near Jurong Lake District.
It Comes After a Long Gap for New Private Launches in the Area
The launch also stood out because new private residential launches in the Lakeside area have been relatively rare.
EdgeProp described Lucerne Grand as the first new private residential launch in the Lakeside precinct in a decade, after Lake Grande in 2016.
The Business Times also reported that analysts noted the project had a sizeable catchment of potential buyers from surrounding towns such as Jurong East, Jurong West, Clementi and Bukit Batok.
For now, the headline number is clear: more than half of Lucerne Grand’s units were sold within its launch weekend, at an average of S$2,480 psf.
