Lucerne Grand sells about 61% of units at launch

Experts attributed the take-up to Lakeside MRT access, manageable prices.

Lucerne Grand sold around 350 of its 570 units during its launch weekend, with property experts citing transport connectivity, manageable price points and future developments in western Singapore as the main demand drivers.

Sales figures reported by the three property agencies differed slightly. Huttons Asia cited 348 units, PropNex reported 350 and Realion placed the total at 351. The figures represent a take-up rate of approximately 61% to 62%.

Huttons CEO Mark Yip said the project, the first launch in the Lakeside precinct in 10 years, attracted mainly residents from western Singapore seeking homes for their own occupation.

He said buyers prioritising space favoured three- and four-bedroom units. According to Huttons, around 61% of the three-bedroom apartments and half of the four-bedroom units were sold.

Realion Deputy Group CEO Justin Quek said two-bedroom and three-bedroom Premium + Study apartments recorded the highest sales volumes, with 84 units sold in each category. Their average prices were $2,502 psf and $2,498 psf, respectively.

By proportion, the two-bedroom and four-bedroom Premium units achieved the strongest take-up rates, at 87.5% and 87.2%.

PropNex CEO Kelvin Fong said the project’s absolute prices helped broaden its appeal among HDB upgraders. Two-bedroom apartments started at approximately $1.498m, whilst three-bedroom and four-bedroom units were priced from around $1.988m and $2.788m, respectively.

Analysts identified the project’s immediate access to Lakeside MRT station as another major draw. The station provides connections to Jurong East, Buona Vista and the central business district, whilst shopping and dining facilities at Jurong Point, JEM and Westgate are a short train ride away.

The development will also include ground-floor commercial space, including a supermarket.

Experts said the availability of nearby schools strengthened its appeal to families. Huttons noted that the project is within 1 km of four primary schools, including Rulang Primary School.

Meanwhile, investors may have been attracted by the project’s proximity to the future Jurong Lake District and its potential employment and tenant base.

Yip said around 65% of the two-bedroom units were sold, possibly to investors seeking exposure to future rental demand from the Jurong Lake District. The nearby Jurong Innovation District could provide an additional source of tenants.

Fong said buyers were likely to have prioritised the project’s existing transport links and amenities over longer-term transformation plans. However, the development of the Jurong Lake District still provided a favourable backdrop.

He added that rising land costs may have encouraged some buyers to purchase at current prices. Recent government land tenders in the Outside Central Region have exceeded $1,500 psf per plot ratio, raising expectations that future projects could be launched at higher prices.

PropNex said Lucerne Grand’s performance provided a positive indication for the new-home market, although buyers would remain mindful of financing costs following a recent increase in the three-month compounded Singapore Overnight Rate Average.