Cuscaden Reserve extends ABSD deadline, prices for relaunch start at S$2,900/sf
A marketing agent of Cuscaden Reserve (who declined to be named) told the Straits Times that the project had secured an ABSD extension until 2024. Before the July 2018 cooling measures, the Cuscaden road site had been acquired by the developers in May 2018. According to JLL the ABSD penalty for the failure to sell all the units in the stipulated period of sale is 15 percent of the land purchase cost or around S$61.5 Million.
It’s unclear whether the ABSD has been delayed. SC Global Developments, the company that co-developed this condo with Hong Kong listed New World Development & Far East Consortium and developed it in partnership with them, refused to comment on the ABSD deadline.
ST has asked the Inland Revenue Authority of Singapore as well as Urban Redevelopment Authority to comment.
The ABSD has been increased to 60% for foreigners, making it more difficult for developers to sell their entire project within a given timeframe. \
The developer will be able to relax and concentrate on the relaunch.
Most of the remaining 180 units are 1- and 2-bedders. Booking starts on 16 March. The units are sold exclusively through private placement due to the exclusivity.
This allows interested buyers to indicate which unit they prefer during sales booking. If no one else wants the same unit within a specified time period, then the interested buyer gets the option. If more than two parties are interested in the unit, balloting will take place.
Neither at this launch nor the last, we have access to the entire price list. We cannot comment on the price reduction of 20 percent.
Cuscaden Reserve will likely be forced to sell off its unsold properties before a new supply of prime district properties is available.
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 top bid was 32% below the May 2018 record price for Cuscaden Reserve, which set a new benchmark of S$2,377 per square foot ppr.
Cuscaden Reserve belongs to SC Global’s Petit Collectibles which provides smaller units for those who do not want to worry about maintaining a large house. SC Global’s founder Simon Cheong revealed to ST in 2019, when private viewings started.
The makers’ agents of the luxury leasehold condo Cuscaden Reserve, located in District 10, have offered discounted offers as low as S$2,900 for a square foot (psf) after extending a 2023 deadline for all unsold units to 2024.
It is approximately 20 percent lower than the average selling price of S$3,600 per sq ft that 12 units sold at since the Orchard condo launched in September 2019.
180 of the 192 units in this project that received its temporary occupation permits in August 2023 are still unsold.
Cuscaden Reserve, a private residential project, was nearing a important additional buyer’s stamped duty (ABSD), deadline to sell their entire units by 2023. If they missed the deadline, they would be subjected to heavy stamp duties.
The local firm SCDA Architects designed the project in the Bauhaus style of early 20th-century Germany, which adheres to the philosophy that less is better.
The (prime area) is seeing a relatively low level of foreign participation. We think that the developer has reduced prices in order to attract more local buyers. Local buyers are generally more price sensitive and subject to higher ABSD charges on subsequent or second properties.
Cuscaden may only have about a year left to sell its remaining inventory before the Orchard Boulevard development is estimated to begin.
