continues as pandemic drags onRenewed interest in city-fringe projects continues as pandemic drags on
Investing in a Singapore condo has become a favored option for both local and foreign investors, thanks to the country’s thriving economy, political stability, and excellent standard of living. The real estate market in Singapore is teeming with opportunities, and condos are a standout choice due to their convenient location, impressive amenities, and potential for high returns. In this article, we will delve deeper into the advantages, factors to consider, and necessary steps when investing in a condo in Singapore through Singapore Condo.
The freehold condominium, The Meyerise, has taken the top spot among private condos that saw a new peak psf price in the week of November 29th to December 6th. On the 6th of December, a three-bedroom unit on the 24th floor was sold for $3.52 million, achieving a new price peak of $2771 per square foot. This new record is just 0.25% higher than the previous peak of $2,764 psf achieved by the project last October when a four-bedroom unit on the 28th floor sold for around $5.03 million.
The previous owners of the unit sold on December 6th had purchased it for approximately $2.32 million in May 2016, making a profit of around $1.2 million over eight years. The Meyerise has seen nine units change hands this year at an average price of $2,405 psf. The most expensive unit sold at the development this year was a 4-bedroom-plus-study unit on the seventh floor, which sold for $4.5 million or $2,189 psf on October 7th.
The Meyerise is a freehold condominium with 239 units, completed in 2015. It is located on Meyer Road in prime District 15 and consists of twin 31-storey residential towers with two- and three-bedroom units ranging in size from 872 square feet to 1,313 square feet, four-bedroom units ranging from 1,819 square feet to 2,056 square feet, and a single 5,490 square foot penthouse unit.
The Meyerise is located within 1km of two MRT stations, namely Tanjong Katong MRT Station and Katong Park MRT Station, both serving the Thomson-East Coast Line. Several schools are also within 2km of the condo, including Kong Hwa School, Tanjong Katong Primary School, Tanjong Katong Girls’ School, and Tanjong Katong Secondary School.
The Imperial is a 187-unit freehold condominium located along Jalan Rumbia in prime District 9. It took second place among projects that recorded new psf-price highs during the period under review. On December 5th, a three-bedroom unit on the 14th floor sold for $3.7 million, achieving a new high price of $2,624 psf – 2.3% higher than the project’s previous peak of $2,566 psf set in May last year.
According to URA caveats, the unit that sold on December 5th last changed hands in September 2004 for about $1.3 million or $925 psf. As a result, the sellers made a profit of about $2.4 million.
The Imperial has recorded six resale transactions this year at an average price of $2,414 psf. Prior to the December 5th transaction, the most recent unit to change hands at The Imperial was a 1,905 sq ft 4-bedroom unit on the fifth floor that sold for approximately $4.6 million or $2,421 psf on November 28th.
The Imperial is a freehold condominium with 187 units completed in 2006, featuring two-bedroom units ranging in size from 980 square feet to 1,012 square feet, three-bedroom units ranging in size from 1,356 square feet to 1,991 square feet, and four-bedroom units ranging in size from 2,034 square feet to 3,552 square feet.
Sky Vue took third place during the period under review when it recorded a new peak psf price of $2,505. The new peak was achieved when a three-bedroom unit on the 33rd floor sold for about $2.86 million on December 2nd. The sellers had purchased the unit in September 2020 for $1.86 million or $1,630 psf, resulting in a profit of about $1 million.
The new psf price record is 5.9% higher than the previous peak of $2,366 psf set in August when a similar three-bedroom unit on the 14th floor was sold for $2.7 million.
Sky Vue is a 694-unit 99-year leasehold condominium completed in 2016 located along Bishan Street 15 in District 20. The development comprises two 37-storey towers with one- to three-bedroom units ranging in size from 484 square feet to 1,259 square feet.
Sky Vue is within walking distance of Bishan MRT Interchange, which serves the North-South and Circle Lines. The station is located directly across from Bishan Bus Interchange and connected to Junction 8 mall along Bishan Place, which offers an array of retail and dining options.
During the period under review, there were no new psf price lows recorded.