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The 99-year leasehold condo, Elias Green in Pasir Ris, is set to be put up for collective sale through a public tender on March 6, as announced by ERA Realty Network, the appointed marketing agent. The property has a guide price of $928 million and is expected to attract strong interest from developers and investors.

Elias Green was completed in 1994 and is situated on a land area of approximately 516,871 sq ft, zoned for residential use with a gross plot ratio of 1.4. The development comprises several blocks and consists of 419 apartments ranging in size from 1,367 to 1,636 sq ft. The site has a 99-year lease from 1991, with a remaining lease of 65 years.

Obtaining financing is a crucial aspect of investing in a condominium. In Singapore, there are several mortgage choices available; however, it is vital to have an understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan a borrower can acquire, taking into consideration their income and current debt commitments. Being knowledgeable about the TDSR and seeking guidance from financial experts or mortgage brokers can assist investors in making well-informed decisions about their financing options and avoiding excessive borrowing. For more information on financing options for projects in Singapore, please visit Singapore Projects.

According to ERA, the guide price of $928 million translates to a land rate of $1,355 psf per plot ratio (ppr). This figure includes an estimated land betterment charge of $150.8 million for intensification and a top-up to a fresh 99-year lease, as well as a 10% bonus gross floor area.

ERA also mentions that the owners of Elias Green are currently in the process of submitting an Outline Application to URA for a residential development with a gross plot ratio of 1.8. If approved, the development’s land rate would be approximately $1,245 psf ppr.

If the collective sale is successful, based on the guide price, owners can expect to receive gross sale proceeds ranging from approximately $2.04 million to $2.31 million per unit.

Tay Liam Hiap, managing director of capital markets and investment sales at ERA Singapore, notes that the Pasir Ris Town is undergoing significant improvements as part of HDB’s “Remaking Our Heartland” initiative, which will enhance its vibrancy and connectivity. He also adds that the new Pasir Ris Bus Interchange is expected to be completed by 2025, integrating with the future Pasir Ris Integrated Transportation Hub and the Cross Island Line (CRL) that is slated to be operational by 2030, further improving connectivity across Singapore.

This will be the second attempt at a collective sale for owners at Elias Green, with the first attempt in 2018 where the property was launched for tender at $780 million. The current price tag of $928 million is 19% higher than the previous asking price.

The public tender for Elias Green will close on April 22 at 2pm. Investors and developers can look forward to strong interest in this property given its attractive location and potential for development.…

The tender for a Government Land Sale (GLS) site in Media Circle (Parcel A) located in the one-north area has closed on March 4. The site has been awarded to a consortium comprising of Qingjian Realty, Forsea Holdings and minority investor Hoovasun Holding for the top bid of $315 million.

The consortium’s bid translates to a land rate of $1,037 psf per plot ratio (ppr) for the site, which spans 82,125 sq ft. This site, which has a 99-year lease, is zoned for residential use with commercial space on the first storey. It is expected to yield around 325 housing units with a maximum gross floor area of 303,865 sq ft.

According to a press statement, Qingjian and Forsea have plans to develop two high-rise residential towers with commercial spaces on the first floor. This project will mark the third joint venture between the two companies, with the first being the 358-unit Bloomsbury Residences site that they were awarded in January 2024.

The top bid by Qingjian and Forsea’s consortium is 5.7% higher than the next bid by EL Development, which was $298 million, or $981 psf ppr. The third and lowest bid was submitted by SingHaiyi Group, at $295 million, or $971 psf ppr.

According to Du Dexiang, managing director of Qingjian Realty, the company is confident in the upcoming transformation of Media Circle, supported by a well-designed master plan and the government’s continued investment in the one-north precinct, as announced in the 2025 budget.

Wang Xin, director at Forsea Holdings, adds that this project is another important step in their commitment to developing high-quality residential communities in tandem with the growth of one-north, which is akin to Singapore’s “Silicon Valley”.

It is vital for international investors to have a clear understanding of Singapore’s laws and limitations regarding property ownership. The regulations surrounding foreign ownership of property in Singapore differ for different property types. Condominiums can usually be purchased without excessive restrictions, unlike landed properties that have stricter ownership guidelines. However, foreign buyers are subject to an Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their initial property purchase. Despite this additional expense, the steady and promising growth of the Singapore real estate market continues to entice foreign investment. Considering condominiums for purchase may be a favorable option for foreign investors due to the more lenient regulations and potential for profitable returns.

