Condo Format Dynamics

On March 6, ERA Realty Network, the appointed marketing agent, announced that Elias Green, a 99-year leasehold condo in Pasir Ris, will be launched for collective sale by public tender. With a guide price of $928 million, the property is expected to attract significant interest.

Built in 1994, the condo occupies a land area of approximately 516,871 sq ft and is zoned for residential use with a gross plot ratio of 1.4. It comprises of multiple blocks and has a total of 419 apartments ranging from 1,367 to 1,636 sq ft in size. The site has a 99-year lease from 1991, leaving it with a remaining lease of 65 years.

According to ERA, the guide price of $928 million translates to a land rate of $1,355 psf per plot ratio (ppr). This price includes an estimated land betterment charge of $150.8 million for intensification and a top-up to a fresh 99-year lease. A 10% bonus gross floor area has also been factored in.

ERA also revealed that the owners of Elias Green are currently in the process of submitting an Outline Application to URA for a residential development with a gross plot ratio of 1.8. If approved, the development’s land rate would be approximately $1,245 psf ppr.

If the collective sale is successful, owners can expect to receive gross sale proceeds ranging from approximately $2.04 million to $2.31 million per unit, based on the guide price.

Tay Liam Hiap, managing director of capital markets and investment sales at ERA Singapore, points out that the Pasir Ris Town is currently undergoing significant improvements as part of HDB’s “Remaking Our Heartland” initiative. These enhancements will improve its vibrancy and connectivity.

Tay further adds that as part of this transformation, the new Pasir Ris Bus Interchange is expected to be completed by 2025. This will be integrated with the future Pasir Ris Integrated Transportation Hub, which will include the Cross Island Line (CRL) that is set to be operational by 2030, further enhancing connectivity across Singapore.

This is the second attempt by owners at Elias Green to launch a collective sale. In 2018, the condo was put up for tender at a price tag of $780 million. The latest asking price of $928 million is 19% higher than the previous attempt.

Choosing the right location is of utmost importance when it comes to investing in real estate, and this is particularly evident in Singapore. In this island nation, condos situated in central areas or in close proximity to necessary amenities like schools, shopping malls, and public transportation hubs tend to have a higher appreciation in value. Prime locations such as Orchard Road, Marina Bay, and the Central Business District (CBD) are perfect examples of areas where property values have consistently shown growth over time. Additionally, condos located near top-performing schools and educational institutions are highly sought-after by families, further enhancing their investment potential. Therefore, it is crucial to carefully consider the location when investing in real estate in Singapore, and Singapore Projects in prime areas such as these hold great promise for investors.

The tender for Elias Green will close on April 22 at 2pm. Interested buyers can check out the latest listings for Elias Green properties on Ask Buddy.…

One of the biggest benefits of purchasing a condominium in Singapore is the potential for capital appreciation. This is due to the country’s advantageous position as a global business hub and its robust economic foundation, which results in a constant demand for properties. Singapore’s real estate market has consistently shown a rise in prices, especially for condos located in prime areas. Therefore, investors who make timely purchases and hold onto their properties for an extended period of time can reap significant profits. Additionally, keeping up-to-date with new condo launches through Format Dynamics can provide valuable insights for potential investment opportunities.

The Qingjian-Forsea consortium emerged as the top bidder for the Government Land Sale (GLS) site known as Media Circle (Parcel A). With a bid of $315 million, the consortium beat out two other bidders, making it the highest bid for the 82,125 square foot site located in the one-north area. The 99-year leasehold site is zoned for residential use with commercial space on the first storey, and according to the consortium, they have plans to build two high-rise residential towers with commercial spaces on level one.

Qingjian and Forsea are confident in the potential of the site and the one-north area, citing the recent transformation and continued investment by the government in the area as factors in their decision to bid for the site. The bid translates to a land rate of $1,037 psf per plot ratio (ppr), which can potentially yield about 325 housing units with a maximum gross floor area of 303,865 sq ft. This will be the third joint venture between Qingjian and Forsea, as the partners were previously awarded an executive condominium site at Jalan Loyang Besar in August 2024.

