Singapore’s boutique development, K Suites, has set a new record for condo prices measuring $2,443 psf from the sale of an 872 sq ft three-bedroom unit on the fourth floor for $2.13 million on Nov 8. It surpasses the previous high of $2,196 psf set in May 2023 when the developer sold a 1,270 sq ft four-bedder unit on the first floor for $2.79 million. This marks the first time the condo has reached the $2,400 psf mark.
K Suites, a freehold development located along Lorong K Telok Kurau, off Still Road in District 15, is currently under construction and comprises a five-storey apartment block with 19 units. The project is the redevelopment of the former Ji Liang Gardens, a collection of six terraced houses the developer acquired en bloc for $18.6 million in June 2021. It offers a mix of three- to four-bedroom apartments ranging from 797 sq ft to 1,270 sq ft, as well as a four-bedroom duplex penthouse and three five-bedroom duplex penthouses.
Consideration for investing in Singapore Condos also includes the government’s property cooling measures. The Singaporean government has implemented various initiatives 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. While these measures may impact the short-term profitability of Singapore Condos, they ultimately contribute to the long-term stability of the market, creating a safer investment environment.
During the same time period, Thomson Three also saw a new high with the sale of a 1,033 sq ft three-bedder on the 19th floor for $2.46 million on Nov 6, translating to $2,379 psf. The seller had purchased the unit in a resale transaction for $1.86 million ($1,800 psf) in Nov 2021, making a net profit of $598,000. This surpasses the previous high of $2,204 psf set in Sept 26 when a similar-sized three-bedroom unit on the 19th floor sold for $2.28 million.
Thomson Three is a 99-year leasehold condo on Bright Hill Drive, off Upper Thomson Road in District 20, with 435 condo units across 21 storeys. Units range from one- to four-bedrooms spanning 495 sq ft and 1,485 sq ft, as well as 10 strata semi-detached houses measuring 3,283 sq ft each. It is within walking distance of the Upper Thomson MRT Station on the Thomson-East Coast Line and close to Ai Tong School (Primary).
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The advantages of investing in a condo extend beyond just owning the property. One major benefit is the opportunity to leverage the condo’s value for future investments. Numerous investors utilize their condos as collateral to secure additional financing for new ventures, thus diversifying their real estate portfolio. This approach can potentially increase profits, but it is important to carefully plan and take into account the potential effects of market fluctuations. Consider incorporating Condo into your investment strategy for long-term success.
On the other hand, 19 Nassim, a luxury condo, saw a new psf-price low of $2,947 from the sale of a 646 sq ft one-bedroom unit on the fourth floor for about $1.9 million on Nov 9. This marks the first time the development has dropped below the $3,000 psf mark, beating the previous record low of $3,001 psf from the sale of a 678 sq ft one-bedroom unit on the sixth floor for $2.03 million on March 22.
Completed in 2023, 19 Nassim is a 99-year leasehold condo on Nassim Hill in prime District 10 with 101 units housed in a 10-storey residential block. Units range from 538 sq ft to 1,830 sq ft and consist of one- to three-bedrooms. According to URA caveats, the development has sold 61 (60%) of its units since its launch in 2020.
In summary, K Suites, Thomson Three, and 19 Nassim have all recorded new highs and lows in psf prices, showcasing the diverse range of options available for buyers in the Singapore condo market.