Month: January 2025

Turquoise at Sentosa Cove, a 91-unit luxury waterfront condo developed by Ho Bee Land, has three duplex penthouses currently available for sale. The largest of the three is a five-bedroom, 7,987 sq ft unit listed for $23 million. It is also the largest among the 10 penthouses at the 99-year leasehold development.

Featuring a wine cellar, kitchen, living area, four en suite bedrooms, two utility rooms and a balcony on the lower level, the penthouse also boasts a master bedroom suite on the upper level, complete with a private infinity pool, pool deck and outdoor shower. It is currently being offered at a price of $12 million, which translates to approximately $1,502 per square foot (psf).

Investing in a condominium in Singapore can bring about a multitude of benefits. From a high demand in the real estate market to the potential for capital appreciation and attractive rental yields, it is an attractive investment option. However, it is crucial to consider various factors before making a decision, including the location, financing, government regulations, and current market conditions. Through thorough research and seeking professional advice, investors can make informed decisions and maximize their returns in the dynamic real estate market of Singapore. Whether you are a local looking to diversify your portfolio or a foreign buyer seeking a stable and profitable investment, condos in Singapore present a compelling opportunity. For the latest and most current new condo launches, interested investors can visit New Condo Launches.

The second-largest penthouse, a four-bedroom, 3,746 sq ft unit, is priced at $5.99 million, or $1,599 psf. The upper floor features an expansive open-air terrace with a built-in jacuzzi and unobstructed views of Sandy Island and Sentosa’s southern waterfront.

The third and final penthouse for sale is a three-bedroom, 3,111 sq ft unit with a guide price of $5 million ($1,607 psf). All three penthouses are located on the sixth floor and come with private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies and en-suite bathrooms in each bedroom.

Residents of Turquoise can also enjoy a wide range of amenities, including a gym, BBQ pits, a swimming pool, a steam room, and 21 private berths for residents. Completed in 2010, the 99-year leasehold condo by Ho Bee Land comprises 91 units spread across three 6-storey blocks. The project primarily features a mix of three- and four-bedroom apartments with sizes ranging from 2,088 to 3,050 sq ft. It also offers penthouses that span from 3,111 to 3,764 sq ft, as well as sky villas of 6,900 to 7,987 sq ft.

The developer still owns the largest penthouse at Turquoise – a 7,987 sq ft, five-bedroom duplex currently listed for $12 million. According to URA caveats, the second-largest penthouse was sold to a Korean national for about $9.5 million ($2,545 psf) in November 2007 when Turquoise was launched.

The three-bedroom duplex penthouse of 3,111 sq ft was purchased by an African national for just over $8 million ($2,579 psf) in December 2007, according to caveats lodged back then.

The current owners of the three penthouses are looking to divest their properties, having held onto them for nearly 18 years. According to Michele Cabasug, Senior Associate VP at List Sotheby’s International Realty, “They [the current owners] want to pursue other investment opportunities.”

She adds that foreign buyers were the primary purchasers of these waterfront homes for investment and holiday purposes when the project was initially introduced. However, buyers seeking a primary residence now outnumber those looking for a holiday home in Sentosa Cove, as is reflected in the current buyer profile at Turquoise.

Despite the initial softening of Sentosa Cove’s property market prices due to the aftermath of the Global Financial Crisis in 2008, the market has seen renewed interest in recent years. Cabasug adds that the prevailing WFH trend has boosted buyers’ sentiments about Sentosa Cove’s residential properties. “Most potential buyers in the Sentosa market intend to live in their properties.”

Investors will be pleased to note that the 3,746 sq ft penthouse was previously tenanted for two years, fetching a monthly rental income of $18,000. Cabasug also reveals that the current market rental rate for the unit is still $18,000. Hence, a new buyer entering at $5.99 million will enjoy a gross rental yield of 3.6% if he or she decides to lease out the unit.

