Tripartite Developers announced on Sunday, July 21, that 144 units, roughly 52%, of its 276-unit private condo Kassia, were sold by 5 p.m. This latest addition marks the 11th and final project in the Flora Drive-Flora Road residential enclave developed by Tripartite over the past 30 years. The project has seen considerable interest, particularly in its one- and two-bedroom units, with selling prices ranging from $1,821 to $2,177 per square foot (psf).
Betsy Chng, head of sales at Hong Leong Holdings, says the strong demand for Kassia reflects a resilient market for thoughtfully designed homes with functional layouts. Marcus Chu, CEO of ERA Singapore, highlighted that the “sweet spot” for many buyers was units priced around $1.5 million. Over the weekend, the most popular unit type was the 657 sq ft two-bedroom apartments, priced from $1.196 million, with about 65 out of 72 units sold, making up 90.3% of that category.
Similarly, the 474 sq ft one-bedroom units, starting at $883,000, saw 71.2% sold, totalling 37 out of 52 units. The one-bedroom-plus-study units, measuring 549 sq ft, also garnered significant interest, with 19 of the 28 units, or 67.9%, taken up.
The buyers’ profile revealed a diverse mix of owner-occupants and investors, predominantly in their 30s and 40s. Approximately 90% of the buyers were Singaporeans, with the remaining 10% being Permanent Residents (PRs). Chu noted that many homebuyers and investors consider units priced up to $1.5 million to be prudent investments, especially given the higher-for-longer interest rates and elevated Additional Buyers Stamp Duty (ABSD).
Kassia stands out as the second major project launch in the Outside Central Region (OCR) following the June school holidays, according to Mark Yip, CEO of Huttons Asia. The first was Sora, which launched two weeks prior, achieving 102 sales (23%) of its 440 units during its launch weekend. Yip also pointed out that there hasn’t been a significant new 999-year or freehold non-landed condo launch in the OCR since 2021, making Kassia’s pricing particularly attractive in today’s market. He emphasized that there hasn’t been a freehold project with one-bedroom units priced below $1 million since the COVID-19 pandemic.
Kassia’s impressive take-up rate at its sales launch is among the highest for new projects this year, second only to Lentor Mansion, which saw 75% of its 533 units sold at launch in March, according to Ismail Gafoor, CEO of PropNex. The project’s success highlights a strong demand for well-priced, high-quality homes in Singapore’s competitive real estate market.
In conclusion, the successful launch of Kassia by Tripartite Developers underscores the ongoing demand for residential properties in strategic locations, offering functional designs and competitive pricing. As the final piece in the Flora Drive-Flora Road enclave, Kassia cements Tripartite’s legacy of developing desirable living spaces over the past three decades.