Commonwealth Towers takes the crown as the top private non-landed property to reach a new peak psf price during the week of December 27th to January 3rd. The 99-year leasehold condo recently hit a new high of $2,460 psf on December 27th with the sale of a three-bedroom unit on the 40th floor for a whopping $2.22 million. This surpasses the previous record of $2,402 psf set just three months prior, when a two-bedroom unit was sold for $1.65 million in September 2024.
Commonwealth Towers has been steadily increasing its average resale price for the past three years. In 2022, the average price was $1,971 psf across 53 transactions. The following year, it rose to $2,097 psf with 51 resale transactions. Last year, there were 37 resale transactions with an average price of $2,200 psf, marking an 11.6% increase in average resale prices since 2022.
The most expensive unit to change hands at Commonwealth Towers was a four-bedroom unit on the 39th floor for $2.96 million, or $2,273 psf. The transaction was recorded in November 2024.
Completed in 2017, Commonwealth Towers stands tall with its two 43-storey residential blocks housing 845 condo units. The units range from one to four bedrooms and span from 441 sq ft to 1,302 sq ft. The development has about 87 years remaining on its lease and is located along Commonwealth Avenue.
The runner-up on the list is freehold project Parq Bella, which set a new psf-price peak of $2,416 on December 31st. The developer sold a three-bedroom unit on the fourth floor for $2.6 million. This surpasses the previous record of $2,385 set in August 2023 for a two-bedroom unit on the fourth floor.
Parq Bella, a boutique development with only 20 units, has been seeing steady sales since its launch in 3Q2023. In 2023, the project sold five units at an average price of $2,347 psf. As of January 14th, it has sold 19 of its 20 units at an average price of $2,244 psf. The project is expected to be completed by December 2026.
The only private residential development to see a new psf-price low during the week of December 27th to January 3rd was Klimt Cairnhill. The developer sold a two-bedroom unit on the 24th floor for $2.55 million on January 3rd, setting a new psf-price floor of $3,077. This is the final unit sold at the 138-unit freehold development, which achieved 100% sales at an average price of $3,665 psf.
Klimt Cairnhill offers a mix of two- to four-bedroom apartments ranging from 829 sq ft to 2,368 sq ft, as well as two penthouses of 4,898 sq ft and 5,920 sq ft. The project is expected to be completed in April 2021 and is located along Cairnhill Road in Prime District 9.
Investing in a condo in Singapore can bring numerous benefits, making it a desirable option for both local investors and foreign buyers. The country’s real estate market is known for its high demand, potential for capital appreciation, and attractive rental yields. However, before making a purchase, it is essential to carefully consider various factors such as location, financing options, government regulations, and overall market conditions.
One of the main advantages of investing in a condo in Singapore is its high demand. The country’s booming economy and stable political climate make it an attractive destination for both local and foreign residents, resulting in a constant demand for housing. This high demand also leads to potential for capital appreciation as the value of properties in Singapore tends to increase over time.
Furthermore, condos in Singapore offer attractive rental yields, making them a profitable investment option. With a high population of expats and a thriving business environment, there is a constant need for rental properties in desirable locations. This presents an opportunity for investors to generate steady income from their condo unit.
However, it is crucial to carefully consider various factors before purchasing a condo in Singapore. The location of the property plays a significant role in its potential for capital appreciation and rental yields. A well-located condo in a desirable neighborhood is more likely to see a higher increase in value and attract tenants.
Singapore is known for its urban landscape, characterized by towering high-rise buildings and advanced infrastructure. The city boasts of luxurious condos situated in prime locations that cater to the needs of both locals and foreigners. These condos offer a perfect combination of opulence and convenience, making them highly desirable among potential tenants and buyers. With amenities like swimming pools, gyms, and security services, the quality of living in these condos is greatly enhanced. For investors, these features translate into attractive rental yields and the potential for increased property values over time.
Financing options should also be carefully evaluated, as Singapore has strict regulations and restrictions when it comes to foreign property ownership. It is essential to understand the financing options available and seek professional advice to make an informed decision.
Government regulations and market conditions can also impact the success of a condo investment in Singapore. It is crucial to stay updated on any changes in policies and the overall real estate market to make sound investment decisions.
In conclusion, investing in a condo in Singapore offers a compelling opportunity for investors seeking a stable and profitable investment. However, it is essential to conduct thorough research and seek professional advice to make informed decisions. By carefully considering factors such as location, financing, government regulations, and market conditions, investors can maximize their returns in Singapore’s dynamic real estate market. So whether you are a local investor looking to diversify your portfolio or a foreign buyer seeking a lucrative investment option, a condo in Singapore is definitely worth considering.