Among the remaining units sold by Ho Bee back in October 2007 and February 2008, the average price for all 39 homes worked out to be around $2,596 psf. After the GFC, the project saw a slowdown in transaction numbers, and property prices have remained soft since. Between 2008 and 2012, units at Turquoise sold at an average price of $2,471 psf.

Last year, the average price of units sold at Turquoise stood at $1,427 psf across four recorded resale transactions. In February 2021, the project saw price hit a new low of $1,165 psf when a 2,400 sq ft, four-bedroom unit changed hands for $2.8 million, after which the developer released its final 16 units for sale in April 2021.

Caveats lodged with URA reveal that Ho Bee Land was a first-mover in Sentosa Cove, launching the completed Turquoise, The Berth by the Cove, The Coast, Seascape, and Cape Royale, the latter two in a joint venture with Malaysian developer, IOI Properties Group. The developer also helmed the development of the bungalows at Coral Island and Paradise Island, two of the four man-made islands at Sentosa Cove.

Looking for a property in Sentosa? Find an agent to take the hassle out of your home search.…

Freehold JewelWealth Holdings is the latest developer to break records with the launch of The Botanic on Lloyd. The freehold condo has set a new psf-price record among private non-landed developments for the period between Jan 3 and Jan 11 with its recent sale of a 2,056 sq ft, four-bedroom unit for $5.13 million, or $2,493 psf.This new price peak has surpassed the previous high of $2,339 psf by 6.6%. This former record was achieved in October last year when a 1,496 sq ft, three-bedroom unit on the fourth floor was sold for $3.5 million.Located along Lloyd Road in Prime District 9, The Botanic on Lloyd comprises 60 apartments and six townhouses. Completed in 2006, the boutique development offers a mix of three- and four-bedroom units ranging from 1,485 sq ft to 3,584 sq ft in size. The three-storey townhouses, which come with five bedrooms and two private parking lots each, measure between 4,058 sq ft and 4,446 sq ft.With only one transaction per year, on average, for the past decade, The Botanic on Lloyd is a highly exclusive development. The last unit to change hands before the record-breaking sale was a 3,584 sq ft, four-bedroom unit which was sold for $6.88 million ($1,919 psf) in January 2022.Read also: Three duplex penthouses at Turquoise on the market for $23 milAdvertisementAdvertisementThe Cape, a freehold boutique development along Amber Road in District 15, also smashed records with its recent sale of a 1,313 sq ft, three-bedroom unit on the 15th floor for $3 million – a new psf-price high of $2,284 psf. This new peak surpasses the previous record of $2,265 psf, which was set in November 2012 when a 1,539 sq ft, two-bedroom unit was sold for $3.49 million.The average price of units at The Cape has been on an upward trend in the past year, with an increase in transactions contributing to this. In 2024, only one unit was sold – a 646 sq ft, one-bedroom unit for $1.24 million ($1,920 psf). Last year, there were three resale transactions at an average price of $2,128 psf.Completing the list of record-breaking residential developments is upcoming Tembusu Grand, which achieved the lowest psf-price among private non-landed projects during the period between Jan 3 and Jan 11. The new price floor of $2,174 psf was achieved with the sale of a 1,399 sq ft, three-bedroom unit on the 20th floor for $3.04 million on Jan 11.With 99 years on its lease, the 638-unit Tembusu Grand is located along Jalan Tembusu in prime District 15. Launched in April 2023, the condo has sold 91.5% of its units at an average price of $2,444 psf as of Jan 20, and is expected to obtain its Temporary Occupation Permit in 2028.Overall, these record-breaking prices demonstrate the strong demand, limited supply and prime location of these residential developments in the central region. With the property market showing signs of recovery, it will be interesting to see if more records will be broken in the coming months.

