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.