The future project at Media Circle (Parcel A) will be the third joint venture between Qingjian and Forsea. Last August, the partners were awarded an executive condominium site at Jalan Loyang Besar after submitting the top bid of $557 million ($729 psf ppr). The site can yield up to 710 new homes.

Huttons Asia’s senior director of data analytics Lee Sze Teck says that Qingjian’s latest bid for Media Circle (Parcel A) reflects the developer’s confidence in the demand for homes in the area. “If awarded, the developer will have influence over the supply and pricing of new homes in Media Circle,” he adds.

The site in Media Circle (Parcel A) was launched for sale last November, together with the adjacent Media Circle (Parcel B) site, which spans 107,936 sq ft and can potentially yield about 500 residences. The tender for Parcel B will close on April 29. Both Media Circle Parcels A and B are on the Confirmed List of the 2H2024 GLS Programme.

Under the Reserve List of the 1H2025 GLS Programme, there is another Media Circle site available for application. The 60-year leasehold site, zoned for residential with commercial space on the first storey, is designated for long-stay serviced apartments only and can yield an estimated 520 units, along with retail space limited to 4,306 sq ft.

Huttons’ Lee points out that the Media Circle area is a unique location within one-north, surrounded by greenery and black and white bungalows. According to him, the area has limited non-landed residential properties, with only 987 units, and less than 100 new homes remaining unsold.

Given the high number of foreigners working in one-north, Science Park, and the nearby Tanglin Trust School, Lee believes the area has a strong pool of quality tenants and is also close to diverse retail and dining options such as Anchorpoint Shopping Centre, Alexandra Central Mall and Timbre+ One North.

Leonard Tay, head of research at Knight Frank Singapore, believes that the future project at Media Circle (Parcel A) could launch with selling prices starting from $2,300 psf. While the site is located in a quieter section of one-north business park, it is within walking distance to Mediapolis, he observes. He also adds that a residential project, or a mix of residences for sale together with serviced apartments for lease, could appeal to workers in the media and entertainment industry.…

HPL, a well-known player in the property and hotel industry, is expanding its global presence with the recent acquisition of InterContinental Auckland at a cost of NZ$180 million ($138.5 million). This marks HPL’s first asset in New Zealand and its second InterContinental hotel acquisition, following the InterContinental Maldives Maamunagau Resort.

This off-market deal, advised by JLL’s Asia Pacific Hotels & Hospitality Group, is the largest single hotel asset sale ever in New Zealand. The sale was carried out by the country’s Precinct Properties. HPL’s purchase of the Auckland hotel is preceded by the launch of The Boathouse Tioman, a collection of 31 bungalows, and The Four Seasons Hotel Osaka, a 176-room property, in Malaysia and Japan respectively, last year.

HPL has expressed its intention to expand its portfolio of luxury hospitality properties in key markets across the Asia Pacific region, driven by its experienced hospitality management team and strong partnerships with operators such as IHG Hotels & Resorts.

Chairman of HPL Hotels and Resorts, Stephen Lau, describes the proposed acquisition of InterContinental Auckland as a rare opportunity to acquire a premium asset in New Zealand. The hotel is conveniently situated near the bustling NZ$1 billion Commercial Bay lifestyle precinct, which opened in January 2024. Guests can enjoy magnificent views of the Waitematā Harbour from the hotel rooms, according to Lau.

Although the existing hotel has 139 rooms, it has the potential to expand to 190 rooms by repurposing its current office space, to meet the growing demand, if necessary.

Securing financing is a crucial element when it comes to investing in a condo. In Singapore, there are various mortgage options available, but it is vital to have a thorough understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework restricts the amount of loan an individual can take based on their income and current debt obligations. Having a grasp of TDSR and consulting with financial advisors or mortgage brokers can assist investors in making well-informed decisions about their financing options and avoiding excessive borrowing. Additionally, keeping an eye on New Condo Launches can provide valuable insights into potential investment opportunities.…

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Singapore’s cityscape is characterized by sleek high-rise structures and state-of-the-art facilities. In particular, condos are a common sight in desirable locations, offering a fusion of opulence and practicality that appeals to both locals and foreigners. These modern residences are complete with a plethora of conveniences, including swimming pools, fitness centers, and security services, elevating the standard of living for residents and making them an alluring choice for potential tenants and buyers. Furthermore, for investors, these sought-after amenities translate into attractive rental returns and appreciate property values over time. With the inclusion of Singapore Condo, it’s clear that these upscale homes are a lucrative and desirable investment in Singapore’s real estate market.

