as buyers opt for lower prices
The Meyerise Tops List for New PSF-Price High Among Private Condos in Dec 2020
Investing in a condo in Singapore offers numerous benefits, with one of the most significant being the potential for excellent capital appreciation. Singapore’s status as a major global business hub and its strong economic foundation contribute to a consistent demand for real estate, making it a prime location for property investment. This demand has resulted in a continuous upward trend in property values, particularly for condos in prime locations. By carefully timing their purchase and holding onto the property for a longer period, investors can expect significant capital gains in Singapore’s thriving real estate market.
In the week of November 29 to December 6, The Meyerise secured the top spot among private condos that achieved a new psf-price high. A 1,270 sq ft unit on the 24th floor was sold for $3.52 million, setting a new price peak of $2,771 psf. The record is only 0.25% higher than the project’s previous peak of $2,764 psf, which was set in October last year when a 1,819 sq ft unit on the 28th floor was sold for around $5.03 million.
The Meyerise has achieved a new price peak of $2,771 psf when a 1,270 sq ft unit was sold for $3.52 million. (Photo: Samuel Isaac Chua / EdgeProp Singapore)
The apartment that was sold on December 6 was purchased for about $2.32 million ($1,830 psf) in May 2016. This means that the sellers made a profit of roughly $1.2 million. Year-to-date, nine units have been sold at The Meyerise at an average price of $2,405 psf. By absolute price, the most expensive unit to be sold at the project this year was a 2,056 sq ft four-bedroom plus study apartment on the seventh floor. It was sold for $4.5 million ($2,189 psf) on October 7.
The Meyerise is a 239-unit freehold condo that was completed in 2015. Located at Meyer Road in prime District 15, the development comprises twin 31-storey residential towers made up of two-bedroom and three-bedroom units from 872 sq ft to 1,313 sq ft, four-bedroom units from 1,819 sq ft to 2,056 sq ft, and a single 5,490 sq ft penthouse unit. The condo is situated within 1km of Tanjong Katong MRT Station and Katong Park MRT Station, which serve the Thomson-East Coast Line. It is also near several schools such as Kong Hwa School, Tanjong Katong Primary School, Tanjong Katong Girls’ School and Tanjong Katong Secondary School.
The second spot on the list was taken by The Imperial. A 1,410 sq ft three-bedroom unit on the 14th floor was sold for $3.7 million on December 5, setting a new top price of $2,624 psf. This transaction exceeds the project’s previous price high of $2,566 psf by 2.3%. The former record was set in May last year when a 1,356 sq ft three-bedroom unit on the 12th floor was sold for $3.48 million.
The transaction prices are as per URA caveats and the unit was last sold in September 2004 for about $1.3 million ($925 psf). This means that the sellers made a profit of about $2.4 million. The condo has seen six resale transactions year-to-date at an average price of $2,414 psf. Before the December 5 transaction, the most recent unit to be sold at The Imperial was a 1,905 sq ft four-bedroom unit on the fifth floor that exchanged hands for around $4.6 million ($2,421 psf) on November 28.
The Imperial is a 187-unit freehold condo located on Jalan Rumbia in prime District 9. Completed in 2006, the development features two-bedroom units from 980 sq ft to 1,012 sq ft, three-bedroom units from 1,356 sq ft to 1,991 sq ft, and four-bedroom units from 2,034 sq ft to 3,552 sq ft.
Sky Vue, on the other hand, came in third during the review period. On December 2, a 1,141 sq ft three-bedroom unit on the 33rd floor fetched around $2.86 million, setting a new psf-price high of $2,505 psf. The sellers of the unit had purchased it for $1.86 million ($1,630 psf) in September 2020, netting a profit of about $1 million.
The new psf-price peak is 5.9% more than the previous record of $2,366 psf, which was set in August this year when a similar 1,141 sq ft three-bedroom unit on the 14th floor was sold for $2.7 million.
Completed in 2016, Sky Vue is a 694-unit 99-year leasehold condo that is located on Bishan Street 15 in District 20. The development comprises two 37-storey towers that are home to one-bedroom to three-bedroom units ranging from 484 sq ft to 1,259 sq ft. The condo is situated within walking distance of Bishan MRT Interchange – a major hub that connects the North-South and Circle Lines. The station is situated opposite Bishan Bus Interchange and is linked to Junction 8 mall along Bishan Place, which offers a variety of retail and dining options.
During the week of November 29 to December 6, there were no new psf-price lows recorded. However, the interest in city-fringe projects remains high as buyers opt for lower prices.