When it comes to investing in condos in Singapore, there is another important factor to consider – the government’s property cooling measures. Over the years, the Singaporean government has implemented various measures to prevent speculative buying and maintain a steady real estate market. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. Although these measures may initially affect the profitability of condo investments, in the long run, they contribute to the stability of the market, making it a secure environment for investments. Additionally, keeping track of new condo launches can also be beneficial in navigating the market.
since lockdown easing
The Meyerise, a freehold condo, has reached a new psf-price peak with a sale of $2,771 on Dec 6, 2021. This surpasses its previous record of $2,764 psf, achieved in October 2020. The project has seen nine units change hands this year at an average price of $2,405 psf. The most expensive unit was sold at $2,189 psf. The Meyerise is a 239-unit freehold condo that is within 1km of two MRT stations and several schools. The Imperial, a second-place freehold condo, sold at $2,624 psf on Dec 5 2021. This is 2.3% higher than its previous record set in May 2020. The transaction was for a 1,410 sq ft, three-bedroom unit on the 14th floor. According to URA caveats, the unit last changed hands in September 2004 at $925 psf. This meant a profit of $2.4 million. The Imperial has seen six resale transactions in 2021 at an average price of $2,414 psf. Freehold condo Sky Vue rounded up the top three new psf-price highs, achieving a record of $2,505 psf on Dec 2, 2021. The price was achieved through a sale of a 1,141 sq ft, three-bedroom unit on the 33rd floor for $2.86 million. The sellers had purchased it at $1.86 million in September 2020, gaining a profit of $1 million. There were no new psf-price lows recorded during the week of Nov 29 to Dec 6, 2021.