Hong Leong’s Kassia Sells 52% of Units on Launch Weekend; Prices from S$1,821 to S$2,177 psf
Hong Leong’s new Kassia condominium made a splash on its launch weekend, selling 52% of its 276 units. The Kassia price ranged from S$1,821 to S$2,177 per square foot (psf).
Located off Upper Changi Road North in District 17, Kassia features four eight-storey blocks on a 150,838 sq ft site. The most popular choices among buyers were the one- and two-bedroom units. Prices start at S$883,000 for a one-bedroom unit (473 sq ft), S$1.196 million for a two-bedroom unit (656 sq ft), S$1.659 million for a three-bedroom unit (904 sq ft), and S$2.462 million for a four-bedroom unit (1,345 sq ft).
Around 90% of buyers were Singaporeans, with permanent residents making up the rest. Kassia is expected to receive its temporary occupation permit in 2027.
Why Kassia?
Industry experts attribute the strong sales to Kassia’s attractive pricing for a freehold project, its connectivity to key business hubs and schools in the east, and the cooling primary market. Nicholas Mak of Mogul.sg noted that Kassia’s first-weekend sales rate was the highest among recent residential launches. This success might encourage other developers to proceed with their launches.
Market Insights
PropNex CEO Ismail Gafoor highlighted that Kassia’s strong performance brings renewed excitement to the market. This could prompt potential buyers to reassess their real estate needs ahead of more launches in the second half of 2024. Expected rate cuts by the US Federal Reserve in September may also boost market confidence.
ERA Singapore CEO Marcus Chu mentioned that Kassia’s pricing, especially units under S$1.5 million, hits a “sweet spot” for today’s buyers. Most buyers were in their 30s and 40s, with a mix of owner-occupiers and investors.
Huttons Asia CEO Mark Yip emphasized Kassia’s tranquil living environment, freehold status, and attractive entry prices. He noted the rarity of finding a freehold one-bedroom unit at S$883,000, with no similar launches in the Outside Central Region since 2021.
Unique Opportunity
Kassia offers a unique buying opportunity, especially for those seeking a new freehold home but not interested in boutique developments. It’s the final launch in the Flora Drive-Flora Road enclave by Tripartite Developers, which includes Hong Leong Holdings, City Developments Ltd, and TID. Other completed projects in the area include Azalea Park, Ballota Park, Carissa Park, Dahlia Park, Edelweiss Park, Ferraria Park, The Gale, Hedges Park, The Inflora, and The Jovell.