In Singapore, investing in condominiums requires careful consideration of the government’s property cooling measures. Through the years, the Singaporean government has implemented several measures to regulate speculative buying and maintain a steady real estate market. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and individuals purchasing multiple properties. While these measures may affect the immediate profitability of condo investments, they ultimately contribute to the overall stability of the market, creating a secure investment environment. Additionally, for those interested in condo investment in Singapore, Singapore Projects should also be considered as they offer potential for high returns and are backed by the government’s efforts to maintain a stable real estate market.…

HDB resale prices continued their upward trend in the fourth quarter of 2024, with a 2.6% increase compared to the previous quarter. This marked the 19th consecutive quarter of price growth in the resale market, according to the latest data published by HDB on Jan 24. The resilient market performance saw a cumulative price increase of 9.7% for the whole of 2024, almost double the 4.9% increase recorded in 2023.

The increase in resale prices in the fourth quarter was slightly lower than the 2.7% recorded in the third quarter of 2024. Mohan Sandrasegeran, head of research & data analytics at SRI, attributes the robust growth throughout 2024 to the limited supply of flats that reached their Minimum Occupation Period (MOP) during the year. This created some upward pressure on prices, particularly for newer and larger flat types such as five-room and executive units.

Among the various HDB flat types, five-room flats recorded the highest resale price growth in the fourth quarter of 2024, with an average price increase of 2.2% quarter-on-quarter to $754,097. Four-room flats also saw a 2.2% increase to $652,544 over the same period.

The Central Area saw the highest increase in prices, growing 25.6% quarter-on-quarter, followed by Toa Payoh (12.1%), Tampines (6.9%), Bishan (6.7%) and Bedok (6.1%), according to Christine Sun, chief researcher & strategist at OrangeTee Group. Meanwhile, Lee Sze Teck, senior director of data analytics at Huttons Asia, notes that approximately 285 HDB resale flats were sold for $1 million or more in the last three months of 2024. This brings the total number of million-dollar transactions for the whole of 2024 to 1,035, with over 90% occurring in mature estates. The Kallang/Whampoa estate recorded the highest number of such transactions at 156 units, followed by Toa Payoh (144) and Bukit Merah (135).

Transaction volume for resale HDB properties experienced a lull in the fourth quarter, with a 21.1% quarter-on-quarter decrease from 8,142 units sold to 6,424 units. According to Lee, this can be attributed to seasonal factors such as the year-end holiday and festive season. In addition, the lower interest rate environment may have enticed buyers to consider the private residential or Executive Condominium market instead. Some prospective buyers may have also opted for the latest Build-to-Order (BTO) sales exercise that took place in October last year, notes Sandrasegeran.

When considering investing in a Singapore condo, it is crucial to take into account the government’s property cooling measures. The Singaporean government has implemented various policies over the years to regulate the real estate market and prevent speculative buying. One of these measures is 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, making it a more secure environment for investment in Singapore condos.

Despite the dip in the fourth quarter, the overall transaction volume for resale HDB flats in 2024 increased by 8.4% compared to the previous year. This marked the largest number of yearly resale transactions since 2021 when 31,017 flats were sold. According to transaction data compiled by Huttons Asia, Sengkang, Woodlands, Punggol, Tampines and Yishun were the top five most popular HDB towns among buyers in 2024, accounting for around 35.9% of all resale transactions.

The number of newly MOP (Minimum Occupation Period) flats entering the secondary HDB market in 2025 is expected to fall by 41.6% to 6,976 units compared to the 11,952 flats in 2024. Sandrasegeran attributes this to the relatively fewer BTO flats completed in 2020 during the Covid-19 pandemic. However, HDB has announced plans to launch over 25,000 new flats across three BTO exercises in 2025 – comprising 19,600 BTO flats and more than 5,500 flats under the Sale of Balance Flats (SBF) exercise.

