With its limited land availability due to its small size and increasing population, Singapore has seen a surge in demand for condos. The country’s strict land use policies combined with a competitive real estate market have resulted in consistently rising property prices. As a result, investing in real estate, specifically condos, has become a highly profitable undertaking that offers potential for significant capital appreciation. Explore potential opportunities in this lucrative market by checking out Singapore Projects.
Gallop Gables, a freehold condominium, has recently set a new record with a psf price of $2,299 between Nov 19 and Nov 22. A four-bedroom unit of 2,669 sq ft was sold for $6.14 million on Nov 20, making a profit of $1.64 million for the seller who had bought it in July 2017 for $4.5 million. Another record was made earlier this year when a two-bedroom unit was sold at $2.45 million or $2,108 psf in Feb 19. Gallop Gables is situated on Farrer Road in District 10 with 102 units, within walking distance to Farrer Road MRT Station. The average price of $2,110 psf this year for three resale transactions is higher than last year’s average of $1,991 psf from four transactions. The second highest record goes to The Scala, which saw a sale of a 1,259 sq ft four-bedroom unit for $2.6 million, or $2,064 psf, on Nov 20. The unit was bought in October 2012 for $1.66 million, or $1,318 psf. This is the first time the psf price has crossed the $2,000 mark at The Scala. The condo, completed in 2013, has 468 units and is a 99-year leasehold on Serangoon Avenue 3 in District 19. It saw 16 resale transactions this year, which averaged at $1,823 psf, a 8% increase from last year’s average of $1,688 psf. In third place is Sims Edge which achieved a record of $1,907 psf on Nov 22 with the sale of a 409 sq ft, one-bedroom unit. This unit was bought in April 2019 for $663,807, or $1,623 psf. It’s the first time that the condo has crossed the $1,900 psf mark. Sims Edge is a freehold development with 78 units in Geylang East Avenue 2 in District 14. In total, there were no new psf price lows recorded during the period in review.