RC411 Condo

Casa Fidelio, a freehold landed development located on Fidelio Street in District 15, is set to be launched for collective sale on March 20. The seven-unit cluster terrace development, completed in 1990, has a reserve price of $24 million, which translates to a land rate of $1,388 per square foot (psf). PropNex Realty, the marketing agent for the site, reveals that this is the first attempt of Casa Fidelio owners at an en bloc sale.

Casa Fidelio sits on a 17,293 square feet land that is zoned for residential use and designated for two-storey mixed-landed housing. It is located in a landed housing enclave, just a short drive away from various amenities such as East Coast Park, Katong and Joo Chiat precincts with its dining and lifestyle options, as well as malls including Siglap Village, Siglap Centre and Bedok Mall.

More amenities are expected to be available with the completion of Kembangan Wave, an integrated public housing project next to Kembangan MRT Station which will include a community club with an eating house, supermarket and outpatient healthcare facility. Popular schools in the vicinity include Opera Estate Primary School, St Stephen’s School and Victoria School.

PropNex notes that developers have the flexibility to redevelop the site into various configurations, including luxury cluster houses, landed terraces, or a standalone property due to its regular shape and ample size. According to Laurence Wong, Head of Collective Sales at PropNex, the site has great potential for transformation into a modern residential development that caters to the demand for landed homes in the East Coast area.

Caveats lodged show that the last transaction at Casa Fidelio was in September 2021, when a 1,894 square feet house was sold for $2.27 million ($1,198 psf). In contrast, only two freehold landed homes on Fidelio Street were transacted in 2024, fetching high prices of $9 million ($2,629 psf on the land area) and $5.38 million ($2,643 psf on the land area) for a terrace house and semi-detached house respectively. This shows the potential for high profits for developers, as highlighted by PropNex.

Moreover, the agency also reveals that a corner terrace on Jalan Bangsawan, located less than 400m away, was transacted at a whopping $3,541 psf in December 2024. With such transactions in the vicinity, Casa Fidelio is expected to garner strong interest from developers.

The tender for Casa Fidelio will close on April 22 at 3pm, and interested parties can check out the latest listings for Casa Fidelio properties on Edgeprop.…

The recent closure of the tender for the first private housing Government Land Sale (GLS) site in the upcoming Bayshore precinct on March 18 has drawn significant interest from developers, with a total of eight bids being submitted. The 99-year leasehold site, located on Bayshore Road next to the Bayshore MRT Station, spans over 112,992 sq ft and is estimated to accommodate approximately 515 residential units.

SingHaiyi-Garnet, a joint venture between SingHaiyi Group and Haiyi Holdings, which holds a majority shareholding in SingHaiyi, has emerged as the top bidder with a bid of $658.89 million, resulting in a land rate of $1,388 psf per plot ratio (ppr). This bid was only slightly higher than the second highest bid of $653.53 million (or $1,377 psf ppr) submitted by Sing Holdings. City Developments also submitted a bid of $620.8 million (or $1,308 psf ppr), which was 5.3% lower than Sing Holdings’ bid. Justin Quek, CEO of OrangeTee & Tie, remarks that the top bid prices have exceeded initial expectations, indicating strong confidence in the potential of the site.

Mark Yip, CEO of Huttons Asia, notes that the number of bids received for this private housing GLS site is the highest since January 2022, when a Jalan Tembusu plot, now the site of Tembusu Grand, also attracted eight bids. He believes that developers may have held back from bidding for other GLS plots in order to pursue the Bayshore site. He also adds that the strong sales in recent months have increased the pressure for developers to replenish their land bank.

The other tenderers for the Bayshore Road site include a Frasers Property-led consortium, Kingsford Development, and a joint venture between Hoi Hup Realty and Sunway Developments. The bids submitted by these tenderers ranged from $1,252 psf ppr to $1,285 psf ppr. The two lowest bids came from a consortium comprising Hong Leong Holdings, TID, and CSC Land Group at $500.68 million (or $1,055 psf ppr), followed by Sim Lian Group at $485 million (or $1,022 psf ppr).

