Commonwealth Towers, a 99-year leasehold condo along Commonwealth Avenue, set a new psf-price record during the period of Dec 27 to Jan 3. According to EdgeProp, the 845-unit development recorded the sale of a 904 sq ft, three-bedroom unit on the 40th floor for $2.22 million, translating to a new price high of $2,460 psf on Dec 27. This surpasses its previous record of $2,402 psf set just three months prior, when a 689 sq ft, two-bedroom unit on the 42nd floor was sold for about $1.65 million in September 2024. This marks an 11.6% increase in average resale prices since 2022.The average resale price of condo units at Commonwealth Towers has been on the rise over the past three years, with the project recording average prices of $1,971 psf, $2,097 psf, and $2,200 psf in 2022, 2023, and 2024 respectively. By absolute price, the most expensive unit to change hands at Commonwealth Towers was a 1,302 sq ft, four-bedroom unit on the 39th floor for $2.96 million, or $2,273 psf, in November 2024. The 99-year leasehold condo has about 87 years remaining on its tenure and is comprised of two 43-storey residential blocks with a mix of one- to four-bedroom apartments spanning 441 sq ft to 1,302 sq ft.Parq Bella, a 20-unit boutique freehold project located on Tembeling Road in District 15, took the second spot on the list of private non-landed properties to reach a new psf-price peak during the week of Dec 27 to Jan 3. The project set a new psf-price high of $2,416 psf when the developer sold a 1,076 sq ft, three-bedroom unit on the fourth floor for about $2.6 million on Dec 31. This beat the previous record of $2,385 psf set in August 2023 when a 926 sq ft, two-bedroom fourth-floor unit was sold for about $2.2 million. Parq Bella, which is expected to be completed by December 2026, saw five new sale transactions last year at an average price of $2,347 psf.The only private residential development to see a new psf-price low during the period in review was freehold luxury project Klimt Cairnhill. The new psf-price floor came from the developer’s sale of an 829 sq ft, two-bedroom unit on the 24th floor for $2.55 million on Jan 3, translating to $3,077 psf. Located along Cairnhill Road in Prime District 9, the 138-unit freehold development achieved 100% sales at an average price of $3,665 psf, based on caveats lodged. It is expected to obtain its Temporary Occupation Permit in April this year.
In summary, purchasing a condominium in Singapore presents a multitude of benefits, including strong market demand, potential for long-term capital appreciation, and attractive rental returns. However, it is crucial to carefully consider various factors such as location, financing options, government regulations, and current market conditions. Through thorough research and seeking guidance from professionals, investors can make informed decisions and optimize their returns in Singapore’s ever-evolving real estate landscape. Whether you are a local investor looking to diversify your portfolio or a foreign buyer in search of a stable and lucrative investment opportunity, the condominium market in Singapore offers a compelling choice. Don’t miss out on the latest condominium launches by checking out New Condo Launches.