The Botanic on Lloyd, a freehold condominium, has reached a new price peak of $2,460 psf, setting a new record among private non-landed developments. This new record was achieved between January 3 and January 11, when a four-bedroom unit on the second floor measuring 2,056 sq ft was sold for $5.13 million, or $2,493 psf.
When investing in Singapore, it is crucial for foreign investors to be familiar with the regulations and limitations surrounding property ownership. While foreigners are typically able to buy condominiums without many obstacles, ownership of landed properties is subject to more stringent rules. Furthermore, foreign buyers are required to pay Additional Buyer’s Stamp Duty (ABSD) of 20% for their initial property purchase. However, despite these extra expenses, the stability and potential for growth in the Singapore real estate market continue to draw in foreign investments. With a plethora of new condo launches available, there are ample opportunities for foreign investors to make a profitable investment in Singapore’s property market.
This new record price surpassed the previous high of $2,339 psf by 6.6%. The former record was set in October last year when a three-bedroom unit measuring 1,496 sq ft on the fourth floor was sold for $3.5 million.
The Botanic on Lloyd is a boutique development completed in 2006, located along Lloyd Road in Prime District 9. It comprises of 60 apartments and six townhouses, with a mix of three- and four-bedroom units ranging from 1,485 sq ft to 3,584 sq ft. The townhouses, which have five bedrooms and two private parking lots each, range from 4,058 sq ft to 4,446 sq ft.
Fellow freehold development, The Cape, also achieved the second-highest psf-price among condos that recorded a new price high during the same period. A three-bedroom unit measuring 1,313 sq ft on the 15th floor fetched a new record of $2,284 psf when it sold for $3 million on January 10. This broke the previous record of $2,265 psf set in November 2012 when a two-bedroom unit measuring 1,539 sq ft was sold for $3.49 million.
The average price of apartments at The Cape has been on an upward trend in the past year, with three resale transactions at an average price of $2,128 psf in 2023. Only one unit was sold in 2022, a one-bedroom unit measuring 646 sq ft that sold for $1.24 million ($1,920 psf).
Another upcoming development, Tembusu Grand, recorded a new price low of $2,174 psf on January 11 when a three-bedroom unit measuring 1,399 sq ft was sold for $3.04 million. The previous record low of $2,193 psf was set in November 2024 when a similar unit was sold for $3.07 million.
Located on Jalan Tembusu in Prime District 15, Tembusu Grand consists of 638 units ranging from one- to four-bedroom apartments measuring 527 sq ft to 1,604 sq ft, as well as five-bedroom units measuring 1,711 sq ft to 2,691 sq ft. As of January 20, 584 units (91.5%) have been sold at an average price of $2,444 psf.