It is essential for foreign investors to have a comprehensive understanding of the laws and limitations surrounding property ownership in Singapore. While there may be fewer restrictions for foreigners when it comes to purchasing condos compared to landed properties, there are still regulations in place. For instance, foreign buyers are required to pay the Additional Buyer’s Stamp Duty (ABSD) of 20% for their first property purchase. Despite this additional cost, the Singapore real estate market remains a stable and promising option for international investment. In fact, the market’s attractiveness has led to the recent launch of new condominium projects, further solidifying its appeal to foreign investors. If you are interested in exploring opportunities in the Singapore real estate market, check out New Condo Launches for the latest developments and opportunities.
8M Residences has emerged as the top private condominium to achieve a new peak in psf-price for the week of Feb 1 to 7. The freehold development set a new record of $2,384 psf when a two-bedroom unit spanning 646 sq ft was sold for $1.54 million on Feb 3. This marks the first time a unit at 8M Residences has been sold above $2,300 psf.The previous peak at the development was $2,261 psf in April 2023 when a similar 646 sq ft, two-bedroom unit on the 11th floor was sold for $1.46 million.8M Residences also recorded another transaction during the same period that surpassed the April 2023 record. On Feb 3, a 527 sq ft, one-bedroom unit on the 11th floor was transacted for $1.2 million ($2,275 psf).Based on resale data compiled by EdgeProp Singapore, prices at 8M Residences have consistently risen over the last few years. The average price of units at the condo has increased by 7.3% over the last three years, from $2,028 psf in February 2022 to $2,177 in February 2025. This trend is reflected in the recent record-breaking sale at $2,384 psf.8M Residences, a 20-storey residential tower with 68 units, was completed in 2017 and offers a mix of one- to three-bedroom units ranging from 517 to 1,421 sq ft. It also features four penthouses from 1,184 to 1,841 sq ft.Meanwhile, a three-bedroom unit at Kovan Jewel, a boutique condo along Kovan Road in District 19, took second place on the list of condos that achieved a new psf-price high. The 1,076 sq ft unit on the second floor was sold by the developer for $2.41 million on Feb 7, setting a new high of $2,236 psf. This surpasses the previous peak set in August 2024 when a similar 1,076 sq ft, three-bedroom unit on the fourth floor fetched $2.4 million ($2,228 psf).Completed in 2024, Kovan Jewel is a freehold condo with one- to three-bedroom units from 624 to 1,345 sq ft. It also boasts four-bedroom penthouses from 1,237 to 2,153 sq ft.As of Feb 18, 50% of the units at Kovan Jewel have been sold, with an average price of $2,111 psf based on caveats lodged. Nine units were sold last year at an average price of $2,111 psf. The recent sale on Feb 7 is the first this year.Freehold Oleanas Residence, located along Kim Yam Road in District 9, takes third place on the list as a new psf-price record was set with a transaction on Feb 3. The 1,141 sq ft, three-bedroom unit on the sixth floor was sold for $2.52 million, setting a new record of $2,207 psf. This surpasses the previous peak of $2,157 psf achieved through the sale of a 1,238 sq ft, three-bedroom unit for $2.67 million in August 2022.The most expensive resale unit at Oleanas Residence is a 1,636 sq ft, three-bedroom unit that was sold for $3.3 million ($2,017 psf) in December 2022. Completed in 1999, the condo has only recorded four resale transactions in the last three years. These transactions range from $2.4 million ($2,103 psf) for a 1,141 sq ft, three-bedroom unit in November 2023 to $3.3 million ($2,129 psf) for a 1,550 sq ft, four-bedroom unit in April 2024.Oleanas Residence is within walking distance of two MRT stations: Great World MRT Station on the Thomson-East Coast Line and Fort Canning MRT Station on the Downtown Line. The condo is also close to educational institutes such as River Valley Primary School and Outram Secondary School, both within a 1km radius.