The next SBF exercise will take place concurrently with the upcoming BTO sales exercise in February, where 5,000 BTO flats in Kallang/Whampoa, Queenstown, Woodlands, and Yishun will be offered. This will be the largest SBF exercise since 2020, with around 4 in 10 of the 5,500 units already completed. Sandrasegeran notes that SBF flats are particularly appealing to home seekers as they offer a shorter waiting time compared to the typical BTO process. Additionally, about 3,800 units of the 19,600 BTO flats slated for launch in 2025 will be designated as Shorter Waiting Time (SWT) flats, offering wait times of less than three years.

Looking ahead, Sandrasegeran forecasts a 3.5% to 5.5% increase in resale prices for HDB properties in 2025, with transaction volume ranging between 26,000 and 27,000. However, Huttons’ Lee has a more optimistic outlook, projecting a price increase of between 5% to 8% across the year.…

A plot of land located at Jalan Naung is now on sale through an expression of interest (EOI) with a listed price of $8.38 million. The land, which is leased for 999 years, is designated for residential use under the latest URA Master Plan 2019. The total area of the plot is 5,408 square feet and it falls under a three-storey mixed-landed area. The asking price translates to $1,550 per square foot on the land area.

Brilliance Capital, the sole marketing agent for the land, states that the site has the potential to be developed into a detached house, a pair of semi-detached houses, or a strata mixed-landed development, subject to approvals from the relevant authorities. The location of the site, situated off Upper Serangoon Road in District 19, makes it highly desirable as it is within walking distance to Hougang MRT Station, Hougang Central Bus Interchange, and major lifestyle hubs such as NEX, Hougang Mall, and Heartland Mall are within a 10-minute drive.

Parents with school-going children will also find the location attractive as there are reputable schools within a 1km radius, including CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School, and Punggol Primary School.

Investing in a condo in Singapore has numerous advantages, and one of the most significant is the potential for capital appreciation. This is due to Singapore’s strategic location as a global business hub and its strong economic fundamentals, which create a continuous demand for real estate. The real estate market in Singapore has demonstrated a consistent upward trend, particularly for condos in prime locations, resulting in substantial appreciation. With the right timing and a long-term investment approach, investors can reap significant capital gains. In addition, keeping an eye on new condo launches in the market can also provide opportunities for potential growth.

According to the founder and executive director of Brilliance Capital, Sammi Lim, the plot of land is owned by a single seller, which will facilitate the acquisition process and ensure a smooth transaction for potential buyers. She further explains, “We are expecting a strong response from developers, from boutique firms to larger companies, as well as aspiring developers and end-users who are looking to build their dream home. It is not often that such a versatile plot of land is available for sale, especially one that offers various development options to cater to different needs and preferences, including multi-generation living.”

The EOI exercise for the land parcel is open now and will close on March 6 at 3pm. Interested parties are advised to submit their bids before the deadline.…

with inaugural resort in Hainan

In Singapore, investing in condos is a wise decision, but it’s essential to consider the government’s property cooling measures. To ensure a stable real estate market, the Singaporean government has implemented several measures over the years to discourage speculation in the property market. These measures, such as the Additional Buyer’s Stamp Duty (ABSD), impose higher taxes on foreign buyers and those purchasing multiple properties. While they may impact the short-term profitability of condo investments, they ultimately contribute to the long-term market stability and create a safer investment environment. With the support of these measures, condo investments in Singapore remain a reliable and attractive option.

Radisson Collection, a prestigious hotel brand owned by the Radisson Hotel Group, has recently unveiled its newest property in the charming coastal town of Galle, Sri Lanka. The luxurious 106-room hotel, known as the Radisson Collection Resort, Galle, is not only the brand’s first venture in the Southeast Asia and Pacific region, but also the fourth hotel under the Radisson Hotel Group umbrella to be located in Sri Lanka.

