Cuscaden Reserve’s ABSD deadline is extended, and the relaunch price starts at S$2,900 sq.ft.
Cuscaden Reserve joined a list of private residential developments nearing an critical deadline for the additional buyer’s duty (ABSD). The deadline was to sell out all units before 2023.
A marketing representative for Cuscaden Reserve declined to name himself, but told The Straits Times(ST) that ABSD had extended the deadline of 2024 to the project.
The Cuscaden Road property was acquired by its developers before the July 2018 cooling measure.
JLL estimates that the ABSD penalties for not selling the entire number of units within the sales period are likely to be around 15 per cent or S$61.5m.
It is unclear whether or not the ABSD penalty was deferred.
SC Global Developments declined to respond when asked if the ABSD deadline had been extended. The company, which co-developed a condo with Hong Kong’s New World Development Company and Far East Consortium (a Hong Kong-listed developer), did not comment.
We have not seen the price list in its entirety, and we did not see it at the launch. Due to this, we cannot comment whether prices have been cut by 20 percent.
Cuscaden Reserve may be under pressure from the prospect of a project in the Orchard Boulevard area adjacent to a Government Land Sales plot.
In February 2024, a residential-cum-commercial site in Orchard Boulevard was awarded to UOL Group and Singapore Land Group, which jointly submitted the top bid of S$428.3 million or S$1,617 psf per plot ratio (ppr).
The Orchard Boulevard site’s top bid, which has the potential to yield 280 homes and approximately 500 sq m in commercial space, is 32 per cent less than the record price, S$2,377 PSF PPr, that was set for Cuscaden Reserve site back in May 2018.
Makerting Agents for luxury leasehold Condo Cuscaden Reserve District 10 are offering discounts starting at S$2,900/square foot (psf), following the extension of an initial 2023 sales deadline.
This is around 20 per cent less than the average of S$3,600 psf for 12 units that have been sold since the Orchard Area condo was launched in Sept 2019.
The project has 180 unsold units. It received its temporary occupation license in August of 2023.
Cuscaden Reserve falls under SC Global’s Petit Collectibles. It offers smaller units to people who simply don’t care about the maintenance of a house. SC Global Founder Simon Cheong, told ST at ST’s private condo viewings in 2019.
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The project was designed by SCDA Architects in response to the German Bauhaus Art Movement of the early 20th century. It advocates a philosophy that says less is always more.
In the absence of foreigners in (prime districts), we believe the developer is lowering the prices to appeal more to local buyers. Locals are also more price-sensitive.
Cuscaden could have a few months to sell off before Orchard Boulevard’s estimated launch.
ST has sought comment from the Inland Revenue Authority of Singapore.
A recent increase in ABSD, which is now 60% for foreign buyers, makes it harder to sell all the units within a specific timeframe. \
A deadline extension for (ABSD), however, will provide the developer with some breathing room and enable it to concentrate on the project’s launch.
Most of the 180 unsold units are 1 and 2 bedroom apartments. Booking begins on Mar 16. As the project is exclusive, it may be possible to sell the units by private placement.
Interested buyers can choose the unit they wish to purchase during sales booking. If after the allotted period there is no contestation for the same item, the interested purchaser will be granted the option. If there are multiple parties interested in the same item, voting will be done.