According to Marcus Chu, CEO of ERA Singapore, the significant gap of 36% between the lowest and highest bids received for the Bayshore Road site reflects the mixed market sentiments among participating bidders. He also highlights that SingHaiyi’s bid of $1,388 psf ppr sets a new OCR land price benchmark, surpassing the previous threshold of $1,250 psf ppr paid by MCL Land and CSC Land Group in November 2023, for the site of the recently-launched Elta, located at Clementi Avenue 1. Wong Siew Ying, PropNex’s head of research and content, adds that this new benchmark in the OCR rivals the land rates of some GLS plots in the Core Central Region. In 2024, the Zion Road Parcels A and B in the Rest of Central Region were awarded at $1,202 psf ppr and $1,304 psf ppr, respectively, while the Holland Drive and River Valley Green (Parcel A) sites in the Core Central Region sold for $1,285 psf ppr and $1,325 psf ppr, respectively.

The Bayshore Road site will be the first private residential development in the new Bayshore precinct, a 60-ha estate situated between East Coast Parkway (ECP) and Upper East Coast Road. About 10,000 homes have been earmarked for the Bayshore precinct, with 30% designated for private housing. Leonard Tay, Knight Frank Singapore’s head of research, mentions that the area stands to benefit from various new amenities that will be constructed in the neighbourhood, as well as long-term development plans, such as the Long Island coastal protection project, which will add reservoirs and parks fronting the Bayshore area.

Huttons’ Yip also observes that the Bayshore Road GLS site is probably the most desirable site in the Bayshore precinct, as it offers a sea view and is located right next to the Bayshore MRT Station. He also notes that there has been a lack of significant private condo launches in the Bayshore area for decades, with the only existing ones being The Bayshore and Costa Del Sol, launched in the 1990s and 2000, respectively. As a result, there may be pent-up demand for new private housing in the area, including demand from HDB upgraders in the nearby Marine Parade and Bedok estates. PropNex’s Wong predicts that the future project at the Bayshore Road site may see an average selling price of over $2,600 psf, while Knight Frank’s Tay believes prices could start from $2,700 psf and average above $2,800 psf.…

Local hospitality company Banyan Group, formerly known as Banyan Tree Holdings, has recently launched its latest residential development, Banyan Tree Beach Residences Oceanus, in Phuket, Thailand. Situated on the picturesque Bang Tao Beach, the project is located within a private enclave of the group’s flagship Laguna Phuket resort. The development comprises 16 luxurious beachfront residences, ranging in size from 416 sq m to 768 sq m for the penthouses.

The ground-floor residences will boast private pools seamlessly extending from their terraces, while the penthouses will offer stunning views of the Andaman Sea from spacious living area balconies and rooftop terraces with private pools and reflecting ponds. In addition, all residences will feature expansive living areas over 13m wide, double master bedrooms and lavish bathrooms. To complement the exclusive lifestyle, a dedicated lap pool with a sun deck, as well as an open lawn with loungers and an outdoor dining area, are reserved exclusively for the privileged few residents.

Furthermore, residents of Banyan Tree Beach Residences Oceanus will have access to the various amenities and facilities at the integrated resort, including membership at Laguna Golf Phuket and a complimentary Thailand Elite visa, which provides a five-year multiple-entry privilege. They will also have exclusive access to a private beach club, premium health and wellness facilities from BDMS Wellness, as well as signature restaurants, spas and recreational facilities.

The group expects record prices for these residences, given the rising demand for luxury real estate in Phuket. Stuart Reading, managing director of Banyan Group Residences, says, “With prime beachfront land becoming increasingly scarce, we saw an opportunity to develop larger, highly luxurious beachfront condominiums that offer the same living space as a villa, but with the added convenience of a turnkey solution and no need to manage the grounds yourself.”…

February maintained its strong sales momentum for new private homes as developers launched fresh projects. According to the latest data from URA released on March 17, a total of 1,575 units (excluding executive condominiums or ECs) were sold, marking a 45.4% increase from January’s 1,083 units.

Compared to February 2024’s sales of only 153 units, last month’s sales were over 10 times higher. It also stands as the highest February sales figure in the past 13 years since February 2012, where 2,417 units were sold. Tricia Song, CBRE’s head of research for Singapore and Southeast Asia, notes that this trend is consistent with the strong start to the year.

When including ECs, the total number of new home sales reached 1,604 units in February, representing a 45.3% increase from the previous month. Developers have sold a total of 2,658 units (excluding ECs) since the start of the year. In comparison, it took eight months to reach a similar figure last year, according to Leonard Tay, head of research at Knight Frank Singapore.