The Asia Pacific (Apac) region saw a total of US$83.2 billion ($112 billion) in institutional investments in real estate in the second half of 2024, up 6% compared to the previous year, according to a recent study by Colliers. This brings the total investment for the entire year to US$155.9 billion, representing an increase of 12% year-on-year. The nine key markets covered in the report are Australia, Mainland China, Hong Kong, India, Japan, Singapore, South Korea, New Zealand, and Taiwan.

The growth in investments shows the resilience of the Apac real estate market and points towards a solid 2025, according to Chris Pilgrim, the Managing Director of Global Capital Markets, Asia Pacific at Colliers. He further adds that domestic investors have been the driving force behind the growth in key markets like South Korea, Taiwan, and New Zealand, with over 80% of real estate inflows coming from local investors in the second half of 2024.

The office sector was the largest contributor to the Apac investment volume, making up US$26.5 billion (32%) of the total for 2H2024. For the entire year, office investments reached US$51.4 billion, growing by 14% year-on-year. The industrial and logistics sector was the second largest contributor, with US$22.6 billion in investments in 2H2024, accounting for 27% of the total. This brings the total investments in this sector for the whole of 2024 to US$39.4 billion, showing an increase of 29% compared to the previous year.

In the retail sector, there was a notable rebound with US$15 billion in investments in 2H2024, driven by significant deals in Australia and South Korea. The total retail investments for 2024 were US$26.1 billion, representing a growth of 27% year-on-year.

Pilgrim predicts that domestic investors will continue to dominate most markets in 2025, while offshore investments are expected to rise due to improving investor confidence and attractive valuations. He also believes that in addition to the strong investments in the office and industrial segments, the retail, hospitality, and alternative asset classes will gain traction as investors capitalize on the recovery momentum and evolving consumer trends in 2025. With the region’s economic growth remaining buoyant and continued policy support, Apac’s real estate market is well-positioned for sustained investment activity in the coming year.…

When purchasing a condominium, it is crucial to also take into account the maintenance and management of the property. Condos usually have maintenance fees that cover the maintenance of shared spaces and amenities. Although these fees may increase the overall cost of owning the property, they also guarantee that it stays in good condition and maintains its value. Hiring a property management company can assist investors in dealing with the everyday management of their condos, making it a less hands-on investment. Consider checking out New Condo Launches for more options.

Singapore’s private equity real estate firm SC Capital Partners Group has recently announced the sale of its student accommodation asset in Sydney, Australia. According to a press release on March 3, the group has sold the asset, situated on Anzac Parade and Lorne Avenue in Kensington, at a price significantly higher than its initial acquisition price and at a 19% premium to its current book value. The buyer is none other than the esteemed University of New South Wales (UNSW) in Sydney.

The purchase of the property by SC Capital Partners took place in 2016, with the group reportedly paying a whopping A$57 million at the time. The purpose-built student accommodation, spanning an area of 85,035 square feet, boasts 233 beds and a commercial podium on its ground floor. Its strategic location within 600 meters of UNSW Kensington Campus makes it a prime pick for students. Currently, the student accommodation component is fully leased to UNSW, with a fresh 20-year master lease signed in 2019.…

SINGAPORE – Lee Chee Koon, group CEO of CapitaLand Investment Limited (CLI), has been recognised as the ‘Industry Figure of the Year’ for Asia Pacific at the 2024 PERE Global Awards. Hosted by the London-based publication covering private equity real estate markets, the annual awards honour influential firms, individuals and standout deals from the past year. CLI also received the runner-up award for ‘Firm of the Year’ in Asia Pacific.

When it comes to investing in property in Singapore, it is crucial for foreign investors to familiarize themselves with the regulations and limitations surrounding ownership. Unlike landed properties, which have more stringent ownership rules, foreigners are generally able to purchase condos without much restriction. However, they must still adhere to the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their initial property purchase. Despite the added expenses, the consistently stable and promising growth potential of the Singapore real estate market remains a major draw for foreign buyers. With this in mind, it is no surprise that foreign investors continue to see the value in investing in condos in Singapore.

The winners were selected by a panel of PERE journalists, a change from previous editions where readers voted on shortlisted submissions to determine the winners. According to a press release issued by CLI on March 4, the award for CEO Lee recognises “his role in driving CLI’s transformational growth and his significant impact on the private real estate industry in the Asia Pacific region.”

