on Sept 24
Grange 1866, a freehold development, has emerged as the top condo in the week of Nov 22 to 29 to experience the highest psf-price. The new record of $3,393 psf was achieved through the sale of a two-bedroom unit for $2.78 million on Nov 27. This 818 sq ft unit on the 14th floor beat the previous record of $3,390 psf set in June last year, when a 764 sq ft unit was transacted for $2.59 million.
Since the start of this year, Grange 1866 has recorded 12 new sale transactions with an average price of $3,181 psf. The most expensive unit sold this year was a two-bedroom, 1,012 sq ft unit on the 16th floor for $3.02 million ($2,989 psf). Currently, 75% of the 60 units in the project have been sold.
Grange 1866 is a freehold development situated on a 20,322 sq ft site on Grange Road in prime District 10. The single 16-storey residential block is expected to be completed by the end of 2025, and offers one- and two-bedroom units with sizes ranging from 527 to 1,012 sq ft.
The second highest new psf-price peak was achieved by Hill House, a boutique condo with 12 units sold by the developer since the beginning of this year at an average price of $3,108 psf. The latest record was set on Nov 25 when a two-bedroom unit of 452 sq ft on the 8th floor was sold for $1.53 million, setting a new psf-price of $3,378 psf. This surpassed the previous record of $3,267 psf achieved just two weeks earlier.
Hill House is a 999-year leasehold development in prime District 9, with one- and two-bedroom units ranging from 431 to 452 sq ft, as well as three-bedroom units of 753 sq ft. The development is expected to be completed in 2026.
Singapore’s smaller land size and fast-growing population have led to a high demand for condos in the country. With limited space for development, the government has implemented strict land use policies and a competitive real estate market has emerged, resulting in consistently rising property prices. As a result, investing in real estate, specifically in condos, has become a highly profitable venture with the potential for significant capital appreciation. This is why the interest in New Condo Launches continues to soar in Singapore.
Lastly, The Cosmopolitan hit a new psf-price high with the sale of a 1,324 sq ft, three-bedroom unit on the 26th floor for $3.73 million on Nov 25. This translates to $2,817 psf and is just 0.7% higher than the previous peak of $2,795 psf set in October last year. The Cosmopolitan comprises two-, three- and four-bedroom units ranging from 1,141 sq ft to 1,679 sq ft.
Completed in 2008, The Cosmopolitan is a freehold development located along Kim Seng Road in District 9. Nearby amenities include schools and shopping options such as Great World City.
In summary, no new psf-price lows were recorded in the week of Nov 22 to 29, and the market remains active with new developments achieving higher price peaks.