Cuscaden Reserve gets ABSD deadline extension

Relaunch prices for the District 10 luxury condo start from a reduced $2,900 per sq ft

- Grace Leong

Marketing agents for luxury leasehold condo Cuscaden Reserve in District 10 have been dangling discounted offers starting from $2,900 per sq ft (psf), after an initial sales deadline to clear all unsold units in 2023 was extended to 2024.

This is about 20 percent lower than the average price of about $3,600 psf that 12 units have sold for since the Orchard area condo was launched in September 2019.

The 192-unit project, which obtained its temporary occupation permit in August 2023, has 180 unsold units.

Cuscaden Reserve was among a number of private residential projects nearing a critical additional buyer's stamp duty (ABSD) deadline to sell all their units in 2023 or be hit with hefty stamp duty penalties for missing the deadline.

A marketing agent for Cuscaden Reserve, who declined to be named, told The Straits Times that the project has secured an ABSD deadline extension to 2024.

Its developers had acquired the Cuscaden Road site in May 2018, before the July 2018 round of cooling measures.

Hence, their ABSD penalty for not selling all the units within the mandated sales period is likely to be 15 percent of the land acquisition cost, or about $61.5 million, according to JLL.

It is unclear if the ABSD penalty has been deferred.