Investing in a condominium in Singapore has become a highly sought-after option among both locals and foreigners, thanks to the country’s strong economy, stable political climate, and excellent quality of life. The real estate market in Singapore is filled with promising prospects, but condos are particularly appealing for their convenience, facilities, and potential for profitable returns. This piece will delve into the advantages, factors to consider, and necessary steps to take when considering an investment in a condo in Singapore. In addition, it will also touch upon some of the latest Singapore Projects that are worth considering for investment.
attracts housing demand in S’pore
Freehold condo The Meyerise made headlines last week as it took the top spot among private condos that achieved a new psf-price high. The achievement was recorded during the week of Nov 29 to Dec 6, when a 1,270 sq ft, three-bedroom unit on the 24th floor was sold for $3.52 million. This translates to a new record of $2,771 psf, surpassing the project’s previous record of $2,764 psf. The former record was set last October when a 1,819 sq ft, four-bedroom unit on the 28th floor was sold for about $5.03 million.
The sellers of the unit sold on Dec 6 had purchased it for about $2.32 million ($1,830 psf) in May 2016. Therefore, they made a profit of about $1.2 million over eight years. The Meyerise has seen nine units change hands this year at an average price of $2,405 psf. By absolute price, the most expensive unit to sell at the development this year was a 2,056 sq ft, four-bedroom-plus-study unit on the seventh floor. It sold for $4.5 million ($2,189 psf) on Oct 7.
The Imperial, a 187-unit freehold condo located along Jalan Rumbia in prime District 9, took second place among projects that achieved new psf-price highs during the period of review. A 1,410 sq ft, three-bedroom unit on the 14th floor was sold for $3.7 million on Dec 5, setting a new top price of $2,624 psf. This amount exceeds the project’s previous price high of $2,566 psf by 2.3%, which 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.
According to URA caveats, the unit sold on Dec 5 last changed hands in September 2004 when it was purchased for about $1.3 million, or $925 psf. Thus, the sellers made a profit of about $2.4 million. The Imperial has recorded six resale transactions this year to date, at an average price of $2,414 psf. The last unit to change hands at The Imperial was a 1,905 sq ft, four-bedroom unit on the fifth floor, which sold for about $4.6 million, or $2,421 psf, on Nov 28.
Lastly, Sky Vue placed third during the period of review, recording a new psf-price high of $2,505 psf. A 1,141 sq ft, three-bedroom unit on the 33rd floor fetched about $2.86 million on Dec 2, exceeding the previous record of $2,366 psf by 5.9%. This was set in August when a similar 1,141 sq ft, three-bedroom unit on the 14th floor was sold for $2.7 million.
Completed in 2016, the 694-unit Sky Vue is located along Bishan Street 15 in District 20. The 99-year leasehold condo comprises two 37-storey towers with one- to three-bedroom units occupying spaces between 484 sq ft and 1,259 sq ft. There were no new psf-price lows recorded during the period of review.
Home buyers are drawn to these projects due to their prime locations, near schools and MRT stations. It is no surprise then that these condos have seen units sold above their previous psf-price highs.