Two major launches in the Outside Central Region (OCR) contributed greatly to the strong performance in February: The 1,193-unit ParkTown Residence in Tampines North and the 501-unit Elta on Clementi Avenue 1. ParkTown Residence saw sales of 1,041 units at a median price of $2,363 psf, making it the best-selling project for the month with an 87% take-up rate. Jointly developed by UOL Group and CapitaLand Development, the integrated project’s robust performance can be attributed to its location in a suburban neighborhood that has not seen any new supply in the past five years.

The second best-performing project, Elta, sold 65.1% or 326 units at a median price of $2,538 psf. Developed by MCL Land and CSC Land Group, it also benefited from its location in a suburban area with no new supply in the past five years. In total, developers launched 1,694 units for sale in February, a significant increase of 89% from the previous month’s 896 units. The majority of new home sales were in the OCR, accounting for a staggering 92% of total sales. This marks the best monthly showing for the OCR in over nine years, since July 2015’s 1,523 units sold, according to Wong Siew Ying, PropNex Realty’s head of research and content.

Sales in the Rest of Central Region (RCR) made up 98 or 6.2% of total units sold in February. The top-selling RCR project was Pinetree Hill, which sold 22 units at a median price of $2,613 psf.

In the Core Central Region (CCR), only 25 units were sold, accounting for 1.6% of developers’ sales last month. The best-selling CCR project was 19 Nassim, which sold five units at a median price of $3,372 psf. Four units were also sold at One Bernam at a median price of $2,651 psf. The 351-unit One Bernam, which launched for sale in May 2021, is now fully sold.

The majority of new private home buyers were Singapore citizens at 92.4%, followed by permanent residents at 6.9%, according to Lee Sze Teck, senior director of data analytics at Huttons Asia. Foreigners accounted for 11 new home purchases, including the two most expensive transactions in February – the sale of two units at 32 Gilstead for $14.47 million and $14.61 million.

Record number of suburban homes sold for over $2 million

The OCR saw a record number of 603 new private homes (including ECs) sold for at least $2 million in February, according to Christine Sun, chief researcher and strategist at OrangeTee Group. This is the highest number of new suburban homes sold at this price range in a single month since URA data became available in 1995. Sun notes that the previous record was set in November 2024, with 512 new homes in the OCR sold for at least $2 million.

Of the 603 OCR homes that were sold for at least $2 million, 596 were non-landed homes, mainly from ParkTown Residence (397 units), Elta (145 units), and Hillock Green (16 units). Wong observes that recent launches have shown that average unit prices have “decoupled from the sub-market where these projects are located”. For instance, the average unit price for ParkTown Residence is lower than that of Union Square Residences ($3,175 psf) in the RCR, and only slightly higher than The Orie ($2,734 psf), also in the RCR.

Recent OCR launches like Chuan Park, Elta, and Bagnall Haus have also registered higher average unit prices of $2,589 psf, $2,544 psf, and $2,489 psf, respectively, compared to RCR project Nava Grove’s average unit price of $2,460 psf. Wong believes this could be due to various factors, such as unique project attributes, demand from HDB upgraders, and the location of certain projects on the cusp of the CCR.

She predicts that prices may continue to converge in the coming months as new RCR projects located just off the CCR come to market, such as One Marina Gardens in Marina South and future developments on Zion Road residential sites.

Sustained Momentum

The strong sales momentum is expected to continue in March, supported by recent launches like the 477-unit Lentor Central Residences, the 188-unit Aurea, and the 760-unit Aurelle of Tampines EC. According to Marchus Chu, CEO of ERA Singapore, these projects have already sold over 1,150 units collectively as of mid-March, promising a strong closing to the quarter. In light of the robust first-quarter sales, ERA has revised its new private home sales projection for 2025 to be between 8,500 and 9,000 units, up from the previous range of 7,000 to 8,000.

