There were several new record-breaking psf prices set in the condo market from Nov 1 to Nov 10. One of the standout developments was the freehold K Suites, which achieved a new high of $2,443 psf with the sale of an 872 sq ft three-bedroom unit for $2.13 million on Nov 8. This surpassed the previous record of $2,196 psf set in May 2023.The 19 Nassim condo saw a new psf-price low of $2,947 psf during the period in review, with the sale of a 646 sq ft one-bedroom unit for about $1.9 million on Nov 9. This is the first time that the development has fallen below the $3,000 psf mark, beating the previous low of $3,001 psf set in March 22.The luxury condo Thomson Three also recorded a new high of $2,379 psf with the sale of a 1,033 sq ft three-bedroom unit on Nov 6. The seller had bought the unit for $1.86 million in a resale transaction in Nov 2014, making a net profit of $598,000.
A boutique development in Singapore, K Suites, has made headlines by achieving a new record of $2,443 psf for a freehold property. The sale of an 872 sq ft three-bedroom unit on the fourth floor for $2.13 million on Nov 8 marks the first time the condo has surpassed the $2,400 psf mark, beating its previous high of $2,196 psf in 2023.
Located in District 15, along Lorong K Telok Kurau, K Suites is a freehold development currently under construction. With a five-storey apartment block containing 19 units, it was redeveloped from the former Ji Liang Gardens, a collection of six terraced houses that were purchased en bloc for $18.6 million in June 2021.
The units at K Suites range from three to four bedrooms, with sizes between 797 sq ft and 1,270 sq ft. There is also a four-bedroom duplex penthouse measuring 1,389 sq ft, as well as three five-bedroom duplex penthouses ranging from 1,625 sq ft to 1,679 sq ft.
When it comes to investing in condominiums in Singapore, one must also take into account the government’s property cooling measures. In order to maintain a stable real estate market and discourage speculation, the Singaporean government has implemented various measures over the years. This includes the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the immediate profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a safer investment environment. As a result, projects such as Singapore Projects are reliable investments worth considering.
Since April 2023, when residences at the development first went on sale, K Suites has seen a total of eight units sold, making up 42% of the development. The average price achieved for these units is $2,099 psf.
Thomson Three, a luxury condo in District 20, also saw a new high during the period in review. A 1,033 sq ft three-bedroom unit on the 19th floor was sold for $2.46 million on Nov 6, translating to $2,379 psf. The seller had previously bought the unit in 2014 for $1.86 million ($1,800 psf), making a net profit of $598,000.
This marks the first time Thomson Three has crossed the $2,300 psf mark, surpassing its previous high of $2,204 psf set in September 26. The condo, located on Bright Hill Drive, consists of 435 99-year leasehold units across 21 storeys. Ranging from one to four bedrooms, they measure between 495 sq ft and 1,485 sq ft and also feature 10 strata semi-detached houses, each measuring 3,283 sq ft.
Thomson Three is within walking distance of the Upper Thomson MRT Station on the Thomson-East Coast Line and is also close to Ai Tong School (Primary).
On the other end of the spectrum, luxury condo 19 Nassim saw a new psf-price low of $2,947 psf during the same period. This was achieved through the sale of a 646 sq ft one-bedroom unit on the fourth floor for approximately $1.9 million on Nov 9.
This is the first time that the development has dropped below the $3,000 psf mark, beating its previous record low of $3,001 psf set in March 22. 19 Nassim consists of 101 99-year leasehold units and was completed in 2023. Units range from 538 sq ft to 1,830 sq ft, with one to three bedrooms. According to URA caveats, the condo has sold 61 units (or 60% of its total) since it first launched for sale in 2020.
During the period in review, 19 Nassim was the only condo to achieve a new psf-price low, while several other developments reached new highs. These record-breaking prices demonstrate the strong demand for properties in the Singapore condo market.