leads to 5% growth in prices for condos in Nov: Flash estimate
New Price Highs for Three Private Condos in Nov 29 to Dec 6
The Meyerise, Freehold Condo
The Meyerise achieved a new psf-price peak of $2,771 psf when a 1,270 sq ft unit was sold for $3.52 million. (Photo: Samuel Isaac Chua / EdgeProp Singapore)
In the world of real estate investing, location is often the key factor that can make or break a property’s potential. This is especially true in Singapore, where the right location can significantly impact a condo’s value. Condominiums situated in central areas or in close proximity to important amenities such as schools, shopping centers, and public transportation hubs have shown a tendency to appreciate more in value. Iconic areas like Orchard Road, Marina Bay, and the Central Business District (CBD) have a reputation for consistently driving property values upwards. Moreover, condos located near reputable schools and educational institutions are highly in demand among families, making them an even more attractive investment opportunity. Looking for new condo launches? Check out the latest projects at MentorshipOnline.com.
Freehold condo The Meyerise takes the top spot among private condos that saw new psf-price highs in the week of Nov 29 to Dec 6. On Dec 6, a 1,270 sq ft, three-bedroom unit on the 24th floor was sold for $3.52 million, achieving a new price peak of $2,771 psf. The new record is just 0.25% higher than the project’s previous record of $2,764 psf established last October. Completed in 2015, The Meyerise is a 239-unit freehold condo located along Meyer Road in prime District 15.
The sellers of the unit sold on Dec 6 purchased the same unit for about $2.32 million ($1,830 psf) in May 2016. Therefore, they made a profit of about $1.2 million over eight years. This new record transaction further adds on to the project’s nine units that changed hands this year during a period of increased pricing. By absolute price, the most expensive unit to sell at the development this year was a 2,056 sq ft, four-bedroom-plus-study unit on the seventh floor. It sold for $4.5 million ($2,189 psf) on Oct 7. The Meyerise is within 1km of two MRT stations; Tanjong Katong MRT Station and Katong Park MRT Station, both serving the Thomson-East Coast Line. Several schools are located within 2km of the condo, including Kong Hwa School, Tanjong Katong Primary School, Tanjong Katong Girls’ School and Tanjong Katong Secondary School.
The Imperial, Freehold Condo
The Imperial is a 187-unit freehold condo located along Jalan Rumbia in prime District 9. (Photo: Samuel Isaac Chua / EdgeProp Singapore)
Freehold condo The Imperial placed second among projects that recorded new psf-price highs during the week in review. On Dec 5, a 1,410 sq ft, three-bedroom unit on the 14th floor was sold for $3.7 million, hitting a new top price of $2,624 psf.
The transaction exceeds the project’s previous price high of $2,566 psf by 2.3%. The former record was set in May 2019 when a 1,356 sq ft, three-bedroom unit on the 12th floor was sold for $3.48 million. According to URA caveats, the unit sold on Dec 5 last changed hands in September 2004. At that time, the unit was purchased for approximately $1.3 million, or $925 psf. Thus, the sellers made a profit of about $2.4 million over 16 years.
Since the beginning of the year, The Imperial has recorded six resale transactions at an average price of $2,414 psf. Prior to the Dec 5 transaction, the unit to last change hands at The Imperial was a 1,905 sq ft, four-bedroom unit on the fifth floor that sold for about $4.6 million, or $2,421 psf, on Nov 28. Completed in 2006, the development has a unit mix comprised of two-bedroom units from 980 sq ft to 1,012 sq ft, three-bedroom units from 1,356 sq ft to 1,991 sq ft, and four-bedroom units from 2,034 sq ft to 3,552 sq ft.
Sky Vue, 99-year Leasehold Condo
Completed in 2016, the 694-unit Sky Vue is located along Bishan Street 15 in District 20. (Photo: Samuel Isaac Chua / EdgeProp Singapore)
Sky Vue came in third during the review period when it recorded a new psf-price high of $2,505 psf. The new high was achieved when a 1,141 sq ft, three-bedroom unit on the 33rd floor fetched about $2.86 million on Dec 2.
The sellers of the unit had purchased it for $1.86 million, or $1,630 psf, in September 2020. Thus, they made a profit of about $1 million within three months. The new psf-price peak is 5.9% more than the previous record of $2,366 psf. The old record was set in August this year when a similar 1,141 sq ft, three-bedroom unit on the 14th floor was sold for $2.7 million.
Completed in 2016, the 694-unit Sky Vue is located along Bishan Street 15 in District 20. The 99-year leasehold condo comprises two 37-storey towers with one- to three-bedroom units occupying spaces between 484 sq ft and 1,259 sq ft.
The condo is within walking distance of Bishan MRT Interchange, which serves the North-South and Circle Lines. The station is located directly across from Bishan Bus Interchange and connected to Junction 8 mall along Bishan Place, which offers an assortment of retail and dining outlets. There were no new psf-price lows recorded during the period of review.