Gallop Gables, a freehold condominium, claimed the top spot for the highest psf-price between 19 and 22 November. In November 20, the four-bedroom unit on the second floor, sized at 2,669 sq ft, sold for $6.14 million, which works out to $2,299 psf. The initial seller, who bought the same unit on July 2017 for $4.5 million at $1,686 psf, making a whopping gain of $1.64 million on the transaction. The $2,299 psf psf high in November beat Gallop Gables’ previous record high of $2,108 psf with the sale of a two-bedroom unit on the third floor in February 2019 for $2.45 million.
The latest psf-price record of the freehold Gallop Gables was achieved from the sale of the apartment, sized at 2,669 sq ft, located at on Farrer Road, District 10, which sold for $6.14 million on November 20, 2021. The low-density development was completed in 1997, comprising of four-storey blocks consisting of 102 units right within walking distance from the Farrer Road MRT Station on the Circle Line. By the fourth quarter of November 20 and February 19, apart from the units sold from September 9, a 1,550 sq ft unit with two bedrooms on the first floor changed hands for $2.98 million, which works out to $1,923 psf. There were three resale transactions recorded this year at Gallop Gables at the average price of $2,110 psf, much higher than the average price from four transactions last year at the development which calculated to $1,991 psf. Additionally, the condo had previously yielded a record of $2,064 psf, which amounted to $380,000 net gain. In the first time, a unit had priced over $2,000 psf using the initial psf of $1,969 psf, which sold a 904 sq ft two-bedroom unit on the 11th floor, 1.78 million sold on September 9. It has seen a total of 16 resale transactions this year, priced at a value of $1,823 psf which is greater than the calculated averaged price of $1,688 psf recorded last year. The Scala condo on Serangoon Avenue 3 for the first time, achieved a new high on November 20 with the sale of the four-bedroom unit on the 12th floor at $2.6 million, which works out to $2,064 psf. In October 2012, this unit was bought at $1.66 million, which works out to $1,318 psf. The Scala is a 99-year leasehold condo which was built-in 2013, with units ranging from one- to four-bedroom, ranging in size from 474 sq ft to 2,142 sq ft. The 468 units spanned across 17 storeys between Lorong Chuan MRT station of Circle Line. It has been close to Lorong Chuan MRT Station of East-West Line, as well as the government educational institutions. In another district, as another freehold condo that also reached a new record of $1,907 psf, which was claimed in the period of review, Sims Edge, which was the sale of a 409 sq ft, one-bedroom unit on the 13th floor, amounted to $780,000 on November 22. Previously in April 2019, this seller had bought the unit at $663,807, which works out to $1,623 psf. Following The Scala for its past $1,900 psf record is Sims Edge, which achieved a $1,907 psf record. From the sale of a 409 sq ft one-bedroom unit on the fifth floor, $750,000 was sold on January 18. In another deal, from the developers in July 2011, the seller had bought the unit at $527,000, calculating to $1,288 psf. Sims Edge is a freehold condo situated on Geylang East Avenue 2 and was built in 2014, with 78 units comprising of one- to two-bedrooms, ranging at 409 sq ft to 1,195 sq ft. Another transaction has been recorded this year, priced at $1,800 psf, which is higher than the average calculated price of $1,644 psf for last year’s four transactions.There has been no new psf-price lows recorded during the period of review.
When contemplating an investment in a Singapore Condo, it’s crucial to also consider the potential rental yield. Rental yield refers to the annual rental income compared to the property’s purchase price. In Singapore Condos, rental yields can vary significantly, depending on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, offer more desirable rental yields. To gain a better understanding of a specific condo’s rental potential, it’s essential to conduct thorough market research and seek guidance from reputable real estate agents.