Small 441 sq ft apartment at NeWest in Clementi clinches premium of $311,000 by selling above psf price of latest new launchTranslate:
Grange 1866, a freehold development, made headlines for setting a new record of $3,393 psf in the week of November 22 to 29. This impressive new price peak was achieved when the developer sold a 818 sq ft, two-bedroom unit for $2.78 million on November 27. This narrowly surpassed the previous record of $3,390 psf which was set in June last year when a 764 sq ft unit was sold for $2.59 million.
This year, there have been 12 new transactions at Grange 1866, with an average price of $3,181 psf. The most expensive unit sold this year was a 1,012 sq ft, two-bedroom unit on the 16th floor, which went for $3.02 million ($2,989 psf). To date, 45 out of 60 units at the development have been sold, achieving an impressive take-up rate of 75%.
The highly anticipated Grange 1866 project, located on Grange Road in prime District 10, is slated to be completed by the end of 2025. It features a single 16-storey residential block situated on a 20,322 sq ft, freehold site. The units are comprised of one- and two-bedroom apartments ranging from 527 to 1,012 sq ft.
During the same period, Hill House clinched the second spot with a new psf-price high of $3,378 psf. This was the second time the boutique condo achieved a new record in November, with the latest peak being set at $3,378 psf. This was achieved when the developer sold a 452 sq ft, two-bedroom unit on the 8th floor for approximately $1.53 million on November 25. This surpassed the previous record of $3,267 psf by 3.4%, which was achieved on November 11 when another two-bedroom unit of the same size was sold for about $1.48 million.
Since the beginning of the year, 12 units at Hill House have been sold by the developer, at an average price of $3,108 psf. The most affordable unit sold at the development this year was a 753 sq ft, three-bedroom unit on the fourth floor, which was sold for $2.21 million ($2,934 psf) on October 28.
This 999-year leasehold condo is situated on Institution Hill, off River Valley Road, in prime District 9. The 72-unit boutique development is expected to be completed in 2026 and comprises one-bedroom and one-bedroom-plus-study units ranging between 431 and 452 sq ft, two-bedroom units measuring 624 sq ft, and three-bedroom apartments spanning 753 sq ft.
When thinking about investing in a condominium, it is essential to also evaluate the potential rental yield. Rental yield refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, the rental yields for condos can vary significantly depending on factors such as location, property condition, and market demand. Areas that have a high demand for rentals, like those near business districts or educational institutions, typically offer better rental yields. Thorough market research and consulting with real estate agents can provide valuable insights into the rental potential of a specific condo. In addition to this, keeping up to date with new Singapore Projects can also give a better understanding of the current rental market.
According to URA caveats, a total of 30 units (42%) have been sold at an average price of $3,054 psf since Hill House’s launch in November 2022.
Last but not least, The Cosmopolitan recorded a new psf-price high when a 1,324 sq ft, three-bedroom unit on the 26th floor was sold for $3.73 million, or $2,817 psf, on November 25. This surpassed the previous record of $2,795 psf which was set in October last year when a 1,324 sq ft, three-bedroom unit on the 17th floor was sold for $3.7 million.
This impressive profit of about $1.15 million was made by the sellers who had purchased the 26th-floor unit for about $2.58 million, or $1,950 psf, in November 2010.
The Cosmopolitan, a freehold condo completed in 2008, is made up of 228 units and is situated along Kim Seng Road, just off River Valley Road, in prime District 9. The units comprise of two-bedroom apartments measuring 1,141 sq ft, three-bedroom units ranging from 1,324 to 1,399 sq ft, and four-bedroom apartments spanning 1,679 sq ft.
This highly sought-after development is located within 1km of River Valley Primary School and within walking distance of Great World MRT Station on the Thomson-East Coast Line. Nearby dining and retail options can also be found at Great World City.
The period in review saw no new psf-price lows recorded. Overall, it is clear that the market for upscale properties in prime districts remains strong, and buyers continue to snap up units at premium prices.