[New Project] Cuscaden Reserve relaunches with prices from $2,900 psf

Singapore property developer SC Global Developments and its joint-venture partners, Hong Kong-listed New World Development and Far East Consortium, have slashed asking prices for Cuscaden Reserve by as much as 20%.

Units at Cuscaden Reserve are now priced from $2,900 psf, with a two-week preview commencing on 2 March.

To date, 12 of the 192 units (6.25%) have been sold at an average price of $3,625 psf, with the new starting price reflecting a 20% price cut.

The weekend preview saw a strong response, with most buyers drawn in by the revised pricing.

Sales bookings for the units will begin on 16 March. Given the development's exclusivity, units are likely to be sold via private placement.

Designed by SCDA Architects, Cuscaden Reserve was completed in August 2023.

As the residential development site was purchased before the July 2018 cooling measures, the Additional Buyer's Stamp Duty (ABSD) levied on unsold units within the five-year sales timeline is 15% of the land acquisition cost, amounting to $61.5 million.

However, beyond the ABSD deadline, the developers of Cuscaden Reserve may also be keen to sell the remaining units before the launch of the upcoming project on the Orchard Boulevard GLS site across the road.

Typical units at Cuscaden Reserve comprise one-, two- and three-bedroom apartments ranging from 700 sq ft to 1,163 sq ft. There are six 2,099 sq ft four-bedroom apartments spanning the 21st to 26th floors. The sole duplex penthouse measures 3,755 sq ft across the 27th and 28th floors.

The highest psf price achieved to date was for a 1,163 sq ft three-bedroom unit on the 26th floor, which sold for $4.452 million ($3,830 psf) in June 2022. The most recent transaction was a 936 sq ft two-bedroom unit on the 23rd floor, which went for $3.537 million ($3,777 psf) in December 2023.