8M Residences, a freehold development located along Margate Road in District 15, set a new record of $2,384 psf when a unit on the 15th floor was sold for $1.54 million on Feb 3. This is the first time a unit at 8M Residences was sold for more than $2,300 psf.The previous record was set in April 2023 when a similar 646 sq ft, two-bedroom unit on the 11th floor was transacted for $1.46 million ($2,261 psf). This shows a steady increase in resale prices at 8M Residences over the years.A one-bedroom unit on the 11th floor was also sold for $1.2 million ($2,275 psf) on Feb 3, surpassing the previous record set in April 2023. The most expensive unit sold at the development was a three-bedroom unit that fetched $2.85 million ($1,548 psf) in October 2012.8M Residences is a 20-storey residential tower with 68 units, offering one- to three-bedroom units and four penthouses. Completed in 2017, the development is conveniently located near various amenities such as EtonHouse International Research Pre-School, Katong Swimming Complex, and Katong Park MRT Station.Coming in second on the list of condos with a new psf-price high is Kovan Jewel, a boutique freehold condo along Kovan Road in District 19. A 1,076 sq ft, three-bedroom unit was sold for $2.41 million on Feb 7, setting a new record of $2,236 psf. This beats the previous record set last August when a similar 1,076 sq ft unit was sold for $2.4 million ($2,228 psf).With 17 units (50%) sold as of Feb 18 at an average price of $2,111 psf, the development offers one- to three-bedroom units and penthouses. A three-bedroom unit was sold at $2.6 million in August 2022, setting the highest transacted price before the recent record sale. Located near Kovan MRT Station, Kovan Jewel is a low-density development with only 34 units.Lastly, Oleanas Residence, a freehold condo located along Kim Yam Road in District 9, saw a 1,141 sq ft, three-bedroom unit sold for $2.52 million on Feb 3. This marks a new record of $2,207 psf, surpassing the previous peak of $2,157 psf set in August 2022 when a 1,238 sq ft, three-bedroom unit was sold for $2.67 million. The most expensive unit sold at the condo was a 1,636 sq ft, three-bedroom unit that fetched $3.3 million ($2,017 psf) in December 2022.Completed in 1999, Oleanas Residence has recorded only four resale transactions in the last three years. Educational institutes, including River Valley Primary School and Outram Secondary School, are within 1km of the development. It is also within walking distance of two MRT Stations: Great World MRT Station and Fort Canning MRT Station.
Understanding the regulations and limitations surrounding property ownership in Singapore is crucial for foreign investors. While purchasing condos is relatively unrestricted for foreigners, strict rules apply to owning landed properties. However, foreign buyers are subject to the ABSD, currently set at 20%, for their initial property acquisition. Despite this added expense, the stability and potential for growth in the Singapore real estate market remains a draw for foreign investment. For those interested in Singapore Condo, it is essential to be familiar with these regulations and costs before making any purchasing decisions.