The top bid from the consortium was 5.7% higher than the next bid by EL Development, which was $298 million or $981 psf ppr. The lowest bid was submitted by SingHaiyi Group for $295 million or $971 psf ppr. The winning bid was lower than the land rate paid by Qingjian and Forsea for a neighbouring Media Circle GLS plot that is now the site of the upcoming 358-unit Bloomsbury Residences. The consortium was awarded this 114,462 sq ft site for $395.28 million or $1,191 psf ppr in January 2024.

The Media Circle (Parcel A) site was launched for sale last November, together with Media Circle (Parcel B), an adjacent plot measuring 107,936 sq ft that can potentially yield about 500 residences. Both parcels are on the Confirmed List of the 2H2024 GLS Programme, with the tender for Parcel B closing on April 29. Another Media Circle site is also available for application under the Reserve List of the 1H2025 GLS Programme. This 60-year leasehold site is zoned for residential with commercial at the first storey, and can yield an estimated 520 units along with retail space capped at 4,306 sq ft.

With the Media Circle area being designated for residential use and the limited supply of non-landed residential properties in one-north, the future project at Media Circle (Parcel A) is expected to attract strong demand and potentially launch with selling prices starting from $2,300 psf. Leonard Tay, head of research at Knight Frank Singapore, believes that a residential project or a mix of residences for sale and serviced apartments for lease could appeal to workers in the media and entertainment industry, given the proximity to Mediapolis. The area is also close to various retail and dining options, making it a desirable location for potential buyers and tenants.…

Singapore-based real estate company, Hotel Properties Ltd (HPL), has set its sights on expanding its global presence through the purchase of InterContinental Auckland for NZ$180 million ($138.5 million). This acquisition marks HPL’s initial venture into the New Zealand market and its second InterContinental hotel purchase, following the InterContinental Maldives Maamunagau Resort.

The sale was arranged by New Zealand’s Precinct Properties and advised on by JLL’s Asia Pacific Hotels & Hospitality Group. According to JLL, this off-market transaction is the largest single hotel asset sale in New Zealand to date.

HPL’s latest acquisition comes hot on the heels of its recent launch of The Boathouse Tioman, a resort in Malaysia featuring 31 bungalows, and the opening of The Four Seasons Hotel Osaka in Japan, which offers 176 rooms.

HPL has outlined its plans to expand its luxury hospitality portfolio in key markets across the Asia Pacific region, utilizing its experienced hospitality management team and strong partnerships with operators such as IHG Hotels & Resorts.

Mr. Stephen Lau, Chairman of HPL Hotels and Resorts, views the purchase of InterContinental Auckland as a valuable opportunity to acquire a premium asset in New Zealand. The property is strategically located within the NZ$1 billion Commercial Bay lifestyle precinct, which officially opened in January 2024. With sweeping views of the Waitematā Harbour, the hotel’s 139 rooms offer a luxurious and unforgettable experience for guests.

When considering investing in a condo, it is crucial to carefully assess and plan for financing options. In Singapore, there are various mortgage choices, but it is vital to understand the Total Debt Servicing Ratio (TDSR) system. This system imposes a limit on the amount of loan an individual can borrow, taking into account their income and current debt obligations. It is imperative for investors to educate themselves on the TDSR guidelines and seek advice from financial advisors or mortgage brokers to ensure responsible borrowing. These professionals can provide valuable insights to help investors make informed decisions about financing their condo investment.