Lee, who took over as CapitaLand’s group CEO in September 2018, has made strategic moves under his leadership such as the acquisition of Ascendas-Singbridge in 2019 and the 2021 restructuring of CapitaLand Group, which saw the listing of CLI and the privatisation of its real estate development arm, CapitaLand Development. In 2024, CLI also invested in real estate investment manager SC Capital Partners Group and acquired Wingate Group Holdings’ property and corporate credit investment management business. These moves have helped propel the company forward, with a goal to manage $200 billion in funds by 2028.

CLI’s success and recognition at the PERE Global Awards showcase Lee’s exceptional leadership and vision for the company. His strategic decisions have not only driven growth but also made a significant impact on the private real estate industry in the Asia Pacific region. With Lee at the helm, CLI is on track to achieve its ambitious goals and solidify its position as a leader in the private equity real estate market.…

The stock price of City Developments (CDL) has taken a significant hit following an internal dispute that has escalated to the courts. The stock dropped by 28 cents or 5.47% upon its resumption of trading today. The company’s shares were halted on Feb 26 and a results briefing was abruptly cancelled. Soon after, news of a fallout between CDL’s executive chairman Kwek Leng Beng and his son, group CEO Sherman Kwek, sent shockwaves through the Singapore business community.

CDL has released a statement addressing the situation on March 3, stating that the company will not comment on the validity of the allegations made as it is currently the subject of an ongoing court proceeding. The company also reassured shareholders that its business operations remain fully functional and unaffected and that it is still business as usual for CDL. Sherman Kwek also remains the Group CEO until there is a Board resolution to change company leadership.

As a result of this boardroom and family dispute, analysts have downgraded their calls and lowered their target prices for CDL. Adrian Loh from UOB Kay Hian downgraded the stock from “buy” to “hold” and stated that the company’s FY2024 numbers fell below both his and consensus’ estimates. However, this was overshadowed by the news of the public leadership tussle, making it difficult for the stock to perform. Loh’s new target price of $4.60 is based on 2 standard deviations below its 5-year average P/B of 0.72 times.

Derek Tan and Tabitha Foo from DBS Group Research see some silver lining in the situation, stating that while it may dampen investor sentiment, CDL’s fundamentals remain intact as key management continues to run the company. They also point out the attractive valuation of the stock at 0.5 times P/B and 0.3 times P/RNAV, which is below the lows seen during the Global Financial Crisis. They believe that with the resolution of the board dispute, there will be a renewed focus on driving shareholder returns and profitability, leading to a gradual recovery in the share price. As a result, they have maintained their “buy” call but reduced their target price from $10.50 to $6.70 based on a 60% discount to RNAV.

When making the decision to invest in a condo, it is crucial to carefully consider the maintenance and management aspects of the property. Typically, condos come with maintenance fees that cover the upkeep of shared areas and amenities. While these fees may increase the overall cost of owning a condo, they also guarantee that the property remains well-maintained and retains its value. To make the investment even more passive, investors can opt to utilize the services of a property management company to handle the day-to-day management of their Condo. This partner can assist in ensuring the Condo continues to be a profitable investment.

OCBC Investment Research also maintains their “buy” call but with a reduced fair value of $6.02 compared to their previous valuation of $6.57. They believe that uncertainties over CDL’s outlook and potential overhang on its share price will persist until the matter is resolved. Similarly, JP Morgan analysts Mervin Song and Terence M Khi describe the situation as a “dynastic discord” that has resulted from years of frustration and underperformance among certain members of the extended Kwek family. They hope for a positive resolution and family reconciliation in the future but have reduced their target price from $6.05 to $4.85, based on a 60% discount to their RNAV estimate of $12.10 per share.

Brandon Lee from Citi Research believes that the potential impact of this episode is hard to quantify but expects uncertainty regarding the board and company leadership to be a short-term share price overhang. However, Lee also notes that CDL is significantly under-owned by investors, making any positive resolution a major catalyst for the stock in the long term. He has a “buy” call and a $9.51 target price, based on his view that CDL currently trades at less than a third of its book value.

In conclusion, the recent events at CDL have caused a significant reduction in analysts’ target prices for the stock. However, many analysts still believe in CDL’s strong fundamentals and see potential for a recovery in the share price with the resolution of the boardroom dispute.…

Investing in a condo in Singapore has become a popular choice for both local and international investors. This is mainly because of the country’s strong economy, stable political situation, and exceptional quality of life. The Singapore real estate market offers a variety of investment options, but condos are particularly attractive due to their conveniences, amenities, and potential for profitable returns. In this Condo Investing 101 guide, we will explore the benefits, important considerations, and necessary steps for investing in a condo in Singapore. If you are looking to invest in a condo, this is the right place to start.

