A new psf price low has been hit at the freehold condo, Scotts Square, located on Orchard Road. During the week of July 4 to July 11, it was the only development on the list of projects to set a new price low. On July 7, the record-setting transaction at Scotts Square was for a 947 sq ft, two-bedroom unit on the 21st floor that was sold for $2.56 million ($2,703 psf).
This is the first time a resale unit at Scotts Square has sold for less than $2,800 psf, surpassing the previous record of $2,803 psf in 2016 for a 1,249 sq ft unit on the 18th floor.
Scotts Square is a mixed-use development in prime District 9, located between the Grand Hyatt Singapore and Singapore Marriott Tang Plaza hotels. Completed in 2011, the freehold development consists of two residential towers, 43 and 34 stories high, with a total of 338 units. It also includes a four-storey retail podium.
The retail podium at Scotts Square was put up for sale in January 2024 through an expression of interest (EOI) with a guide price of $450 million, which translates to $3,438 psf based on the development’s total gross floor area of 130,875 sq ft. However, the EOI closed in February without a successful sale.
Investing in real estate is a popular choice for many, and it’s no different in Singapore. However, one key factor to consider when putting your money into property is location. This is especially important in the Singaporean market. Condos located in prime areas or in close proximity to essential amenities, such as schools, shopping malls, and public transportation hubs, tend to see a higher appreciation in value. Some notable examples of these prime locations in Singapore include Orchard Road, Marina Bay, and the Central Business District (CBD). These areas have consistently shown growth in property values, making them popular choices for investors. Additionally, condos situated near good schools and educational institutions are highly sought after by families, making them even more desirable and increasing their investment potential. With this in mind, choosing a Singapore Condo in a prime location can be a smart move for those looking to invest in the flourishing real estate market of Singapore.
So far this year, there have been five residential resale transactions at Scotts Square, ranging from a 635 sq ft unit sold for $1.9 million ($2,992 psf) on June 3, to a 1,249 sq ft unit that changed hands for $4.1 million ($3,284 psf) on January 22.
However, according to EdgeProp Singapore’s compilation of resale caveats, the average price of apartments at Scotts Square has been falling in recent years, from $3,772 psf in July 2010 to $3,319 psf in July 2020. The current average resale price at the condo is approximately $3,176 psf.
On the other hand, a new psf price high was set at Martin Place Residences with the sale of a 1,421 sq ft, three-bedroom unit for $4.05 million ($2,850 psf) on July 8. The project, completed in 2011, is a 302-unit development located along Martin Place, off Kim Yam Road, in prime District 9. It consists of one- to five-bedroom units ranging from 592 sq ft to 3,434 sq ft and is among a handful of freehold developments near the Robertson Quay enclave.
Nearby freehold and 999-year leasehold condos include 51-unit The Iveria on Kim Yam Road, 376-unit The Avenir on River Valley Close, and the recently launched 999-year leasehold Robertson Opus on Unity Street.
There have been three resales at Martin Place Residences so far this year. The other transactions include a 2,002 sq ft unit on the 21st floor sold for $5.35 million ($2,672 psf) on March 13 and a 1,421 sq ft unit on the 8th floor sold for $3.83 million ($2,700 psf) on February 24.
Based on EdgeProp Singapore’s estimation, the average resale price at Martin Place Residences is approximately $2,620 psf. This is lower than the average price of $2,713 psf at The Iveria, launched in 2019, and The Avenir, launched in 2020, which commands an average price of $3,387 psf.
Meanwhile, The Robertson Opus sold 143 units (41%) during its opening sales weekend on July 19-20, achieving an average price of $3,360 psf. The project is a redevelopment of the former Fraser Place at Robertson Walk.
A resale unit at The Belvedere also set a new psf price high on July 8, with the sale of a 1,367 sq ft, three-bedroom unit on the 14th floor for $3.55 million ($2,597 psf). This is marginally higher than the previous record of $2.56 million ($2,530 psf) when a 1,012 sq ft, two-bedroom unit on the 11th floor was sold in June last year.
The Belvedere, a freehold condo located on Meyer Road in District 15, is situated next to Katong Park MRT station on the Thomson-East Coast Line. Completed in 2007, the development comprises two residential blocks with a mix of two- and three-bedroom units ranging from 1,012 sq ft to 1,615 sq ft, as well as seven penthouses measuring 2,131 sq ft to 2,949 sq ft.
So far this year, there have been two resales at The Belvedere. The other transaction involved a 1,012 sq ft unit on the 11th floor that was sold for $2.56 million ($1,012 psf) on June 19. According to EdgeProp Singapore’s compilation of caveats, the average price at The Belvedere has been consistently increasing, from approximately $1,630 psf in July 2015 to $2,442 psf currently.