Huttons’ Lee estimates that developers will sell over 3,200 units (excluding ECs) in the first quarter of the year, making it the highest first-quarter sales since 2021. Moving into the second quarter, upcoming launches include the 358-unit Bloomsbury Residences, the 937-unit One Marina Gardens, the 638-unit W Residences Singapore – Marina View, and the 107-unit Arina East Residences. However, Knight Frank’s Tay notes that not all projects launched in the coming months may perform equally well, as homebuyer demand will depend on the specific location and property attributes of each project.…

A selection of twenty charming heritage bungalows in the historic neighbourhood of Sembawang is now open for tender by the Singapore Land Authority (SLA). These bungalows, each with a distinguished black-and-white exterior, are available for a five-year lease term with the option to extend for another four years.

The bungalows, dating back to the 1920s and 1930s, are situated along Admiralty Road East, Falkland Road, Auckland Road West and Fiji Road. Spread across a generous land area of approximately 245,300 sq ft, the bungalows boast a combined gross floor area (GFA) of around 94,945 sq ft.

For this tender, the bungalows are being offered for lease with the potential for serviced apartment use, including multi-generational and senior co-living concepts. The bungalows are also suitable for F&B and retail use, with a maximum GFA of 9,580 sq ft. For serviced apartment stays, the minimum duration is one week.

In line with SLA’s vision to revitalize state properties, the selection of bungalows will be evaluated based on both price and quality. Interested parties have until June 11 at 11am to submit their bids, with the winning bidder expected to be announced in October.

In other news, the SLA has been actively exploring more innovative ways to make use of state properties. Their prior initiatives include transforming former state properties into co-living spaces, event venues, and even social impact hubs. With the increased interest in these unique properties, the SLA aims to continue their efforts in reimagining state properties for the benefit of the community.…

CapitaLand Integrated Commercial Trust (CICT) has announced changes to its board of directors, with the appointment of Tan Choon Siang as CEO and current CEO Tony Tan taking on the role of Chief Corporate Officer at CapitaLand Development.

In an official filing to the stock exchange on March 17, the real estate investment trust revealed that Tan Choon Siang will take on the position of CEO and executive non-independent director of the company from May 1, 2025. He will also join the executive committee (EC).

At the same time, current CEO Tony Tan will step down from his role as executive non-independent director and member of the EC. He will assume the role of Chief Corporate Officer at CapitaLand Development. Tan has been serving as CEO and executive director for CICT since 2017.

Under Tan’s leadership, CICT successfully completed the merger of CapitaLand Mall Trust and CapitaLand Commercial Trust in 2020, resulting in the creation of Singapore’s largest listed REIT with a market capitalization of $15.5 billion.

Tan Choon Siang brings with him a wealth of experience, having previously served as the manager of CapitaLand Malaysia Trust since 2022 and the chief financial officer of the manager of CapitaLand India Trust. He was also the former Head of Corporate Finance & Treasury at Ascendas-Singbridge, which merged with CapitaLand in 2019.

These changes to the board of directors are seen as a strategic move by CICT to strengthen its leadership team and drive continued growth and success for the company. The market has responded positively to the news, with CICT’s stock prices seeing a rise following the announcement.…

for en bloc sale Keppel/Singapore

Singapore’s leading asset manager and operator Keppel will shift its focus to other redevelopment projects after the completion of Keppel South Central, according to Samuel Ng, president of Keppel’s real estate division in Singapore. Ng stated that the redevelopment of Keppel South Central is a highlight for the company.

He was referring to the former Keppel Towers, a 27-storey office tower built in 1991, and Keppel Towers 2 (formerly known as GE Tower), a 13-storey building built in 1993. The completion of the flagship 33-storey Keppel South Central commercial tower was announced by Keppel last month. The building, located along Hoe Chiang Road in Tanjong Pagar, offers approximately 650,000 sq ft of office, retail, and event space. The typical office floor plates range between 20,000 and 22,000 sq ft with a clear ceiling height of 3.2m.

Nearly half of the tower’s office space and retail units have been leased or are currently in negotiations. A major financial services group has been secured as the first anchor tenant, leasing two entire floors. Office tenants are expected to start moving in from June.

The tower also features retail and event spaces on the ground floor, health and wellness spaces on the fifth and sixth floors, a landscaped terrace on the 18th floor, and end-of-trip facilities on Basement 1. These facilities were not available in the original Keppel Towers, but they have been added to make the development more attractive to Grade-A office tenants, according to Ng. Additionally, Keppel has a team in place to activate event spaces throughout the tower.