Featuring 76 guest rooms and suites, all of which boast breath-taking ocean views, the Radisson Collection Resort, Galle offers guests a truly immersive and indulgent experience. With a range of lavish amenities, including a magnificent beachfront pool, a dedicated kids’ club complete with 24-hour nanny services, and various dining options such as the Ozen, which serves a delectable fusion of Asian and Japanese cuisine, and the Catch Restaurant, known for its exquisite seafood dishes, guests can expect nothing but the best during their stay. Additionally, the hotel also features the Taboo Beach Club, a stylish beachfront entertainment venue where guests can relax and unwind in sun loungers and daybeds while enjoying bottle service.

Situated on the scenic southwest coast of Sri Lanka, Galle is a popular tourist destination known for its well-preserved 17th-century fortress, the Galle Fort, a Unesco World Heritage site. Visitors to the city can also explore its rich cultural and historical attractions, such as ancient temples, colonial buildings, and even wildlife centres like the sea turtle hatchery.

For those seeking a luxurious and culturally enriching holiday experience in Sri Lanka, the Radisson Collection Resort, Galle is the perfect choice. With its prime location and top-notch amenities, this hotel promises to deliver an unforgettable experience for all its guests. In addition, the establishment also offers easy access to other popular destinations in Southeast Asia and the Pacific region, making it an ideal base for those looking to explore the area. So, why not plan your next holiday at the Radisson Collection Resort, Galle and discover all that Sri Lanka has to offer?…

Singapore-based engineering consulting firm Meinhardt has recently inked a memorandum of understanding (MOU) with Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development (JOIN) to jointly explore and deliver digital and smart city projects in underdeveloped Asean countries. The MOU was announced in a press release on January 17.

Through this partnership, both parties aim to advance innovative and sustainable urban solutions by exchanging knowledge and resources. JOIN, a Japanese public-private fund that supports Japanese infrastructure exports, is expected to leverage its network and expertise in this collaboration. Meanwhile, Meinhardt, a leading provider of integrated planning, design, and project management solutions, will contribute its leadership in the field.

When it comes to investing in condos in Singapore, there is another crucial aspect that should not be overlooked – the government’s property cooling measures. In efforts to maintain a stable real estate market and prevent excessive speculative buying, the Singaporean government has implemented various measures over the years. Among these measures is the Additional Buyer’s Stamp Duty (ABSD), which levies higher taxes on both foreign buyers and individuals purchasing multiple properties. Although these measures may affect the immediate returns on condo investments, they play a vital role in ensuring the long-term stability of the market and create a more secure investment environment. For more information on available Singapore projects, please visit Singapore Projects.

The collaboration between JOIN and Meinhardt is a result of the Memorandum of Cooperation (MOC) signed between Japan’s Ministry of Land, Infrastructure, Transport and Tourism and the Singapore Cooperation Enterprise in November 2019. The MOC aims to drive the development of digital and smart cities in Asean and other regions.

With this MOU, Meinhardt and JOIN will have a platform to share information, identify synergies, and work on projects together, starting from the early stages. This will help drive meaningful impact across borders and support the development of digital and smart cities in the region.…

Minister for National Development, Desmond Lee, has announced that the final two pandemic-delayed projects from HDB have been completed as of January 20. The two Build-to-Order (BTO) projects, Punggol Point Cove (Phase 2) and Kempas Residences, mark the completion of HDB’s pandemic-delayed housing projects. In total, 92 projects have been completed over the past five years, delivering more than 75,800 new flats to Singaporeans.

In 2024, HDB completed a total of 22 housing projects, with 17 of them being delayed due to the pandemic. The remaining 5 projects were completed on time, except for one that was delayed for non-pandemic related reasons.

These 22 projects included two Shorter Waiting Time (SWT) projects, Parc Glen at Tengah and Grove Spring at Yishun, which were completed in less than three years. In total, they comprised 1,995 flats. The other projects had waiting times of up to five years. Overall, more than 18,000 flats were completed in 2024.

Owners of Punggol Point Cove (Phase 2) have been receiving the keys to their new home since November 2024, while key collection for Kempas Residences began in mid-January this year. HDB is expected to inform the remaining flat owners of their key collection date soon, after the completion of the final blocks within both projects this month.