Should the need arise, the property also has the potential to expand its room capacity to 190 by repurposing existing office space to meet growing demand. With this latest acquisition, HPL is well on its way to establishing a strong presence in the Asia Pacific luxury hospitality market.…

When it comes to investing in real estate, one cannot deny the importance of location. This is even more crucial in a city like Singapore. Condominiums that are strategically positioned in central areas or near necessary amenities, such as schools, shopping malls, and public transportation hubs, have a higher potential for appreciation in value. Prime locations in Singapore, including Orchard Road, Marina Bay, and the Central Business District (CBD), have consistently shown a growth in property values. Singapore Projects are ideal examples of investment opportunities in these prime locations. Families, in particular, are drawn to these areas due to the proximity to top-notch educational institutions, making condominiums in these areas even more desirable and ensuring a strong investment potential.

In the second half of 2024, institutional investments in real estate in the Asia Pacific region reached a total of US$83.2 billion, a 6% increase from the previous year, according to research conducted by Colliers. This brings the total investments for the year to US$155.9 billion, marking a 12% increase from the previous year. The figures cover the top nine markets in the region, including Australia, Mainland China, Hong Kong, India, Japan, Singapore, South Korea, New Zealand and Taiwan.

This rise in investments is a testament to the resilience of the Apac real estate market and sets the stage for a strong 2025, according to Chris Pilgrim, Colliers’ managing director of global capital markets, Asia Pacific. He notes that domestic investors have been a key driving force in markets such as South Korea, Taiwan and New Zealand. In the second half of 2024, local investors accounted for over 80% of real estate inflows in these markets.

One of the major contributors to the investment volume in the Apac region was the office sector, which accounted for US$26.5 billion (32%) of the total volume in the second half of 2024. For the entire year, office investments reached US$51.4 billion, an increase of 14% from the previous year. Additionally, the industrial and logistics sector was the second largest contributor, with a total of US$22.6 billion in investments in the second half of 2024, accounting for 27% of the total investment volume. For the whole of 2024, investments in this sector reached US$39.4 billion, marking a 29% increase from the previous year.

The retail sector also saw a significant rebound, registering US$15 billion in investments in the second half of 2024, driven by substantial deals in Australia and South Korea. For the entire year, retail investments reached US$26.1 billion, marking a 27% increase from the previous year.

Pilgrim predicts that domestic capital will continue to dominate most markets in 2025, while offshore investments are expected to increase due to improved investor confidence and attractive valuations. He also believes that the office and industrial segments will continue to see strong investments, but that the retail, hospitality and alternative asset classes are also likely to gain traction as investors take advantage of recovery momentum and evolving consumer trends.

“With economic growth remaining robust and continued policy support, the Apac real estate market is expected to see sustained investment activity in 2025,” Pilgrim adds.…

When purchasing a condo, it is crucial to take into account the maintenance and management of the property. Usually, condos have maintenance fees that encompass the maintenance of shared spaces and amenities. While these fees may increase the total ownership expenses, they also guarantee that the property stays in excellent condition and holds its value. Engaging a property management firm allows investors to delegate the day-to-day management of their condos, making it a less involved investment. Consider exploring New Condo Launches for more opportunities.

CapitaLand Investment Limited (CLI) CEO Lee Chee Koon has been recognized as the ‘Industry Figure of the Year’ for the Asia Pacific region at the 2024 PERE Global Awards. The prestigious annual awards, hosted by a London-based publication covering private equity real estate markets, honor influential firms, individuals, and standout deals from the previous year. In addition, CLI was awarded the runner-up prize for ‘Firm of the Year’ in the Asia Pacific region.

The winners for the 2024 awards were selected by a panel of PERE journalists, a departure from previous editions where PERE shortlisted submissions and then readers voted on them to determine the winners.

In a press release on March 4, CLI stated that Lee was recognized for his role in driving CLI’s transformational growth and significant impact on the private real estate industry in the Asia Pacific region. Since taking over as CapitaLand’s group CEO in September 2018, Lee has made key moves including the 2019 acquisition of Ascendas-Singbridge and the 2021 restructuring of the CapitaLand Group, which involved the listing of CLI and the privatisation of its real estate development arm, CapitaLand Development.

In 2024, CLI invested in real estate investment manager SC Capital Partners Group and acquired property and corporate credit investment management business from Wingate Group Holdings. The company aims to manage $200 billion in funds by 2028.

