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.