The statement below is a summarization of an announcement made by Elite UK REIT regarding the divestment of Crown Buildings, Caerphilly at Claude Road, Caerphilly, for GBP710,000 ($1.2 million). The property was sold at a premium of 18% by the trustee, Perpetual (Asia) Limited. The independent valuation conducted by CBRE valued the vacant property at GBP600,000 at end-2024. Crown Buildings, Caerphilly, located in Wales, was valued at GBP530,000 at the end of 2023. The net proceeds from the sale will go towards repaying Elite UK REIT’s outstanding loans. The property has a gross floor area of 20,712 sq ft. The successful GBP28 million preferential offering in January 2024 resulted in a decrease in leverage and net gearing ratios for Elite UK REIT. The announcement also states that there is no debt maturing in 2025 and 2026, with refinancing only due in 2027.…

Mandarin Gardens has clinched the title of the most profitable condo resale transaction of the week between Feb 7 and Feb 14. On Feb 11, a 3,800 sq ft, four-bedroom unit at the development sold for $4.88 million, or $1,284 psf. According to URA records, the seller had bought the eighth-floor unit for $1.05 million ($276 psf) in June 2003. This means that the seller made a profit of $3.83 million, or an impressive 364.8% from the original purchase price. This also translates to an annualised capital gain of 7.4% over 21½ years.

Spanning 17 blocks, Mandarin Gardens is located along Siglap Road in District 15 and has a 99-year leasehold tenure starting from 1982, with about 56 years remaining. The 1,006-unit condo has a mix of one- to two-bedroom apartments from 732 sq ft to 1,001 sq ft and three- to four-bedroom units from 1,528 sq ft to 3,800 sq ft. The project also houses 11 strata commercial units.

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Singapore’s cityscape boasts skyscrapers and advanced infrastructure. Condos, situated in desirable locations, offer a fusion of opulence and practicality that captivates locals and foreigners alike. With lavish facilities like swimming pools, fitness centers, and security measures, they elevate the standard of living and entice prospective renters and buyers. From an investment standpoint, these attributes equate to greater rental profits and appreciation in property value over the years. Add Condo to rewritten paragraph.

The sale at Mandarin Gardens also breaks the record for the most profitable transaction recorded at the condo. The previous record was held by a 3,068 sq ft four-bedroom unit on the 20th floor. Its previous owners bought the unit for $1.4 million ($456 psf) in August 2001 and sold it for $4.1 million in September 2021 ($1,336 psf). This allowed them to reap a profit of $2.7 million (193%), or an annualised gain of 5.5% over 20 years.

According to EdgeProp Singapore’s analysis tools, resale prices at the condo have remained relatively flat since September 2023 when the average resale price of units at Mandarin Gardens broke the $1,300 psf mark. Since then, prices have peaked at $1,316 psf in June 2024, before falling slightly to $1,310 psf as of Feb 25.

The unit sold on Feb 11 is one of 18 four-bedroom units at Mandarin Gardens. The last four-bedroom unit sold at Mandarin Gardens was a similarly sized 3,800 sq ft unit on the ninth floor that fetched $4.26 million ($1,122 psf) in June 2023.

The second most profitable resale transaction during the period in review was recorded at Parvis, a freehold condo located along Holland Hill in prime District 10. On Feb 10, a 2,260 sq ft, three-bedroom unit on the second floor of the development was sold for $4.78 million ($2,115 psf). The unit had last changed hands in December 2009 when it was bought from the developers for $2.78 million ($1,230 psf). Therefore, the sellers made a profit of $2 million (71.9%) from the deal or an annualised gain of 3.6% over 15 years.

Parvis is a 12-storey development comprising 248 residential units. Homes here are a mix of two-bedroom units of 990 sq ft to 1,442 sq ft along with three- and four-bedders from 1,701 sq ft to 2,605 sq ft. There are also three- and four-bedroom penthouses between 2,293 sq ft and 3,229 sq ft.

The condo is a five-minute walk to Holland Village MRT Station on the Circle Line and is near schools such as Henry Park Primary School along Holland Grove Road, Nanyang Primary School along Coronation Road, New Town Primary School along Tanglin Halt Road and Queenstown Primary School along Margaret Drive.

Meanwhile, the second profitable transaction to take place at Parvis this year was on Jan 6, when a 2,788 sq ft, four-bedroom unit on the 12th floor was sold for $6.1 million ($2,188 psf). The seller had bought the unit for $4.25 million ($1,524 psf) in 2011, thus raking in a profit of $1.85 million (43.5%) after 14 years. It is the fifth-most profitable transaction at Parvis to date.

