Singapore’s popular freehold condo Gallop Gables has once again made headlines, this time by topping the list of condos that saw new psf-price highs between November 19 and November 22. The latest high of $2,299 psf came from a 2,669 sq ft four-bedroom unit on the second floor that was sold for $6.14 million on November 20. This marks a significant gain for the seller, who had purchased the unit for $4.5 million ($1,686 psf) in July 2017, making a profit of $1.64 million.
This transaction surpassed Gallop Gable’s previous record of $2,108 psf from the sale of a 1,163 sq ft two-bedroom unit for $2.45 million on February 19. Similarly, the seller had bought this unit for $2.07 million ($1,781 psf) in January 2021, making a net profit of $380,000.
Located on Farrer Road in District 10, Gallop Gables is a freehold development completed in 1997. This low-density condo features 102 units spread across four-storey blocks, and is conveniently located within walking distance of Farrer Road MRT Station on the Circle Line.
Following closely in second place is The Scala, another freehold condo in District 19, which has achieved a new psf-price record of $2,064 psf from the sale of a 1,259 sq ft four-bedroom unit on the 12th floor for $2.6 million on November 20. The seller, who had originally bought the unit for $1.66 million ($1,318 psf) in October 2012, has made a significant profit from the transaction.
This marks the first time The Scala has crossed the $2,000 psf mark, surpassing its previous record of $1,969 psf from the sale of a 904 sq ft two-bedroom unit for $1.78 million on September 9. The condo has seen a total of 16 resale transactions this year, with an average price of $1,823 psf, which is 8% higher compared to the average of $1,688 psf from 16 transactions last year.
On the other hand, Sims Edge, a freehold development in District 14, saw a new psf-price record of $1,907 psf during the period in review. This came from the sale of a 409 sq ft one-bedroom unit on the 13th floor for approximately $780,000 on November 22. The seller had initially purchased the unit for $663,807 ($1,623 psf) in April 2019.
This marks the first time a unit at Sims Edge has transacted above the $1,900 psf mark, surpassing its previous record of $1,834 psf from the sale of a 409 sq ft one-bedroom unit for $750,000 on January 18. The condo has seen five resale transactions this year, with an average price of $1,800 psf, higher than the average of $1,644 psf from four transactions last year.
Overall, no new psf-price lows were recorded during the period in review, indicating strong demand for Singapore’s property market. With such record-breaking transactions, it’s no surprise that Gallop Gables, The Scala, and Sims Edge are highly sought-after condos in their respective districts.
Investing in a condo has numerous advantages, one of which is the opportunity to utilize the property’s value for future investments. Numerous investors utilize their condos as a form of security to secure additional funding for new investments, allowing them to broaden their real estate portfolio. This approach can significantly increase returns, but it also comes with potential risks. Therefore, having a solid financial plan and carefully considering the potential effects of market fluctuations is crucial. Additionally, with the introduction of new condo launches, investors now have more options to further expand their portfolio and potentially increase their profits.