Punggol Point Cove (Phase 2), located along New Punggol Road, comprises 1,179 units of two-room flexi, three-, four- and five-room flats across six residential blocks. Due to pandemic delays, the project’s last block was completed 12 months after its original Probable Completion Date (PCD). As of January 15, 657 households or 59% of the 1,109 booked units have collected their keys.

According to HDB, the completion of Punggol Point Cove (Phase 2) marks the completion of all flats in the Punggol Point District. This includes Punggol Point Cove (Phase 1), Punggol Point Woods and Punggol Point Crown BTO projects, which were completed in 2024.

Kempas Residences BTO project, situated between Serangoon Road, Lavender Street, and Boon Kheng Road, has 583 units of two-room flexi, three-, four-room flats across four residential blocks. The final block, which was delayed by six months from its original PCD, was completed in mid-January. As of January 15, 37 households or approximately 7% of 555 booked units have collected their keys.

Currently, there are 110 HDB housing projects under construction, an increase from 95 projects a year ago due to the growth in BTO supply in recent years. HDB says it is on track to complete approximately 17,000 flats across 27 projects in 2025.

An increasing number of individuals, both local and foreign, have been drawn to investing in a condominium in Singapore. This is largely due to the country’s strong economy, stable political landscape, and excellent quality of life. The real estate market in Singapore presents a plethora of opportunities, with condominiums being the top choice for their convenience, amenities, and potential for high returns. Let us delve into the advantages, factors to consider, and necessary measures to take when investing in a Singapore condo.…

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When contemplating investing in condos in Singapore, one must also take into account the government’s property cooling measures. In an effort to regulate speculative buying and maintain a steady real estate market, the Singaporean government has implemented various measures over the years. These include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. Though these measures may have an impact on the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a more secure investment environment. As you consider investing in Singaporean condos, it is essential to keep in mind the government’s property cooling measures for a better understanding of the market’s dynamics. You can also explore New Condo Launches to keep up to date with the latest developments in the industry.

CDL, a leading real estate developer, has announced a takeover offer for New Zealand-listed Millennium & Copthorne Hotels New Zealand Limited (MCK). Through its subsidiary CDL Hotels Holdings New Zealand Limited (CDLHH NZ), CDL is offering NZ$2.25 ($1.72) for all the shares it does not already own in MCK.

Upon completion of the offer, CDL plans to delist and privatise MCK, simplifying the ownership structure of its New Zealand entities, according to a filing on Jan 20. MCK currently operates 18 hotels in New Zealand and has a majority stake in CDL Investments New Zealand Limited, as well as interests in Australian properties through its Kingsgate Group subsidiaries.

As of Jan 17, CDLHH NZ holds 80.02 million shares in MCK, representing a 75.86% stake based on 105.48 million MCK shares in issue. If CDLHH NZ reaches the threshold for compulsory acquisition under the New Zealand takeovers code, it will acquire all remaining shares in MCK. Alternatively, CDLHH NZ may choose to redeem the non-voting redeemable preference shares issued by MCK.

These preference shares are not included in the offer, but CDLHH NZ is willing to acquire them at NZ$1.70 or approximately $1.30 each. The purchase will be made through its broker, Craigs Investment Partners, on the Main Board of the New Zealand Stock Exchange (NZX). As of Jan 17, CDLHH NZ holds 91.34% (or 48.17 million) of MCK’s non-voting redeemable preference shares.

If the offer is accepted in full, CDLHH NZ will pay a total of NZ$57.29 million for MCK shares and an additional NZ$7.77 million for the redeemable preference shares. The offer price takes into account the current and historical market price of MCK shares, as well as the overall industry and business environment.

As of June 30, 2024, MCK recorded a net asset value (NAV) of NZ$532.02 million and a net tangible asset value (NTA) of the same. For MCK shares subject to the offer, the NAV and NTA are approximately NZ$85.62 million each.