Keppel South Central has been certified by BCA as a Green Mark Platinum Super Low Energy building. This represents a significant improvement in energy efficiency and cost savings compared to before the redevelopment. Keppel estimates energy savings of approximately 6.2 million kilowatt hours (kWh) per year, which is equivalent to the power consumption of 1,300 homes in Singapore. This translates to approximately $1.8 million in savings annually.

To achieve this, Keppel incorporated several green solutions that had been previously tested at another ageing property, Keppel Bay Tower, which was built in 2002. In 2018, Keppel Land utilized a BCA grant to test five new technologies in the building that could improve its energy efficiency by 20% compared to other BCA Green Mark Platinum Buildings. As a result, Keppel Bay Tower became Singapore’s first zero-energy commercial building in 2020.

Keppel is now looking to replicate the success of Keppel South Central across the region as part of its Sustainable Urban Renewal (SUR) strategy. “In the Asia Pacific region alone, the number of office buildings completed in the 1990s or earlier is already huge, and practically all of them are going to fail the new standards for Grade-A office space,” says Ng. “Unless something is done to upgrade them, their capital values will continue to drop.”

According to a March 2024 report by JLL, 87% of occupiers surveyed across Asia Pacific are looking to comprise their portfolio with entirely green-certified properties by 2030. However, the challenge is that for every 5 sq ft of demand across the Asia Pacific region, only 2 sq ft of low-carbon space is expected to be developed from now until 2028. With limited new office supply expected, this presents a significant opportunity for sustainability-focused retrofits.

To fund the redevelopment of brownfield projects across the region, Keppel announced the first close of its flagship Keppel Sustainable Urban Renewal Fund (KSURF), with total funds under management of over $2.3 billion in April. KSURF will target properties across the commercial, living, life sciences, hospitality, and logistics segments in Singapore, South Korea, Japan, Australia, and first-tier cities in China.

Keppel’s in-house capability to execute the renewal works themselves sets them apart from other asset managers, according to Ng. After the fund acquires the asset, Keppel will be able to complete the asset enhancement works, stabilize occupancy, and divest it within the fund’s seven-year life. To date, Keppel has applied its SUR strategy to eight projects across five countries, including Keppel South Central. Three projects have yet to be completed, including Ocean Financial Centre, a 43-storey Grade-A office tower in Raffles Place, Inno88 Tower, a 367,210 sq ft office building in Seoul, and Kohinoor, a 1.1 million sq ft office block in Maharashtra, India.…

A 99-year leasehold semi-detached house located in District 16’s Kew Heights will make its appearance at SRI’s upcoming auction on March 15. The three-storey property is situated on a 3,034 sq ft corner plot and has a guide price of $3.65 million, translating to a land rate of $1,203 psf.This is the first time the property, which is being sold by a mortgagee, will be offered for sale via auction. It will come with vacant possession and has a floor area of 4,436 sq ft spread across three levels. The ground level boasts a living hall with a double-volume ceiling, an adjoining dining area, a kitchen, and a helper’s room. On the upper two levels, there are six bedrooms, a family area, and a storeroom. The property also includes a car porch and a backyard area.According to Mok Sze Sze, managing partner of auctions and sales at SRI, potential buyers could potentially convert some of the open spaces into additional bedrooms, making it suitable for large or multi-generational families. The property’s guide price of $1,203 psf is also one of the lowest in the area in terms of land rate, according to Mok. Public records show that the property was last sold in November 2021 for $3.19 million ($1,051 psf).In the past year, two other 99-year leasehold landed properties within the Kew Vale estate have been sold. The most recent transaction was in February, where a three-storey semi-detached house on Kew Heights went for $3.35 million with a land area of 2,396 sq ft, equating to a land rate of $1,398 psf. The other sale was in January of a three-storey terraced house on Kew Drive with a 2,300 sq ft plot for $3.26 million, translating to a land rate of $1,417 psf.In recent years, prices of 99-year leasehold semi-detached properties in the Kew Vale estate have been on the rise. Based on URA Realis data, seven semi-detached houses were sold between 2023 and 2024 at an average land rate of $1,213 psf, higher than the average of $1,002 psf from seven transactions between 2021 and 2022.The area is conveniently located near major expressways such as the East Coast Parkway (ECP) via Bayshore Road and will also have access to the upcoming Bedok South MRT Station along the Thomson-East Coast Line, slated to open in the second half of 2026. Families with school-going children will appreciate the proximity to schools such as Temasek Primary and Secondary Schools, Bedok South Secondary, and Bedok View Secondary.View listings for properties in Kew Vale at Ask BuddyView sale transactions for Kew Vale propertiesExplore sale transactions for condos in District 16Compare the price trends for new sale properties and executive condominiums in District 16Discover the most expensive condominium projects in District 16Explore any unprofitable transactions in Kew Vale through our database.…

