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Hill House by Macly Group has emerged as the top-performing boutique development in Singapore, with a new record of $3,267 per square foot (psf) achieved for a compact two-bedroom unit. This was based on a sale of a 452 sq ft, two-bedroom on the fifth floor, which the developer sold for $1.48 million on Nov 11. The new record is a marginal increase of 0.1% from the previous record of $3,263 psf in November 2023. This was attained from the sale of a 624 sq ft two-bedroom unit on the ninth floor, which was sold for $2.04 million. In total, there have been 11 transactions at Hill House this year with an average price of $3,098 psf, which is 0.9% lower than the average price of $3,127 psf from the five transactions recorded last year.
Hill House, a 999-year leasehold condo located at the top of Institution Hill, off River Valley Road, in prime District 9, consists of 72 units. Of these, 40 are one-bedroom and one-bedroom plus study units ranging from 431 sq ft to 452 sq ft; 24 are two-bedroom units of 624 sq ft; and the remaining eight are three-bedroom apartments of 753 sq ft. As of now, 29 units (equivalent to 40%) have been sold at an average price of $3,060 psf since its launch in November 2022. Hill House is slated for completion in the third quarter of 2026.
The Continuum, another freehold condo by the developer, came in second on the list of condos that saw new psf-price highs during the period. The latest record of $3,084 psf was achieved from the sale of a 721 sq ft, two-bedroom unit on the 17th floor for $2.22 million on Nov 16. The new record is only 0.4% higher than the previous high of $3,071 psf, which was set on Nov 15 from the sale of a similar unit on the 16th floor.
The Continuum is a freehold condo comprising 816 units situated on Thiam Siew Avenue, off Haig Road and Tanjong Katong Road in District 15. It was launched in May last year and is expected to be completed by 2026. The units are a mix of one- to five-bedroom apartments spanning from 560 sq ft to 2,260 sq ft. So far, 489 units (equivalent to 59.8%) have been sold at an average price of $2,779 psf.
When it comes to real estate investments, location is a critical factor and this holds particularly true in Singapore. Investing in condos located in central areas or close to essential amenities such as schools, shopping malls, and transportation hubs can lead to higher appreciation in value. Prime locations in Singapore, such as Orchard Road, Marina Bay, and the Central Business District (CBD), have consistently shown impressive growth in property values. The added bonus of being near reputable schools and educational institutions makes condos in these areas even more sought-after by families, further increasing their potential as investments. Additionally, keeping an eye out for new condo launches can provide even more opportunities for investing in prime locations in Singapore.
In comparison, Lavender Residence, a freehold boutique development by FLJ Property, has seen a new psf-price low from the sale of a 990 sq ft, one-bedroom plus studio unit on the second floor at $1.61 million, or $1,626 psf, on Nov 17. This is lower than its previous PSF record of $1,710 psf set in June 2023 from the sale of a 1,335 sq ft, four-bedroom unit on the sixth floor for $2.28 million. Lavender Residence is a 17-unit development located at the junction of Lavender Street and Kempas Road in Boon Keng, District 12. The development consists of studios, three-bedroom units, and dual-key variants, ranging from 463 sq ft to 1,550 sq ft. It is expected to be completed soon and is within walking distance of Bendemeer MRT Station on the Downtown Line.