Gallop Gables, a freehold condo in District 10, emerged as the top performer in new psf-price highs from Nov 19 to Nov 22. The condo saw a new psf-price high of $2,299 with the sale of a 2,669 sq ft four-bedroom unit on the second floor for $6.14 million on Nov 20. This is a gain of $1.64 million for the seller, who had bought the unit for $4.5 million ($1,686 psf) in July 2017.
This transaction surpassed Gallop Gable’s previous high of $2,108 psf set just a few months prior with the sale of a 1,163 sq ft, two-bedroom unit on the third floor for $2.45 million on Feb 19. The seller had purchased the unit in January 2021 for $2.07 million ($1,781 psf), making a net profit of $380,000.
Gallop Gables, completed in 1997, is a low-density development featuring 102 units spread across four-storey blocks. It is conveniently situated within walking distance of Farrer Road MRT Station on the Circle Line.
The condo has seen three resale transactions this year at an average price of $2,110 psf, higher than the average price of $1,991 psf for four transactions recorded at the development in 2020.
Apart from the units sold on Nov 20 and Feb 19, a 1,550 sq ft two-bedroom unit on the first floor changed hands for $2.98 million ($1,923 psf) on Sept 9.
In second place on the list of condos with new psf-price highs during the period in review was The Scala. A 1,259 sq ft, four-bedroom unit on the 12th floor was sold for $2.6 million, or $2,064 psf, on Nov 20. The seller had bought the unit in October 2012 for $1.66 million ($1,318 psf).
The Scala, a 99-year leasehold condo on Serangoon Avenue 3 in District 19, was completed in 2013 and features 468 units across 17 storeys. It is a mix of one- to four-bedroom units ranging between 474 sq ft and 2,142 sq ft. The condo is within walking distance of the Lorong Chuan MRT Station on the Circle Line and is in close proximity to educational institutions such as Nanyang Junior College, St Gabriel’s Primary School and Yangzheng Primary School.
This sale is the first time that The Scala has exceeded the $2,000 psf mark, surpassing its previous high of $1,969 psf from the sale of a 904 sq ft, two-bedroom unit on the 11th floor for $1.78 million on Sept 9. The seller had bought the unit in March 2013 for $1.31 million ($1,449 psf).
The condo has seen 16 resale transactions this year, with an average price of $1,823 psf, 8% higher than last year’s average price of $1,688 psf for 16 transactions.
Sims Edge also saw a new record of $1,907 psf during the period in review. This came from the sale of a 409 sq ft, one-bedroom unit on the 13th floor for about $780,000 on Nov 22. The seller had bought the unit in April 2019 for $663,807 ($1,623 psf).
Sims Edge, a freehold development on Geylang East Avenue 2 in District 14, Geylang, was completed in 2014 and features 78 units of one- to two-bedders ranging between 409 sq ft and 1,195 sq ft. It is within 500m of the Paya Lebar MRT Interchange Station on the East-West Line and Circle Line.
Despite having five resale transactions this year at an average price of $1,800 psf, Sims Edge has not transacted above the $1,900 psf threshold. This is still higher than the average price of $1,644 psf from four transactions last year.
No new psf-price lows were recorded during the period in review.
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Any condo rental listings in District 19?
One crucial factor to take into account when considering a condo investment in Singapore is the government’s property cooling measures. In an effort to promote a steady real estate market and discourage speculative buying, the Singaporean government has implemented several measures over the years. These include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and individuals purchasing multiple properties. While these measures may affect the immediate profitability of condo investments, they ultimately contribute to the overall stability of the market, creating a more secure investment climate. Condo investors can benefit from the long-term effects of these measures.
Are there unprofitable transactions in The Scala?
Show me the site plan and diagrammatic chart for The Scala
Condo projects with most profitable transactions in District 14
Completion year of Gallop Gables