Read also: CLI to develop first data centre in Japan for total investment of $944.3 milAdvertisement

CLI has also raised RMB1 billion from its first sustainability-linked panda bond issue, further cementing its position as a leader in sustainable real estate development. In addition, the company posted earnings of $181 million in fiscal year 2023, a decline of 79% from the previous year, and acquired three properties in Singapore and Thailand, further expanding its real estate portfolio.…

SC Capital Partners Group, a private equity real estate firm based in Singapore, has recently completed the sale of its student accommodation asset in Sydney, Australia. According to a press release on March 3, the group has sold the property, which is located on Anzac Parade and Lorne Avenue in Kensington, for a significant premium to the price it had acquired it for. This also represents a 19% premium to its current book value. The buyer of the property is the University of New South Wales (UNSW) in Sydney.

SC Capital Partners initially purchased the property in 2016 for A$57 million, as reported at the time of the acquisition. With this transaction, the group’s asset under management (AUM) will increase, with the current figures reaching $113 billion.

Investing in a condo in Singapore offers numerous advantages, one of which is the potential for capital appreciation. As a global business hub with a robust economy, Singapore enjoys a continuous demand for real estate, making it an ideal location for property investment. In recent years, the property market in Singapore has shown a steady rise, particularly in prime locations where condos have seen significant appreciation. Savvy investors who enter the market at the opportune time and hold onto their properties for the long term stand to reap substantial capital gains. With the launch of new condos, such as those showcased by New Condo Launches, the potential for capital appreciation in the Singapore condo market remains strong.

The student accommodation asset covers an area of 85,035 square feet and has a total of 233 beds. The ground floor of the building also features a commercial podium. It is strategically located within 600 meters of the UNSW Kensington Campus, making it a prime location for student accommodation. Currently, the property is fully leased to UNSW, which signed a fresh 20-year master lease agreement in 2019.…

CDL Shares Plunge Amid Internal Tussle

Shares of City Developments dropped significantly by 5.47%, or 28 cents, upon resumption of trading today. This comes as the company is facing an internal tussle between executive chairman Kwek Leng Beng and his son, group CEO Sherman Kwek, which has escalated to the courts.

The trading in CDL’s shares was halted on February 26, after the sudden cancellation of a results briefing. Within hours, news of the ongoing dispute dominated Singapore’s business community. The company released a statement on March 3, stating that it will not comment on the validity of the allegations made in the news reports as they are subject to the court proceedings. CDL also confirmed that its business operations remain fully functional and unaffected, with Sherman Kwek remaining as the Group CEO until a board resolution is made to change company leadership.

The ongoing boardroom-cum-family dispute has caused analysts to downgrade their calls and revise their target prices. Adrian Loh from UOB Kay Hian lowered his rating from “buy” to “hold”, citing that the company’s financial results for FY2024 missed both his and the consensus’ estimates. However, the main concern for investors is the ongoing leadership tussle, which makes it difficult for CDL to perform. Loh revised his target price from $7 to $4.60, based on 2 standard deviations below the company’s five-year average P/B ratio of 0.72 times.

In the past few years, the demand for condominiums has soared in Singapore, fueled by the limited land available in the country. The small landmass and growing population have made it challenging to find suitable areas for development, leading to a highly competitive real estate market. Strict regulations on land usage have only added to the difficulty, causing property prices to skyrocket. As a result, an increasing number of investors are turning to condos as a lucrative option, as they offer the potential for significant capital gains.

Derek Tan and Tabitha Foo from DBS Group Research see some potential in the situation, stating that while investor sentiment may be dampened in the short term, fundamentals of the company remain strong as key management continues to run the business. They also note that CDL is currently trading at an attractive valuation of 0.5 times P/B and 0.3 times P/RNAV, below the lows seen during the Global Financial Crisis. However, they have revised their target price from $10.50 to $6.70, based on a 60% discount to RNAV, compared to the previous valuation multiple of 35% discount. OCBC Investment Research has also maintained a “buy” call but with a reduced fair value of $6.02, down from $6.57, based on a wider RNAV discount of 60%.