Rewritten:

The Trizon, a prestigious 289-unit condominium located on Ridgewood Close, recorded the most profitable resale transaction of the week, from Feb 25 to March 4. The property, a 5,737 sq ft penthouse on the 23rd floor, was sold for $9.76 million ($1,701 psf) on Feb 27. The seller, who had initially purchased the unit in March 2016 for $6.55 million ($1,142 psf), made a remarkable profit of $3.2 million (49%). This translates to an annualized gain of 4.5% over a period of nine years, making it the second most profitable resale transaction at The Trizon to date.

The highest recorded profit at The Trizon was achieved two years ago when a 7,083 sq ft penthouse was sold for $11 million ($1,553 psf) in August 2023. The seller had bought the unit for $7.1 million ($1,002 psf) in November 2019, earning a record profit of $3.9 million (55%). This equates to an annualized gain of 12% over a period of close to four years.

Situated in prime District 10, The Trizon is a freehold development in close proximity to the Mount Sinai landed enclave and the private residential estates of Pandan Valley and Pine Grove. Nearby private residential developments include Pandan Valley, Pinetree Hill, and Nava Grove, which are new 99-year leasehold projects with 520 and 552 units respectively.

The average resale price at The Trizon, based on resale caveats compiled by EdgeProp Singapore, is approximately $2,017 psf. In comparison, nearby Pandan Valley, a sprawling 605-unit development, has an average price of $1,449 psf while Ridgewood Condo, a 999-year leasehold development with 425 condo units and 38 landed units, commands an average price of $1,728 psf.

Launched for sale in July 2023, Pinetree Hill has recorded average selling prices of $2,550 psf, compared to an average of $2,458 psf since its launch until the end of 2024, based on lodged caveats. The 520-unit development is currently 78% sold. Similarly, the 552-unit Nava Grove, launched in November 2019, is 75% sold with an average selling price of $2,460 psf.

The second most profitable resale transaction during the week was recorded at Haig Court on Feb 27. A 1,442 sq ft three-bedroom unit on the third floor was sold for $2.84 million ($1,968 psf). This unit was previously purchased for just $798,868 ($554 psf) in 2005, earning the seller a profit of $2.04 million (255%). This equates to an annualized gain of 6.8% over a period of 19 years.

Located in District 15, Haig Court is a freehold development completed in 2004 with 360 units. It is centrally located in Marine Parade with easy access to shopping malls such as Katong Shopping Centre, Roxy Square, and I12 Katong. The condo is also near reputable schools like Chung Cheng High School, Tanjong Katong Girls’ School, Tanjong Katong Secondary School, and the Tanjong Katong campus of the Canadian International School. It is next to two new 99-year leasehold private residential projects, Emerald of Katong (846 units) and Tembusu Grand (638 units). Other new projects in the vicinity include The Continuum (816 units), a freehold development on Thiam Siew Avenue, and Grand Dunman (1,008 units), a 99-year leasehold project on Dunman Road.

In 2020, Haig Court had eight resale transactions with profits ranging from $450,000 to $2.06 million. So far in 2021, there have been two resale transactions at the condo, with the most recent sale being a 1,453 sq ft unit that fetched $3.02 million ($2,078 psf) on Jan 17, earning the seller a profit of $2.13 million.

Conversely, the most unprofitable resale transaction during the week occurred at Orchard Scotts, where a 2,228 sq ft unit was sold for $3.78 million ($1,696 sf) on Feb 25. This unit was bought for $4.35 million ($1,955 psf) in 2010, resulting in a loss of $576,000 (13%). This equates to an annualized loss of 1% over 15 years.

According to EdgeProp Singapore’s compilation of resale caveats, prices at Orchard Scotts have been on a decline in recent years. In March 2010, units were typically sold at an average of $2,061 psf, but this has since dropped to $1,747 psf in March 2020. Prices have slightly picked up in recent months, with an average of $1,760 psf last month.

