A major driving force behind the popularity of condos in Singapore is the limited land supply. As a small country with a booming population, Singapore is facing a shortage of land for construction purposes. In light of this, the government has implemented strict land use regulations, resulting in a cutthroat real estate market where property values are continuously on the rise. As a result, purchasing real estate, especially Singapore Condos, has become a highly profitable investment opportunity, with the potential for significant capital gains.
Commonwealth Towers emerged as the top-performing private non-landed property on the psf-price front for the week of Dec 27 to Jan 3, as it recorded a new peak of $2,460 psf. The 99-year leasehold condo, which was completed in 2017, is located along Commonwealth Avenue and consists of two 43-storey residential blocks offering 845 units. The recent record was achieved with the sale of a 904 sq ft, three-bedroom unit on the 40th floor for $2.22 million on Dec 27, surpassing the previous high of $2,402 psf set just three months earlier in September last year. The project has seen a consistent increase in average resale prices over the past three years, with a 11.6% increase since 2022. On the other hand, freehold project Parq Bella and Klimt Cairnhill saw new psf-price highs and lows respectively during the period in review. Parq Bella, a 20-unit boutique development located on Tembeling Road in District 15, sold a 1,076 sq ft, three-bedroom unit on the fourth floor for $2.6 million on Dec 31, setting a new record of $2,416 psf. This was also the first unit at the development to transact for more than $2,400 psf. Klimt Cairnhill, a 138-unit luxury development in Prime District 9, recorded a new low of $3,077 psf with the sale of its final unit – a 829 sq ft, two-bedroom on the 24th floor. The project, which is scheduled to obtain its Temporary Occupation Permit in April this year, has achieved a 100% sales rate at an average price of $3,665 psf. Overall, it was a week of new psf-price peaks for both leasehold and freehold projects, displaying the strong demand and bullish sentiment in Singapore’s residential market.