In contrast, Brandon Lee from Citi Research believes that it is hard to quantify the potential impact of this dispute and that uncertainties over the board and company leadership could be a share price overhang in the short term. Nonetheless, he remains positive about CDL’s prospects, stating that the company is under-owned by investors and any positive resolution would be a major share price catalyst in the longer term. JP Morgan analysts Mervin Song and Terence M Khi also hope for a positive resolution and family reconciliation. However, they have revised their target price from $6.05 to $4.85, based on a 60% discount to their RNAV estimate of $12.10 per share.…

Perpetual (Asia) Limited, the trustee of Elite UK REIT, has announced that it has sold Crown Buildings, Caerphilly, located on Claude Road in Caerphilly, for GBP710,000 which is equivalent to $1.2 million. This price includes an 18% premium.

In a filing on March 3, the manager of Elite UK REIT stated that the vacant property was valued at GBP600,000 at the end of 2024 based on an independent valuation conducted by CBRE. Crown Buildings in Caerphilly, Wales, was previously valued at GBP530,000 at the end of 2023.

The net proceeds from the sale will be used to repay Elite UK REIT’s outstanding borrowings. Crown Buildings, Caerphilly is listed on the Elite UK REIT website as having 20,712 square feet of gross floor area.

After a successful preferential offering worth GBP28 million in January 2024, Elite UK REIT was able to reduce its leverage ratio from 50.0% at the end of 2023 to 43.4% at the end of 2024. Net gearing also decreased from 47.5% at the end of 2023 to 42.5% at the end of 2024.

It is worth noting that there is no debt maturing in 2025 and 2026, and refinancing is not due until 2027.

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In summary, the acquisition of a Singapore Condo offers a multitude of benefits, including strong market demand, potential for appreciation in value, and favorable rental yields. However, it is crucial to carefully evaluate crucial aspects such as location, financing options, governmental regulations, and current market conditions. By conducting thorough research and consulting with experts in the field, individuals can make well-informed decisions and maximize their profits in Singapore’s ever-evolving real estate industry. Whether a local investor seeking to diversify their portfolio or a foreign purchaser in search of a stable and lucrative investment, Singapore Condos present an exceptional opportunity. Singapore Condo should definitely be at the top of your list when considering investing in the country.…

