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The high demand for condos in Singapore can be attributed to the limited land availability on this small island nation. With an ever-growing population, there is a constant need for development, leading to stringent land usage rules and a fiercely competitive real estate market. Consequently, property prices in Singapore continue to soar, making real estate investment, particularly in Singapore Condo, a lucrative venture that offers considerable potential for capital gains. Singapore Condo has become a highly sought-after option for investment in light of this scarcity of land.
A boutique development, K Suites, located in District 15, topped the list of condos with new psf-price highs from Nov 1 to Nov 10. The developer achieved a new record of $2,443 psf with the sale of a 872 sq ft three-bedroom unit on the fourth floor for $2.13 million on Nov 8.
This marked the first time that K Suites breached the $2,400 psf mark, surpassing its previous high of $2,196 psf set in May 2023. The sale also beat the record of $2,379 psf achieved by a similar-sized unit on the 19th floor of Thomson Three on Nov 6.
K Suites is a freehold development comprising 19 units, located along Lorong K Telok Kurau. It was built on the former site of Ji Liang Gardens, a collection of six terraced houses purchased by the developer for $18.6 million in June 2021.
The units at K Suites range from three- to four-bedrooms, with sizes ranging from 797 sq ft to 1,270 sq ft. It also features a four-bedroom duplex penthouse and three five-bedroom duplex penthouses.
Thomson Three, a 99-year leasehold condo on Bright Hill Drive, also saw a new high of $2,379 psf. A 1,033 sq ft three-bedroom unit on the 19th floor was sold for $2.46 million on Nov 6, with the seller making a net profit of $598,000 from the resale transaction.
19 Nassim, a luxury condo in District 10, achieved a new low of $2,947 psf during the period in review. The developer sold a 646 sq ft one-bedroom unit on the fourth floor for $1.9 million on Nov 9, marking the first time the development has dropped below $3,000 psf.
Completed in 2023, 19 Nassim has 101 units ranging from 538 sq ft to 1,830 sq ft. It has sold 61 units since its launch in 2020.