, from the 70s and 80sCharming architecture designs in Bishan, from the 70s and 80s
Sky Vue, located on Bishan Street 15 in District 20, has emerged as the top performing condominium for the week of Aug 16 to 23, achieving a new psf-price high. According to a caveat lodged on Aug 22, a 1,141 sq ft three-bedroom unit was sold for $2.7 million, setting a new record of $2,366 psf. The 14th-floor unit was previously purchased for $1.7 million ($1,490 psf) in January 2018, resulting in a profit of $1 million for the seller.
This is the first time a unit at Sky Vue has crossed the $2,300 psf threshold, surpassing the previous record of $2,225 psf for a similar-sized three-bedroom unit sold for $2.54 million. Based on caveats lodged, the condo has seen a total of 19 resale transactions this year, with an average price of $2,104 psf.
Sky Vue, a 99-year leasehold condo completed in 2016, comprises of two 37-storey towers offering one- to three-bedroom units ranging from 484 sq ft to 1,259 sq ft.
Within walking distance from Junction 8 at Bishan Place, which offers a variety of retail amenities, the condo is also linked to Bishan MRT Station on the North-South Line and the Circle Line and is directly across from the Bishan Bus Interchange.
Meanwhile, freehold condo The Promont also achieved a new high of $2,166 psf during the same period. Sold for $4.5 million on Aug 16, the 2,077 sq ft, three-bedroom unit on the 17th floor set a new record, with the seller making a gain of $700,000 after purchasing it for $3.8 million in November 2017.
The new high is just 0.2% higher than The Promont’s previous record of $2,161 psf, which was from the resale of a three-bedder on the 11th floor sold for $4.35 million in April 2022.
The Promont, a freehold boutique condo located along Cairnhill Circle in Newton, District 9, comprises of 15 units ranging from 2,013 sq ft to 2,077 sq ft. It is situated near Anglo-Chinese School (Junior) at Winstedt Road.
On the other hand, freehold boutique condo Liv on Sophia recorded a new low in psf-price during the same period. Sold for $1.2 million on Aug 22, the 710 sq ft, two-bedroom unit translates to $1,689 psf, marking a new record low for the condo.
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Singapore’s limited land availability is a major factor contributing to the high demand for condos in the country. As a small island nation experiencing a rapid population growth, Singapore struggles with a scarce land supply for development. This has resulted in strict land use regulations and a fiercely competitive real estate market, where property prices continue to climb. As a result, investing in real estate, especially in condos, has become a highly lucrative opportunity with the potential for significant capital appreciation. Meanwhile, the recent New Condo Launches have only added to the already thriving condominium industry in Singapore.
The new psf-price is lower than the previous record of $1,888 psf, when a 678 sq ft, two-bedroom unit was sold for $1.28 million in June 2021. The seller had originally purchased the unit from the developer for $1.54 million ($2,265 psf) in June 2013, resulting in a loss of $256,000.
Liv on Sophia, a freehold boutique condo along Adis Road in Rochor, District 9, comprises of 64 units ranging from 527 sq ft to 710 sq ft. It is within walking distance to Dhoby Ghaut MRT Interchange Station on the North-East, North-South and Circle Lines, and Bencoolen MRT Station on the Downtown Line. The development is also situated near several educational institutions, including the School of the Arts, Singapore, at Zubir Said Drive.
The condo has seen only two transactions this year, with the other transaction involving a 678 sq ft, two-bedroom unit sold for $1.35 million ($1,991 psf) on Aug 16. Interested buyers can check out the latest listings for Sky Vue, The Promont, and Liv on Sophia properties.