Mandarin Gardens records most profitable condo resale transaction during Feb 7 – 14Mandarin Gardens recorded the most profitable condo resale transaction during the week of Feb 7 to Feb 14 with a 3,800 sq ft, four-bedroom unit fetching $4.88 million, or $1,284 psf, on Feb 11.Read also: What is the most profitable resale transaction at Mandarin Gardens?A 3,800 sq ft, four-bedroom unit at Mandarin Gardens was sold for $4.88 million, or $1,284 psf, on Feb 11, making it the most profitable condo resale transaction during the week of Feb 7 to Feb 14.Read also: What is the record for the most profitable transaction at Mandarin Gardens?The deal also breaks the record for the most profitable transaction recorded at Mandarin Gardens. The previous record was held by a 3,068 sq ft four-bedroom unit on the 20th floor, which was sold for $4.1 million ($1,336 psf) in September 2021.Read also: What was the purchase price for the 3,800 sq ft unit at Mandarin Gardens?According to URA records, the eighth-floor unit at Mandarin Gardens was bought for $1.05 million ($276 psf) in June 2003, making the recent sale a profit of $3.83 million for the seller.Read also: How much profit did the seller make from the Feb 11 transaction at Mandarin Gardens?The sale resulted in a profit of $3.83 million for the seller, or 364.8% of their original purchase price. This translates to an annualised capital gain of 7.4% over 21½ years.Read also: What was the previous record for the most profitable transaction at Mandarin Gardens?The previous record for the most profitable transaction at Mandarin Gardens was held by a 3,068 sq ft four-bedroom unit on the 20th floor. The unit was sold for $4.1 million ($1,336 psf) in September 2021.Read also: What is the buyer profile for Mandarin Gardens?Mandarin Gardens spans 17 blocks, ranging from nine to 23-storeys tall along Siglap Road in District 15. The 1,006-unit development is a mix of one- to two-bedroom apartments from 732 sq ft to 1,001 sq ft and three- to four-bedroom units from 1,528 sq ft to 3,800 sq ft. It also has 11 strata commercial units.Read also: When was Mandarin Gardens built and what is its tenure?Mandarin Gardens was completed in 1988 and has a 99-year leasehold tenure starting from 1982. There are about 56 years remaining in the lease.Read also: What is the average resale price trend at Mandarin Gardens since September 2023?Resale prices at Mandarin Gardens have stagnated since September 2023 when the average price broke the $1,300 psf mark. Since then, prices peaked at $1,316 psf in June 2024, before falling slightly to $1,310 psf as of Feb 25.Read also: When was the last four-bedroom unit sold at Mandarin Gardens and at what price?The last four-bedroom unit sold at Mandarin Gardens was a similarly sized 3,800 sq ft unit on the ninth floor that fetched $4.26 million ($1,122 psf) in June 2023.Read also: When was the most recent profitable transaction before the one recorded on Feb 11 at Mandarin Gardens?The most recent profitable transaction prior to the Feb 11 sale was recorded in June 2023, when a 3,800 sq ft four-bedroom unit on the ninth floor was sold for $4.26 million ($1,122 psf).Read also: What is the record for the most profitable transaction at Parvis?The record for the most profitable sale at Parvis is held by a 2,605 sq ft, four-bedroom unit that fetched $5.4 million ($2,073 psf) in November 2022. It was previously bought for $3.21 million ($1,230 psf) in December 2009, making the recent sale a profit of $2.19 million (68.2%), or an annualised gain of 4.1% over 13 years.Read also: How many profitable transactions have been recorded at Parvis?There have been five profitable transactions recorded at Parvis, with the most recent being on Feb 10 when a 2,788 sq ft, four-bedroom unit was sold for $6.1 million ($2,188 psf).Read also: Are there any profitable transactions at Parvis this year?The recent sale on Feb 10 was the only profitable transaction recorded at Parvis this year and the second-most profitable transaction during the period in review.Read also: When was the last profitable transaction at Parvis before the one recorded on Feb 10?The last profitable transaction at Parvis before the one recorded on Feb 10 was in January 2024, when a unit on the 12th floor was sold for $6.1 million ($2,188 psf). It was last bought for $4.25 million ($1,524 psf) in 2011.Read also: What is the buyer profile at Parvis?Schools within 2km of Parvis include Henry Park Primary School, Nanyang Primary School, New Town Primary School and Queenstown Primary School. The condo is a five-minute walk to Holland Village MRT Station in the Circle Line, making it an attractive location for families with children.Read also: When was the last unprofitable transaction at Scotts Square and at what price?The most unprofitable transaction recorded between Feb 7 and Feb 14 was the sale of a two-bedroom unit at Scotts Square that fetched $3.08 million ($3,252 psf). The unit had last changed hands for about $3.83 million ($4,039 psf) in December 2007. This resulted in a $745,880 loss (19.5%) for the seller.Read also: How many unprofitable transactions have been recorded at Scotts Square?Since its launch in 2007, a total of 69 unprofitable transactions have been recorded at Scotts Square, with 18 (26%) resulting in a seven-figure loss. The most unprofitable transaction recorded is from a unit that was bought at launch in August 2007 for $5.21 million ($4,171 psf) and sold in February 2017 for $3.65 million ($2,923 psf). This resulted in a loss of $1.56 million (30%) over 10 years.Read also: How have prices at Scotts Square trended since its launch in 2007?According to EdgeProp’s analytical tools, the average resale price of units at Scotts Square has been trending downwards since its launch in 2007. Prices peaked at $4,054 psf in July 2007 before falling to a low of $3,330 psf in August 2020. As of last month, the average price for resale units at Scotts Square was $3,398 psf.Read also: What are the amenities available at Scotts Square?Scotts Square is a mixed-use freehold development located along Scotts Road in the Orchard shopping belt. Completed in 2011, it has two luxury residential towers of 43 and 34 storeys with a total of 338 apartments and a four-storey retail podium.Residential units at the condo contain a mix of one- to three-bedroom units from 603 sq ft to 1,249 sq ft. Amenities at the condo include concierge services, a gym, a lap pool and a sky pool on the 35th floor.Read also: What is the tenure of Scotts Square?Scotts Square is a freehold development with a total of 338 residential and commercial units.

