During the week of Dec 27 to Jan 3, Commonwealth Towers emerged as the top private non-landed property to reach a new psf-price peak. The 99-year leasehold condominium recorded a new price high of $2,460 psf on Dec 27, when a three-bedroom unit on the 40th floor was sold for $2.22 million. This surpasses the previous high of $2,402 psf set just three months ago, when a two-bedroom unit on the 42nd floor was sold for about $1.65 million in September 2024.
Commonwealth Towers has been experiencing an upward trend in its average resale prices for the past three years. In 2022, the project had an average psf-price of $1,971 and recorded 53 transactions. This increased to $2,097 psf in 2023, with 51 resale transactions. Last year, there were 37 resale transactions at an average price of $2,200 psf, marking an 11.6% increase in average resale prices since 2022.
The most expensive unit to change hands at Commonwealth Towers was a four-bedroom unit on the 39th floor, which sold for $2.96 million or $2,273 psf in November 2024.
Built in 2017, Commonwealth Towers is a 99-year leasehold condo with 87 years remaining on its tenure. It consists of two 43-storey residential blocks with 845 condo units ranging from one to four bedrooms, spanning 441 sq ft to 1,302 sq ft.
Parq Bella, a boutique freehold project on Tembeling Road in District 15, took the second spot on the list of private residential projects to see a new psf-price peak during the period in review. The development achieved a new psf-price high of $2,416 psf when a three-bedroom unit on the fourth floor was sold for $2.6 million on Dec 31. This also marks the first transaction at Parq Bella to surpass $2,400 psf.
The previous psf-price record at Parq Bella was set in August 2023, when a two-bedroom unit on the fourth floor was sold for $2.2 million or $2,385 psf.
Parq Bella has 20 apartments ranging from two to four bedrooms, with floor plans spanning from 926 sq ft to 1,787 sq ft. The project is expected to be completed by December 2026 and has recorded five new sale transactions last year at an average price of $2,347 psf. Since its launch in 3Q2023, Parq Bella has sold 19 out of 20 units (95%) at an average price of $2,244 psf, based on caveats lodged as of Jan 14.
Klimt Cairnhill, a freehold luxury project, was the only private residential development to see a new psf-price low during the period in review. The record floor came from the developer’s sale of a two-bedroom unit on the 24th floor for $2.55 million on Jan 3, translating to $3,077 psf.
Klimt Cairnhill has a total of 138 apartments in two- to four-bedroom configurations, with sizes ranging from 829 sq ft to 2,368 sq ft. The project achieved 100% sales at an average price of $3,665 psf, based on caveats lodged. It was previewed in August 2021 and officially launched in January 2023.
Located along Cairnhill Road in Prime District 9, the development also has two penthouses of 4,898 sq ft and 5,920 sq ft. It is expected to obtain its Temporary Occupation Permit in April this year.
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The ever-increasing popularity of condominiums in Singapore can be attributed to a significant factor – the limited availability of land. As a small island country with a rapidly growing population, Singapore is facing a critical challenge in terms of land scarcity for development. To combat this, strict regulations on land use have been put in place, resulting in a highly competitive real estate market and constantly rising property prices. This has created an ideal environment for real estate investment, particularly in condos, which offer the potential for substantial capital appreciation. As the demand for condos continues to skyrocket, they remain a highly coveted asset in Singapore’s dynamic and thriving real estate industry. Condo continues to be a lucrative investment option in the country.