Thomson Reserve, a new mega private residential development in Bright Hill Drive, sold 1,143 units on its launch weekend, accounting for more than 90% of its 1,268 units, at an average price of $2,900 per square foot.
Nicholas Mak, Chief Research Officer, Mogul.sg, said this was the only private residential project so far this year to sell more than 1,000 units at launch, reversing the recent trend of declining take-up rates at new launches. This showed that overall housing demand in Singapore remained healthy, but buyers were becoming more selective, with proximity to MRT stations and shopping malls a key consideration.
The project was launched by a joint venture between UOL Group and CapitaLand Development.
In a joint statement on Sunday (1 November), the two companies said the project's public preview over the preceding two weekends had attracted a record 32,000 visits.
A spokesperson for the developers said most buyers were Singaporeans purchasing for their own use or for investment. Sales were strong across all unit types, reflecting the enduring appeal of homes in established, well-connected neighbourhoods.
Mark Yip, CEO, Huttons Asia, said about 70% of buyers were private home owners, while the remaining 30% were HDB flat owners.
The statement cited the project's spacious, high-end home designs and its favourable location near several well-known schools, nature parks and Upper Thomson Road as key draws for buyers.
Mak added that District 20, where the project is located, had limited supply and pent-up demand. Large private residential developments and landed homes in the surrounding area also provided a substantial pool of potential buyers.
Yip also noted that some buyers who could not secure their preferred units had turned to other projects, driving an estimated 30 additional unit sales nationwide.
Kelvin Fong, CEO of PropNex, said the project was relatively affordably priced. Its average price of $2,900 per square foot was below those of Promenade Peak and Zyon Grand, which were also launched in the Rest of Central Region late last year, at about $3,036 and $3,067 per square foot respectively.
“The project’s competitive pricing against a backdrop of rising land cost and gradually increasing interest rates may have encouraged buyers to view the launch as an opportunity to enter the market sooner rather than later.”
Prices at Thomson Reserve start at $1.544 million for two-bedroom units and $2.503 million for three-bedroom units. All three- and four-bedroom units have sold out, as have most five-bedroom units.
Fong also said buyers' willingness to purchase homes despite rising interest rates could mean they had factored higher financing costs into their financial planning.
He said the project's sales offered a gauge of private housing demand in 2027. Projects in established residential neighbourhoods, close to MRT stations and offering a range of unit types at moderate overall prices were expected to remain popular with buyers.
