According to the recent data from the EdgeProp, Gallop Gables, a freehold condo topped the list of condos that saw new psf-price highs between Nov 19 and Nov 22. The condo that is located on Farrer Road in District 10 clocked in at a whopping $2,299 psf for the sale of a 2,669 sq ft four-bedroom on the second floor that took place on Nov 20. This means that the seller who had bought the unit for $4.5 million ($1,686 psf) back in July 2017, made an impressive gain of $1.64 million on the recent deal. This new record-breaking transaction surpasses Gallop Gable’s previous high of $2,108 psf that was recorded on February 19 from the sale of a 1,163 sq ft, two-bedroom unit on the third floor at $2.45 million. This transaction means that the seller stands to make a profit of $380,000 after buying this unit for $2.07 million ($1,781 psf) in January 2021. Aside from the units that were sold on Nov 20 and Feb 19, not too long ago, a 1,550 sq ft two-bedroom unit that was sitting on the first floor made a move for $2.98 million ($1,923 psf) on Sept 9. Besides that, Gallop Gables achieved another record-breaking sale of $2,299 psf from the transactions made on a 2,669 sq ft four-bedroom apartment.
When it comes to investing in a condo, securing proper financing is crucial. In Singapore, there are various mortgage solutions available, but it is crucial to understand the Total Debt Servicing Ratio (TDSR) framework. This framework sets a cap on the amount of loan that a borrower can take based on their income and current debt obligations. It is essential for investors to familiarize themselves with the TDSR and seek guidance from financial advisors or mortgage brokers to make well-informed decisions about their financing options. This will help them avoid over-leveraging and make wise investments in Singapore Condos.
The second-highest condo that achieved new psf-price highs during this period is The Scala. This was due to the sale of a 1,259 sq ft, four-bedroom unit that was situated on the 12th floor that was sold for $2.6 million, which equates to $2,064 psf on Nov 20. Looking back in October 2012, the seller bought the unit for $1.66 million ($1,318 psf). Interestingly, this is the first time that The Scala has surpassed the $2,000 psf mark since the condo’s psf-price high used to be $1,969 which was recorded on Sept 9 from the sale of a 904 sq ft two-bedroom unit on the 11th floor that was purchased by the seller for $1.31 million ($1,449 psf) back in March 2013. To date, The Scala has seen 16 resale transactions in 2020 at an average price of $1,823 psf which is an 8% hike from the average price of $1,688 psf that was recorded last year. This freehold condo is situated on Serangoon Avenue 3 in District 19 and was completed back in 2013 when it was launched. In total, this condo has 468 units that are spread across 17 storeys and consists of a mix of one- to four-bedroom units that measures between 474 sq ft and 2,142 sq ft. The Scala is conveniently situated within walking distance of the Lorong Chuan MRT Station on the Circle Line, and it is also situated close to a plethora of educational institutions such as the Nanyang Junior College, St Gabriel’s Primary School, and Yangzheng Primary School.
Meanwhile, in District 14, Sims Edge also clocked in a new psf-price record of $1,907 psf within the same review period. This new record was achieved from the sale of a 409 sq ft, one-bedroom unit that was on the 13th floor where the seller managed to fetch $780,000 on Nov 22. Going back in time in April 2019, the seller acquired the unit for $663,807 ($1,623 psf). What makes this deal even more interesting is that this is the first time a unit in this condo has been transacted above the $1,900 psf threshold. Previously, the condo’s record was $1,834 psf for a 409 sq ft one-bedroom unit on the fifth floor that was sold for $750,000 on Jan 18. This unit’s seller previously purchased it from the developer for $527,000 ($1,288 psf) back in July 2011. As of now, there have been five resale transactions that were made at Sims Edge in 2020 with an average price of $1,800 psf which is, in turn, higher than the average price of $1,644 per square foot that was recorded last year. The location of this freehold condo is on Geylang East Avenue 2 in District 14, which is a prime district that is well-associated with Geylang. This boutique condo development was completed in 2014 and encompasses a total of 78 units of one- to two-bedroom units that are sized between 409 sq ft and 1,195 sq ft. The most significant advantage of living at Sims Edge is its prime location that is just 500m away from the Paya Lebar MRT Interchange Station on the East-West Line and the Circle Line. Furthermore, Sims Edge is also situated very close to a plethora of exciting educational institutions that include the prestigious Nanyang Junior College and the St Gabriel’s Primary School.
Finally, no new psf-price lows were recorded during this review period.