The offer is subject to CDLHH NZ obtaining at least 90% of the voting rights in MCK by 5pm on May 2. It is also conditional upon CDLHH NZ receiving consent from the New Zealand Overseas Investment Office to own and control all shares in MCK.

CDL does not expect the implementation and payment of the offer to have a significant impact on its earnings per share (EPS) or net tangible assets (NTA) for the fiscal year ending Dec 31, 2025.…

Teo Hong Lim, executive chairman of Roxy-Pacific Holdings, announced that out of the 113 units available at Bagnall Haus, a freehold condominium, 71 were successfully sold on the first day of its launch on January 18. This translates to a sales rate of almost 63%, with an average transacted price of $2,490 per square foot.

According to Teo, the majority of buyers were Singaporeans, representing over 90% of the total sales. “Most of them were end-users with varying budgets,” he said. The take-up rate was strong across all unit types, with two- and three-bedroom units being the most popular. However, there was also notable interest in the larger five-bedroom units.

Situated along Upper East Coast Road in District 16, Bagnall Haus offers 113 residential units split among three five-storey blocks on a freehold site of 74,280 square feet. The unit mix includes one-bedroom plus flexi units of 495 square feet and five-bedroom units of 1,528 square feet.

For the latest information and pricing for new launches, visit New Launches.

Ismail Gafoor, CEO of PropNex, reports that out of the 71 residential units sold at Bagnall Haus, approximately 59% were one- and two-bedroom units which commanded prices just under $2.1 million. The three-bedroom units were also in high demand, with 18 out of 20 units snatched up at prices ranging from $2.3 million to $2.7 million. The remaining four- and five-bedroom unit types sold for approximately $3 million to $3.8 million.

“We believe that the pricing, which is generally below $3 million, is appealing to most buyers,” says Gafoor.

The average transacted price of $2,490 per square foot was also deemed “compelling for a well-located freehold development”, adds Gafoor. “Buyers saw value in the project, especially when considering that some 99-year leasehold new launches in the Outside Central Region (OCR) – such as Chuan Park – achieved an average price of $2,579 per square foot when launched in November 2024.”

Additionally, both shop units on the ground floor of Bagnall Haus, each measuring 172 square feet, were sold at $688,000 ($4,000 per square foot).

“Homebuyers were primarily owner-occupiers,” says Marcus Chu, CEO of ERA Singapore. Some were homeowners of older landed properties seeking a downsized, newer and more manageable apartment, while others were families from the neighborhood looking to upgrade to a freehold property, according to Chu.

Bagnall Haus benefits from its proximity to established amenities and reputable schools, including Temasek Primary School, which is within a one-kilometer radius, adds Chu.

As an added bonus, the development is also walking distance to the upcoming Sungei Bedok MRT Station, where the Downtown and Thomson-East Coast lines will interchange. Additionally, the station is just one stop from the Bedok South MRT Station, which will be part of an integrated transport hub featuring a new bus interchange within the upcoming Bayshore precinct. This transport hub will also include a mixed-use development incorporating retail and residential components.

“Pent-up demand, stemming from a 15-year wait for a new project in the area, along with its freehold tenure, helped drive sales at Bagnall Haus,” explains Mark Yip, CEO of Huttons Asia. “It is also rare to find a freehold project right next to an MRT station. Buyers recognized the potential benefits of the upcoming transformation of the Bayshore precinct.”

When contemplating an investment in a Condo, it is crucial to also evaluate its potential rental yield. Rental yield refers to the annual rental income as a percentage of the Condo’s purchase price. In Singapore, Condo rental yields can vary greatly depending on factors such as location, property condition, and market demand. Generally, areas with a high rental demand, such as those near business districts or educational institutions, tend to offer better rental yields. To gain a better understanding of the rental potential of a specific Condo, it is recommended to conduct thorough market research and consult with experienced real estate agents. For more information on Condos, please visit https://www.ananar.com/.