The most unprofitable transaction recorded between Feb 7 and Feb 14 was the sale of a two-bedroom unit at freehold condo Scotts Square. The 947 sq ft unit on the 28th floor was sold for $3.08 million ($3,252 psf) on Feb 13. It had last changed hands for about $3.83 million ($4,039 psf) in December 2007. Therefore, its most recent sale resulted in a $745,880 (19.5%) loss for the seller. This translates to an annualised loss of 1.3% over 17 years.

Developed by Wharf Estates Singapore, Scotts Square has recorded 69 unprofitable transactions since its launch in 2007. Of them, 18 (26%) have resulted in a seven-figure loss. The most unprofitable transaction resulted from the sale of a 1,249 sq ft, three-bedroom unit that changed hands for $3.65 million ($2,923 psf) in February 2017. The sellers had bought the unit at launch in August 2007 for about $5.21 million ($4,171 psf). This resulted in a loss of about $1.56 million (30%) over 10 years.

According to EdgeProp’s analytical tools, the average resale price of units at Scotts Square has been trending downwards since its 2007 launch. Based on a 12-month rolling average, prices peaked at $4,054 psf in July 2007 before reaching a floor of $3,330 psf in August 2020. Last month, the average price of resale units at Scotts Square was $3,398 psf.

Scotts Square is a mixed-use freehold development located along Scotts Road in the Orchard shopping belt. Completed in 2011, it has two luxury residential towers of 43 and 34 storeys with a total of 338 apartments and a four-storey retail podium. Residential units here contain a mix of one- to three-bedroom units from 603 sq ft to 1,249 sq ft. Amenities at the condo include concierge services, a gym, a lap pool and a sky pool on the 35th floor.…

The highest selling price per square foot (psf) for a private condo in the recent period of Feb 7 to 16 was achieved by the sale of a two-bedroom unit at Hill House. This 999-year leasehold development, located at the top of Institution Hill in District 9, reached a new peak of $3,398 psf when the 452 sq ft unit on the eighth floor was sold for $1.54 million by the developer on Feb 16. This sale marginally surpassed the previous record of $3,378 psf, set on Feb 11 when another similar unit on the eighth floor was sold for $1.53 million.

When contemplating investing in a condominium, it is essential to evaluate the potential rental return. Rental yield refers to the yearly rental profit as a percentage of the property’s buying cost. In Singapore, the rental yields for condos can vary significantly based on factors like location, property condition, and market demand. Typically, areas with a high demand for rentals, such as those near commercial or academic areas, offer more attractive rental yields. For a better understanding of the rental potential of a specific condo, conducting thorough market research and seeking advice from real estate agents can be beneficial. For more information on condominium projects in Singapore, visit Singapore Projects.

Hill House is a boutique condo with 72 units, comprising of 40 one-bedroom units, 24 two-bedroom units, and 8 three-bedroom units. The prime location and exclusive tenure of the development have contributed to its popularity. It is situated close to amenities such as River Valley Primary School and lifestyle hub New Bahru.

The second-highest selling price per square foot was achieved by The Tresor, a 62-unit development located on Duchess Road in District 10. The two-bedroom unit on the fifth floor, with a size of 1,421 sq ft, reached a new high of $2,625 psf when it was sold for $3.73 million on Feb 10. This surpassed the previous record of $2,501 psf set in March 2024.

The third-highest selling price per square foot was recorded at Jadescape, where a 1,647 sq ft, four-bedroom unit on the 22nd floor sold for $4.05 million on Feb 7. This set a new record of $2,459 psf at the District 20 development. Previously, the record price high at Jadescape was $2,446 psf when a 1,259 sq ft unit on the 10th floor was sold in January. In terms of absolute price, the most expensive resale unit at Jadescape is a 4,230 sq ft, six-bedroom penthouse that sold for $10.2 million in December 2024.

Jadescape, situated at the junction of Marymount Road and Shunfu Road, has 1,206 units across seven residential towers, with one- to five-bedroom apartments and two penthouses. It is within walking distance of Marymount MRT Station and a four-minute walk from Sin Ming Plaza.

In comparison, other condos in the vicinity such as Tresalveo, 183 Longhaus, and Thomson V Two have average transacted prices ranging from $1,712 psf to $1,912 psf. However, these condos are all freehold developments, whereas Jadescape is a 99-year leasehold development.

No new psf-price lows were recorded during the period in review.…