Orchard Scotts is a 99-year leasehold condo located on Anthony Road in prime District 9. Completed in 2008, the development has 387 units comprising two- to five-bedroom units ranging from 936 sq ft to 4,435 sq ft.…

Units at 3 Orchard By-The-Park achieving new high in prices

In the week of Feb 21 to 28, a two-bedroom unit at The Esta emerged as the top-selling private condo in terms of achieving a new psf-price high. The freehold development hit a new price peak of $2,377 psf when a 1,001 sq ft unit was sold for $2.38 million on Feb 26. The sellers of the seventh-floor unit purchased it for approximately $1.83 million, or $1,833 psf, in March 2021, making a profit of around $545,000.

This latest transaction surpassed the project’s previous record price of $2,317 psf, achieved when a three-bedroom unit on the 13th floor, with an area of 1,346 sq ft, was sold for approximately $3.2 million in January last year. Over the past three years, the average resale price of condo units at The Esta has been steadily rising. In 2022, the project recorded 10 transactions at an average psf-price of $2,012. The following year, the average price climbed to $2,156 across nine resale transactions. Last year, another nine units were resold at an average price of $2,248 psf, reflecting an 11.7% increase in average resale prices since 2022.

Read also: Four-bedder at freehold Gallop Gables reaches $2,299 psf

By absolute price, the most expensive unit sold at The Esta was a five-bedroom apartment on the 21st floor, with an area of 3,477 sq ft, which was sold for $6.25 million, or $1,798 psf, in October 2021.

The Esta is a freehold development with a total of 400 units spread across five residential blocks along Amber Gardens. Completed in 2008, this District 15 condo offers a range of two- to four-bedroom apartments, each spanning from 1,001 sq ft to 1,711 sq ft, as well as penthouses ranging from 2,368 sq ft to 3,477 sq ft. It is within walking distance of Tanjong Katong MRT Station on the Thomson-East Coast Line and is near lifestyle hubs such as Katong Shopping Centre and Katong V.

The 99-year leasehold condo D’Leedon claimed second place for the highest new psf-prices recorded during the review period. The development set a new psf-price record of $2,287 when a three-bedroom unit on the 29th floor, with an area of 1,421 sq ft, was sold for $3.25 million on Feb 25. This transaction slightly surpassed the sale of another three-bedroom unit, with an area of 1,367 sq ft, which was sold for $3.04 million, or $2,222 psf, on Feb 26. Prior to these sales, the record price at D’Leedon stood at $2,180 psf, achieved by the sale of a four-bedroom unit, with an area of 2,110 sq ft, for $4.6 million last October.

Since the start of the year, 11 units have been sold at the development, with an average price of $2,065 psf. The lowest psf-price recorded this year was for a one-bedroom apartment, with an area of 743 sq ft, on the 10th floor, which was sold for $1.41 million, or $1,898 psf, on Feb 13.

D’Leedon is a 99-year leasehold development that offers 1,703 units ranging from one- to four-bedrooms, with sizes spanning from 592 sq ft to 6,534 sq ft. Completed in 2014, the project is located along Leedon Heights in District 10. D’Leedon is within walking distance of Farrer Road MRT Station on the Circle Line and is also close to Empress Road Market and Food Centre.

Read also: Boutique condo Hill House reaches new high of $3,267 psf

Citylights saw a new psf-price high on Feb 27 when a two-bedroom apartment on the 26th floor, with an area of 893 sq ft, was sold for $1.98 million, or $2,216 psf. This sets a new record that is 4.4% higher than the previous peak of $2,122 psf, achieved in December last year when another two-bedroom unit, with an area of 872 sq ft, was sold for $1.85 million. The sellers of the 26th-floor unit purchased it for approximately $1.44 million, or $1,610 psf, in April 2019, making a profit of around $542,000.

Citylights is a 99-year leasehold development with 600 units spread across Jellicoe Road in Kallang, District 8. Completed in 2007, it offers one- to four-bedroom units ranging from 560 sq ft to 3,875 sq ft. This project is just a one-minute walk from Lavender MRT Station and is close to dining and retail options, including Aperia Mall and Kitchener Complex, both within a 300m radius.

There were no new psf-price lows recorded during the period in review.…