Visit Ask Buddy for the latest listings of Bagnall Haus properties.

Other useful comparison tools:

– Condo sale transactions in District 16
– Price trend comparison of Condo sales versus EC sales
– Upcoming new launch projects
– Any condo rental listings in District 16?
– Recently launched projects…

The private non-landed property market in Singapore has seen another surge in prices, with Commonwealth Towers emerging at the top of the list for reaching a new psf-price peak. According to data from EdgeProp Singapore, the 99-year leasehold condo achieved a record high of $2,460 psf on Dec 27, when a 904 sq ft, three-bedroom unit on the 40th floor was sold for $2.22 million. This surpasses the previous record of $2,402 psf, set just three months prior when a 689 sq ft, two-bedroom unit on the 42nd floor was sold for $1.65 million in September 2024.

The average resale price at Commonwealth Towers has been on the rise for the past three years, with an 11.6% increase since 2022. In 2022, the project recorded 53 transactions at an average psf-price of $1,971, which increased to $2,097 psf in 2023 across 51 resale transactions. Last year, the development saw 37 resale transactions at an average price of $2,200 psf. This marks an 11.6% increase in average resale prices since 2022.

By absolute price, the most expensive unit to change hands at Commonwealth Towers was a 1,302 sq ft, four-bedroom unit on the 39th floor for $2.96 million, or $2,273 psf. This transaction was recorded in November 2024.

Located along Commonwealth Avenue, Commonwealth Towers is a 99-year leasehold condo with about 87 years remaining on its tenure. The development consists of two 43-storey residential blocks with 845 condo units ranging from one- to four-bedroom apartments spanning 441 sq ft to 1,302 sq ft.

Investing in real estate is a decision that greatly relies on the location of the property, and this holds particularly true in the case of Singapore. Condominiums located in central areas or near important amenities, such as schools, shopping malls, and public transportation hubs, have proven to appreciate in value over time. Prime locations such as Orchard Road, Marina Bay, and the Central Business District (CBD) are perfect examples of areas where property values have shown a consistent increase. The presence of prestigious schools and educational institutions also adds to the appeal of condos in these locations, making them highly sought-after by families and further driving their investment potential. For more information on investing in Singapore condos, please visit Singapore Condo.

The second spot on the list goes to freehold development Parq Bella, which saw a new psf-price peak of $2,416 psf on Dec 31. This was achieved through the sale of a 1,076 sq ft, three-bedroom unit on the fourth floor for about $2.6 million. This was also the first unit at the development to transact for more than $2,400 psf. The previous record was set in August 2023 when a 926 sq ft, two-bedroom fourth-floor unit was sold for about $2.2 million.

Parq Bella is a freehold project located on Tembeling Road in District 15. It has 20 apartments ranging from two to four bedrooms, with floor plans spanning from 926 sq ft to 1,787 sq ft. The project is expected to be completed by December 2026.

The project recorded five new sale transactions last year at an average price of $2,347 psf. Since its launch in 3Q2023, Parq Bella has sold 19 of its 20 units (95%) at an average price of $2,244 psf based on caveats lodged as of Jan 14.

The only project to see a new psf-price low during the period in review was freehold luxury project Klimt Cairnhill. The new psf-price floor came from the developer’s sale of an 829 sq ft, two-bedroom unit on the 24th floor for $2.55 million on Jan 3, translating to $3,077 psf.

Located along Cairnhill Road in Prime District 9, Klimt Cairnhill consists of 138 apartments in two- to four-bedroom configurations. The two-bedroom unit is the final unit sold at Klimt Cairnhill, a 138-unit freehold development, which achieved 100% sales at an average price of $3,665 psf, based on caveats lodged. The project was previewed in August 2021 and officially launched in January 2023.

The development is expected to obtain its Temporary Occupation Permit in April this year.…