In the recent week of Nov 19 to Nov 22, the freehold condo Gallop Gables emerged as the top-performing development in terms of new psf-price highs. The latest transaction on Nov 20 saw a four-bedroom unit on the second floor sold for $6.14 million, at a new record of $2,299 psf. This means the seller, who had bought the unit in July 2017 for $4.5 million at a psf price of $1,686, gained a profit of $1.64 million.
The previous record for Gallop Gables was set on Feb 19, with a two-bedroom unit on the third floor selling for $2.45 million at $2,108 psf. This marks a significant jump from the previous high of $1,163 sq ft, set on Feb 19. In this case, the seller bought the unit in January 2021 for $2.07 million, making a net profit of $380,000.
Located in District 10 on Farrer Road, the completed development of Gallop Gables comprises 102 units across four storeys, offering low-density living. Its proximity to Farrer Road MRT on the Circle Line adds to its allure.
The second development to have seen new psf-price highs during the review period is The Scala, with the sale of a four-bedroom unit on the 12th floor on Nov 20 for $2.6 million at a psf-price of $2,064. This marks the first time The Scala has surpassed the $2,000 psf mark. The previous record was set on Sept 9, with a two-bedroom unit on the 11th floor selling for $1.78 million at $1,969 psf. The seller had bought the unit in October 2012 for $1.66 million, making a profit of $940,000.
The Scala is a 99-year leasehold condo on Serangoon Avenue 3 in District 19 that was completed in 2013. It boasts 468 units across 17 storeys, with a mix of one- to four-bedroom units measuring between 474 sq ft to 2,142 sq ft. Its close proximity to Lorong Chuan MRT and various educational institutions adds to its appeal.
Over at Sims Edge, a freehold condo, a unit on the 13th floor was sold on Nov 22 for $780,000 at a new record of $1,907 psf. The previous record was set on Jan 18 with a one-bedroom unit on the fifth floor sold for $750,000 at $1,834 psf. The owner had bought the unit from the developer in July 2011, making a profit of $223,000.
Sims Edge, located on Geylang East Avenue 2 in District 14, Geylang, is completed in 2014. It offers a total of 78 one- to two-bedroom units with sizes ranging between 409 sq ft to 1,195 sq ft. Its close proximity to Paya Lebar MRT interchange adds to its appeal.
During the review period, there were no new psf-price lows recorded.
One of the most valuable benefits of purchasing a condominium in Singapore is the potential for increased value over time. The country’s advantageous position as a prominent center for global business, paired with its robust economic foundations, maintains a constant demand for real estate. In recent years, the property prices in Singapore have consistently risen, particularly for condos located in prime areas. By investing in the market at the opportune moment and holding onto their properties for a considerable period, investors can reap significant financial gains. If you’re interested in investing in Singapore, be sure to check out Singapore Projects for some great opportunities.