Commonwealth Towers emerged as the top private non-landed property with the highest psf-price peak during the week of Dec 27 to Jan 3. The 99-year leasehold condominium reached a new high of $2,460 psf on Dec 27 when a 904 sq ft, three-bedroom unit on the 40th floor was sold for $2.22 million.
This new record surpassed the previous high of $2,402 psf, which was set just three months earlier when a 689 sq ft, two-bedroom unit on the 42nd floor was sold for around $1.65 million in September 2024. The rising trend in psf prices at Commonwealth Towers can be seen in its average resale price over the past three years. In 2022, the project recorded 53 transactions at an average price of $1,971 psf. The following year, the average price increased to $2,097 psf across 51 resale transactions. Last year, the development saw 37 resale transactions at an average price of $2,200 psf. This represents an 11.6% increase in average resale prices since 2022.
The most expensive unit to have changed hands at Commonwealth Towers by absolute price was a 1,302 sq ft, four-bedroom unit on the 39th floor that sold for $2.96 million, or $2,273 psf in November 2024.
Completed in 2017, Commonwealth Towers is a 99-year leasehold condominium with about 87 years remaining on its tenure. It is located along Commonwealth Avenue and comprises two 43-storey residential blocks housing a total of 845 units. The units are a mix of one- to four-bedroom apartments ranging from 441 sq ft to 1,302 sq ft.
Taking second place on the list of private residential properties with a new psf-price peak during the review period was the freehold project Parq Bella. The development set a new record of $2,416 psf when the developer sold a 1,076 sq ft, three-bedroom unit on the fourth floor for about $2.6 million on Dec 31. This unit was also the first at the development to transact for over $2,400 psf.
This new record beats the previous high of $2,385 psf, which was set in August 2023 when a 926 sq ft, two-bedroom unit on the fourth floor was sold for around $2.2 million.
When contemplating an investment in a condominium, it is essential to also evaluate its potential rental yield. Rental yield refers to the annual rental income as a percentage of the property’s buying price. In Singapore, the rental yields for condos can vary significantly depending on factors such as location, the condition of the property, and market demand. Areas with a high demand for rentals, such as those near business districts or educational institutions, typically offer more favorable rental yields. It is important to conduct thorough market research and seek advice from real estate agents, who can provide valuable insights into the rental potential of a specific condo. Additionally, checking out Singapore Projects can also give insights on potential rental yields for condos in the area. By considering these factors and consulting with experts, you can make an informed decision when investing in a condo.
Parq Bella is a freehold development located on Tembeling Road in District 15. It offers 20 apartments ranging from two to four bedrooms and floor plans spanning from 926 sq ft to 1,787 sq ft. The project is expected to be completed in December 2026.
Last year, Parq Bella recorded five new transactions with an average price of $2,347 psf. Since its launch in 3Q2023, the development has sold 19 of its 20 units (95%) at an average price of $2,244 psf, based on caveats lodged as of Jan 14.
The only private residential development to witness a new psf-price low during the period in review was the freehold luxury project Klimt Cairnhill. The new price floor was reached through the developer’s sale of a 829 sq ft, two-bedroom unit on the 24th floor for $2.55 million on Jan 3. This translates to $3,077 psf.
This two-bedroom unit is the final unit sold at Klimt Cairnhill, a 138-unit freehold development that achieved 100% sales at an average price of $3,665 psf, based on caveats lodged. The project was previewed in August 2021 and officially launched in January 2023.
Klimt Cairnhill is located along Cairnhill Road in Prime District 9 and features a mix of two- to four-bedroom apartments ranging from 829 sq ft to 2,368 sq ft. It also includes two penthouses of 4,898 sq ft and 5,920 sq ft. The development is expected to obtain its Temporary Occupation Permit in April this year.