Glendale Park Update March 5th

 

Previously wrote a post on The Botany which is a new launch at "close proximity" to Glendale Park, can read here.

The balloting result is out today. According to Business Times(full article here), nearly half of the total units were sold at an average psf of S$2,070. 

All of the 36 one-bedroom units, and 93 per cent of the 104 two-bedroom units have been sold, according to Sim Lian. “More than 20 per cent of the 175 three-bedroom units, 57 four-bedroom units and 14 five-bedroom units were taken up. As usually the one and two bedders were almost all sold out, which likely also contributed to the higher average psf. 

With the current high mortgage rates coupled with heated discussions on affordability in parliament, I don't think we will see full sold out projects on balloting day anymore. 

Another project that is close to TOP, Dairy Farm Residence right beside Botany also saw a S$1,999 psf new sale transaction in Jan 2023 likely from bounce units that were bought. 

All these new launches are pretty beneficial to Glendale Park. Potential Glendale Park buyers may continue to transact at a higher psf to correlate with the high leasehold launch psf. Why do I say that? Because buyers may want to capitalize on buying resale so that they can rent their unit out at todays crazy rental rates, rather than buying an expensive new launch and wait for 3-4 years later for TOP. Firstly, because more uncertainty, as the price premium relative to resale freehold units are pretty obvious. Secondly, not built yet, not sure if developer is viable within this time period ie more risk.

There is another GLS that is even nearer to Glendale Park that will likely be launching soon, curious to see the reception and psf for that. Mentioned before, all the new launches are leasehold, lesser total units, very far from Hillview MRT, fully maximized GFA yet almost S$500psf more expensive than Glendale Park which is freehold, bigger development, 5mins sheltered walk to Hillview MRT and with the potential for plot ratio optimization in the future(enbloc).

The tenancy for my unit at Glendale Park will also end on 8th July 2023. Curious to see the rental demand then, hopefully we can get another bump up. Latest Glendale transaction still at S$1,580 psf, with no new transaction shown since my previous post.