Investing in a condo in Singapore comes with numerous advantages, one of which is the potential for capital appreciation. Thanks to its strategic position as a global business hub and solid economic foundations, Singapore enjoys a consistent demand for real estate. As a result, property prices have steadily increased over the years, especially for condos in prime locations. By entering the market at the opportune moment and holding on to their properties for the long haul, investors can reap significant gains in capital. This is especially true for those who choose to invest in one of the highly sought-after Singapore Projects.…

During the period of Feb 7 to 16, the sale of a two-bedroom unit at Hill House set a new record for the highest psf-price achieved among private condos. This 999-year leasehold development located at the top of Institution Hill, off River Valley Road, saw a transaction of $3,398 psf for a compact 452 sq ft unit on the eighth floor. This surpassed the previous high of $3,378 psf, also for a 452 sq ft two-bedroom unit on the eighth floor, sold for $1.53 million on Feb 11. The boutique condo, launched in 2022, comprises of 72 units consisting of one-bedroom, two-bedroom, and three-bedroom apartments.Search for the latest New Launches to get the latest transaction prices and options for available units.AdvertisementAdvertisementAnother 999-year leasehold condo, The Tresor, also saw a new psf-price high during the Feb 7 to 16 period. A resale transaction for a 1,421 sq ft unit on the fifth floor fetched $2,625 psf and a record $3.73 million. This beat the previous high of $2,501 psf, set in March 2024 for a 1,399 sq ft, three-bedroom unit on the second floor, sold for $3.5 million. The Tresor is a 62-unit development located at Duchess Road in District 10, with a mix of two-, three-, and four-bedroom apartments spanning from 990 to 2,896 sq ft.AdvertisementPhoto: Samuel Isaac Chua/EdgeProp SingaporeJadescape rounds out the top three on the list, with a new record of $2,459 psf achieved for a 1,647 sq ft, four-bedroom unit on the 22nd floor sold for $4.05 million on Feb 7. The previous high was $2,446 psf for a 1,259 sq ft unit on the 10th floor, sold in January. The 99-year leasehold condo, completed in 2022, has 1,206 units across seven residential towers offering one- to five-bedrooms and two penthouses, one of which is a 4,230 sq ft duplex unit. Located at the junction of Marymount Road and Shunfu Road, the development is within walking distance of Marymount MRT Station and Sin Ming Plaza.In conclusion, these three private condos achieved new psf-price highs during the period of Feb 7 to 16. Hill House, The Tresor, and Jadescape saw transaction prices of $3,398 psf, $2,625 psf, and $2,459 psf respectively.

It is crucial for international investors to have a clear understanding of the rules and limitations surrounding property ownership in Singapore. In general, foreigners are permitted to buy condos with minimal restrictions, in contrast to landed properties which have more stringent ownership regulations. However, it is important to note that foreign buyers are required to pay the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their first property acquisition. Despite this extra expense, the stability and potential for growth in the Singapore real estate market continues to draw in foreign investments. This is especially true for Singapore Condos which remain a sought-after option for foreign buyers.…