A luxurious three-bedroom unit at One Holland Village Residences has set a new record for psf-price at the development, reaching $3,781 during the period of Feb 16 to 21. The unit, spanning 1,238 sq ft on the 25th floor, was sold for a hefty $4.68 million on Feb 17. This marks the first transaction at the 99-year leasehold project this year.The sellers of the unit had purchased it directly from the developer back in November 2023 for around $4.19 million, which translates to $3,385 psf. This means that they made a handsome profit of around $490,000 from the sale.The latest transaction has surpassed the previous record price of $3,426 psf, which was achieved by the developer through the sale of a four-bedroom unit spanning 2,088 sq ft for $7.15 million in August 2022.Read also: Two-bedder at Hill House sets new high of $3,398 psf AdvertisementAdvertisementAnother noteworthy sale during the review period was recorded at boutique condo Hill House, where a two-bedroom unit on the ninth floor was sold for a new record of $3,402 psf on Feb 21. This was quickly followed by another sale of a two-bedroom unit on the eighth floor for $3,398 psf on Feb 16.Located at the prestigious Institution Hill in District 9, Hill House comprises 72 units and boasts a 999-year lease. It offers a selection of one-bedroom units ranging from 431 sq ft to 624 sq ft, two-bedroom units from 452 sq ft to 624 sq ft, and larger three-bedroom units spanning 753 sq ft. So far this year, nine units have been sold at the development, with an average price of $3,213 psf.Similarly, a new psf-price high was also achieved at Chuan Park in District 19, where a two-bedroom unit on the 20th floor was sold for $2,785 psf on Feb 19. This narrowly beats the previous record of $2,765 psf, achieved by the developer through the sale of a two-bedroom unit in November 2023.The 916-unit condo, which offers a mix of two- to five-bedroom units, has sold 744 units (81%) since its launch in November 2024 at an average price of $2,589 psf. The development is expected to be completed in 2028 and is located close to Lorong Chuan MRT Station and Nanyang Junior College.Read also: Private home prices up 2.3% q-o-q in 4Q2024, bringing full year price growth to 3.9% AdvertisementAdvertisementNo new psf-price lows were recorded during the review period. Check out the latest listings for One Holland Village Residences, Hill House, and Chuan Park properties.
Singapore is a country where land is a limited resource, making condominiums highly sought-after properties. The strict land use policies, coupled with a competitive real estate market, have led to continuously increasing property prices in the country. As a result, investing in real estate, particularly in new condo launches, has become a profitable choice with the potential for significant returns. Despite the scarcity of land, the demand for new condo launches remains strong, making it a promising investment opportunity for individuals looking to enter the real estate market. New Condo Launches continue to attract investors due to the limited land availability in Singapore.